USO Options
USO $166.23 · Updated Oct 26, 4:00 PM ET
USO is at $166.23. The nearest expiration, Oct 28, 2026 (2 days out), lists 66 strikes, with 21,043 calls and 20,511 puts traded in the latest session. At-the-money implied volatility is 49.7%. The at-the-money straddle prices a move of about $4.96 (3.0%) by expiration.
USO Options Chain
USO is at $166.23. The nearest expiration, Oct 28, 2026 (2 days out), lists 66 strikes, with 21,043 calls and 20,511 puts traded in the latest session. At-the-money implied volatility is 49.7%. The at-the-money straddle prices a move of about $4.96 (3.0%) by expiration.
USO Gamma Exposure (GEX)
USO total dealer gamma exposure is $47M across all listed expirations. Positive GEX means dealers are net long gamma; their hedging tends to dampen price moves. The gamma flip is $160.25, with spot 3.7% above it. The call wall is $170.00 and the put wall $150.00.
USO Max Pain
USO max pain for Oct 28, 2026 (2 days out) is $162.00, 2.5% below the current $166.23. That is the settlement price at which the open contracts on that date would pay holders the least. For Nov 27, 2026, max pain is $160.00.
USO Put/Call Ratio
Across every listed USO expiration, the put/call ratio is 1.00 by volume and 1.66 by open interest. More calls than puts are trading. 663,384 puts and 398,490 calls are open in total.
USO Implied Volatility
USO at-the-money implied volatility is 49.7% for Oct 28, 2026 (2 days out). For Nov 27, 2026 it is 54.1%. Longer-dated volatility is priced at or above near-term volatility, the normal upward-sloping term structure.
USO Open Interest by Strike
Across all USO expirations, the largest call open interest near the current $166.23 sits at the $153.00 strike (19,148 contracts) and the largest put open interest at $145.00 (29,178). 398,490 calls and 663,384 puts are open in total.
USO Expected Move
The options market prices USO to move about $4.96 (3.0%) by Oct 28, 2026, a range of $161.27 to $171.19. For Nov 27, 2026 (32 days out) the expected move is $21.18 (12.7%).