USO max pain, gamma exposure (GEX) & options open interest
As of close · rank #63 by open interest · 1,394 sessions of history since Dec 1, 2020
USO's nearest-expiration max pain is 147.00 for 2026-10-07, its GEX flip is 149.61, net GEX is -8,681,042, its put/call open-interest ratio is 1.58. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: volume/OI 0.17 · front IV premium 1.3 pp
USO closed 14.9% below its gamma max of 169.39. It is 1.9% above the delta neutral price of 144.59. Total open interest is 1,637,029, -6.9% versus the previous session. Its options catalyst-intensity score is 52.9 out of 100, led by volume/OI 0.17, front IV premium 1.3 pp. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -50,319 contracts · -7.4% |
| Put OI change, 1 session | -71,253 contracts · -6.6% |
| Call minus put OI growth, 1 session | -0.7 pp |
| Call OI change, 5 sessions | -5,018 contracts · -0.8% |
| Put OI change, 5 sessions | -19,383 contracts · -1.9% |
| Call minus put OI growth, 5 sessions | +1.1 pp |
| Daily call OI change surprise | -1.22σ (252 prior changes) |
| Daily put OI change surprise | -0.94σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.02σ (252 prior changes) |
History
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Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
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Gamma walls
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What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses above gamma max 22 completed Day +10 paths · latest Jul 23, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 22 | -0.0% | -1.4% to +1.6% | 50% | -1.2% to +1.5% | 0.0% |
| Day +2 | 22 | +0.4% | -1.8% to +1.8% | 59% | -0.6% to +1.7% | 0.0% |
| Day +3 | 22 | +0.5% | -1.7% to +2.4% | 55% | -1.6% to +1.9% | 0.0% |
| Day +4 | 22 | +1.3% | -1.8% to +2.6% | 59% | -1.2% to +2.0% | 0.0% |
| Day +5 | 22 | +0.6% | -3.5% to +3.0% | 55% | -1.5% to +2.9% | 0.0% |
| Day +6 | 22 | +0.3% | -4.4% to +2.8% | 55% | -0.6% to +2.4% | 0.0% |
| Day +7 | 22 | +0.8% | -5.8% to +3.0% | 55% | -1.9% to +2.7% | 0.0% |
| Day +8 | 22 | +1.4% | -4.4% to +4.2% | 59% | -2.8% to +4.2% | 0.0% |
| Day +9 | 22 | +1.7% | -4.6% to +3.4% | 64% | -2.0% to +2.9% | 0.0% |
| Day +10 | 22 | +2.1% | -5.7% to +3.5% | 59% | -4.4% to +3.4% | 0.0% |
Crosses below gamma max 19 completed Day +10 paths · latest Feb 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 19 | +0.2% | -0.9% to +2.2% | 53% | -0.7% to +2.2% | 0.0% |
| Day +2 | 19 | +0.7% | -0.3% to +2.6% | 58% | -0.3% to +2.6% | 0.0% |
| Day +3 | 19 | +0.4% | -1.7% to +2.9% | 58% | -1.4% to +2.2% | 0.0% |
| Day +4 | 19 | -0.7% | -1.9% to +1.1% | 42% | -1.8% to +0.9% | 0.0% |
| Day +5 | 19 | -0.8% | -2.5% to +1.4% | 37% | -1.7% to +1.2% | 0.0% |
| Day +6 | 19 | +0.5% | -2.5% to +2.2% | 53% | -2.1% to +1.9% | 0.0% |
| Day +7 | 19 | -0.5% | -2.9% to +3.1% | 47% | -2.5% to +1.7% | 0.0% |
| Day +8 | 19 | -0.1% | -5.2% to +3.8% | 47% | -4.5% to +3.2% | 0.0% |
| Day +9 | 19 | -1.8% | -4.4% to +4.0% | 47% | -4.1% to +3.1% | 0.0% |
| Day +10 | 19 | -1.1% | -4.3% to +5.3% | 42% | -4.2% to +4.4% | 0.0% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 2% |
| Gamma max crosses | 6 |
| Delta neutral crosses | 33 |
| Prior-year sessions closer to gamma max | 77.4% of 252 |
| Prior-year sessions closer to delta neutral | 22.2% of 252 |
| Open interest percentile (1y) | 73th |
| Daily open interest change versus prior year | -1.17σ (-121,572 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -1.5% |
| Open interest change, 21 sessions | +10.0% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed above delta neutral at 145.66 vs 144.77 (+0.6%)
- closed below delta neutral at 143.35 vs 144.80 (-1.0%)
- closed above delta neutral at 148.83 vs 146.55 (+1.5%)
- closed below delta neutral at 144.08 vs 146.62 (-1.8%)
- closed above delta neutral at 118.87 vs 118.37 (+0.4%)
- closed below delta neutral at 115.78 vs 119.93 (-3.6%)
- closed above delta neutral at 129.31 vs 121.64 (+5.9%)
- closed below delta neutral at 120.49 vs 121.08 (-0.5%)
- closed below gamma max at 136.69 vs 154.04 (-12.7%)
- closed above gamma max at 139.49 vs 135.57 (+2.8%)
In today's screens
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Canonical source: https://halfonadouble.com/stock/USO
Questions people ask about USO
Where is USO's gamma max today?
As of Oct 2, 2026, the gamma max for USO is 169.39, +14.9% from the 147.37 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is USO above or below its delta neutral price?
USO closed above delta neutral: 147.37 against a delta neutral price of 144.59. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does USO have?
1,637,029 contracts of open interest across 3,533 listed contracts on Oct 2, 2026, -6.9% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.