# USO: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/USO
Data through: 2026-10-02 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 147.37 |
| Delta neutral (USD/share) | 144.59 |
| Gamma neutral (USD/share) | 149.61 |
| Gamma max (USD/share) | 169.39 |
| Open interest (contracts) | 1,637,029 |
| Nearest-expiration max pain (USD/share) | 147.00 (2026-10-07) |
| All-expiration max pain (USD/share) | 140.00 |
| Net gamma exposure | -8,681,042 |
| Confirmed GEX flip (USD/share) | 149.61 |
| Call wall (USD/share) | 150.00 |
| Put wall (USD/share) | 140.00 |
| Put/call open-interest ratio | 1.58 |
| Options catalyst-intensity score (0–100) | 52.9 |
| Options directional score (-100 to +100) | -21.7 |
| IV rank | 61.1 |
| Front ATM IV | +50.8% |
| Front-minus-back IV | 1.3 pp |
| Front expected move | +5.9% |
| Front ATM straddle / spot | +4.1% |
| Front 25-delta risk reversal | -0.1 pp |
| 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) |
| Daily open interest change (contracts) | -121,572 |
| Daily open interest change z-score (prior 252) | -1.17σ (252 prior changes) |
| Gamma max distance from close | +14.9% |
| Delta neutral distance from close | -1.9% |
| Prior-year sessions closer to gamma max | 77.4% of 252 |
| Prior-year sessions closer to delta neutral | 22.2% of 252 |

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 22 | -0.0% | -1.4% to +1.6% | 50% | -1.2% to +1.5% | 0.0% |
| above | Day +3 | 22 | +0.5% | -1.7% to +2.4% | 55% | -1.6% to +1.9% | 0.0% |
| above | Day +5 | 22 | +0.6% | -3.5% to +3.0% | 55% | -1.5% to +2.9% | 0.0% |
| above | Day +10 | 22 | +2.1% | -5.7% to +3.5% | 59% | -4.4% to +3.4% | 0.0% |
| below | Day +1 | 19 | +0.2% | -0.9% to +2.2% | 53% | -0.7% to +2.2% | 0.0% |
| below | Day +3 | 19 | +0.4% | -1.7% to +2.9% | 58% | -1.4% to +2.2% | 0.0% |
| below | Day +5 | 19 | -0.8% | -2.5% to +1.4% | 37% | -1.7% to +1.2% | 0.0% |
| below | 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. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/USO.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/USO.csv)
- [Complete advanced analysis](https://halfonadouble.com/api/v1/analysis/USO.json?date=2026-10-02)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).