United States Oil Fund, LP (USO) Options Statistics & Positioning

United States Oil Fund, LP (USO) options trade at a 30-day at-the-money implied volatility of 47.2%, an IV rank of 12 out of 100 over the past year. The options market prices a ±$10.83 (±8.2%) move in USO for the front expiration. Max pain sits at $125 and the put/call open interest ratio is 2.46. Statistics are computed by OptiView from delayed OPRA options data and refresh every trading day.

Data as of Aug 24, 2026, 3:55 PM ET · OPRA data 15 minutes delayed · For information only — not investment advice.

Last close

$132.18

52-week range

$66.22 – $152.73

ATM IV (30d)

47.2%

IV rank

12 / 100

Low

Expected move

±$10.83 (±8.2%)

Put/call OI

2.46

Put-heavy

Max pain

$125

↓ 5.4% below close

Next earnings

Nov 8, 2026

Most Active USO Contracts

Contract	Expiration	DTE	Last	IV	Volume
USO $120 put	Mar 19, 2027	207d	$9.36	—	9,763
USO $115 put	Mar 19, 2027	207d	$7.45	—	9,002
USO $200 call	Sep 18, 2026	25d	$0.12	—	6,668
USO $120 put	Oct 16, 2026	53d	$3.35	—	3,286
USO $115 put	Oct 16, 2026	53d	$2.06	—	2,860

See all active USO contracts →

Explore USO Options Statistics

USO Implied Volatility

47.2% ATM IV (30d)

An IV rank of 12 places implied volatility in the lower part of its 52-week range.

Full implied volatility analysis →

USO Open Interest

2.46 put/call OI ratio

558,670 calls and 1,376,510 puts outstanding across all expirations.

Full open interest analysis →

USO Max Pain

$125 max pain

5.4% below the last close — see how max pain has moved over the past year.

Full max pain analysis →

USO Gamma Exposure

$136.26M net GEX

Positive dealer gamma — hedging currently leans against price swings.

Full gamma exposure analysis →

USO Options Volume

120,116 contracts traded

Put/call volume ratio 1.19 — plus contracts running far above their usual volume.

Full volume & flow analysis →

USO Most Active Options

$120 top volume strike

The 25 most actively traded USO contracts with price, IV, greeks, and volume vs. average.

Full active contracts analysis →

Upcoming Earnings

USO's next expected earnings date is Nov 8, 2026. Options currently price a ±$10.83 (±8.2%) move for the front expiration.

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USO Options FAQ

When is USO's next earnings date?

USO's next expected earnings date is Nov 8, 2026. Options currently price a ±$10.83 (±8.2%) move for the front expiration.

How often is USO options data on this page updated?

All USO statistics on this page are computed by OptiView from delayed OPRA options data and refresh every trading day after the session close.

Where can I see USO max pain, open interest, and implied volatility in detail?

OptiView publishes dedicated USO pages for implied volatility, max pain, open interest, gamma exposure, options volume, and the most active contracts — each with charts, history, and a plain-English explanation of what the numbers mean.

Methodology. IV rank compares the current 30-day at-the-money implied volatility with its highest and lowest values over the past 52 weeks. Max pain is the strike that minimizes the total payout to option holders at expiration. The call and put walls are the strikes carrying the largest call and put open interest across all expirations. Net gamma exposure (GEX) is measured from the dealer perspective. All statistics are derived from delayed OPRA options data.

Options trading involves significant risk, and losses can exceed your initial investment. Always consult a licensed financial professional before making investment decisions. OptiView does not provide financial advice; all figures on this page are descriptive statistics, not recommendations.