USO options: max pain, gamma exposure and walls
Crude oil · close 145.64 (−0.27% on the day, −1.87% over 5 sessions)
Dealers were net long gamma (for 2 sessions): when the price moves, their hedging leans against it, which tends to calm it. The call wall — the strike with the most call open interest in reach — stands at 160, 9.9% above the close, unchanged for 7 sessions. The put wall stands at 120, 17.6% below the close, unchanged for 10 sessions — too far away to have much pull day to day. Further out, 200 above and 100 below hold more open interest than any strike near the price — long-dated positions and hedges, too far away to act as a level. Max pain for the front expiry is 145 (0.4% below the close). Implied volatility over 30 days is 45.9%, an IV rank of 19 on a scale where 0 is the lowest day of its own year and 100 the highest; realised volatility over 20 days is 48.8%. The options price a move of about ±13.2% over the next 30 days.
USO levels tonight
| Level | Price | From the close | Note |
|---|---|---|---|
| Call wall | 160 | +9.9% | 7 sessions |
| Put wall | 120 | −17.6% | 10 sessions |
| Gamma flip | 142.32 | −2.3% | above it dealers are long gamma |
| Max pain, front expiry | 145 | −0.4% |
USO max pain by expiration
For the nearest expiry, Nov 18, 2026 (5 days out), max pain is 145, 0.4% below the close. Max pain is the strike where the options of that expiry would be worth the least in total at expiry — the price at which option holders, all together, would lose the most. Open interest is as of the close of Nov 13, 2026.
| Expiry | Days | Max pain | From the close | Call OI | Put OI | Put / call | ATM IV | Priced move |
|---|---|---|---|---|---|---|---|---|
| Nov 18, 2026 | 5 | 145 | −0.4% | 27,194 | 16,167 | 0.59 | 36.1% | ±6.16 (4.2%) |
| Nov 20, 2026 | 7 | 149 | +2.3% | 154,207 | 89,746 | 0.58 | 40.4% | ±8.16 (5.6%) |
| Nov 25, 2026 | 12 | 142 | −2.5% | 4,123 | 1,034 | 0.25 | 42.2% | ±11.15 (7.7%) |
| Nov 27, 2026 | 14 | 150 | +3.0% | 17,539 | 18,104 | 1.03 | 41.2% | ±11.76 (8.1%) |
| Dec 4, 2026 | 21 | 150 | +3.0% | 12,734 | 7,999 | 0.63 | 43.8% | ±15.31 (10.5%) |
| Dec 11, 2026 | 28 | 146 | +0.2% | 4,484 | 2,017 | 0.45 | 45.5% | ±18.36 (12.6%) |
| Dec 18, 2026 | 35 | 140 | −3.9% | 93,056 | 124,248 | 1.34 | 46.6% | ±21.02 (14.4%) |
| Dec 24, 2026 | 41 | 140 | −3.9% | 1,477 | 945 | 0.64 | 46.9% | ±22.92 (15.7%) |
| Dec 31, 2026 | 48 | 140 | −3.9% | 23 | 30 | 1.30 | 47.2% | ±24.92 (17.1%) |
| Jan 15, 2027 | 63 | 125 | −14.2% | 101,110 | 162,458 | 1.61 | 46.6% | ±28.2 (19.4%) |
13 later expiries are in the expiry table below (download).
USO and its option levels over the last year
The close, with the call wall and the put wall (the strikes the option book is heaviest at) and the gamma flip (the price where dealers’ net gamma changes sign). Each line is that day’s reading, not a level looked back on.
Implied against realised volatility
What the options charge for the next 30 days, against how much USO actually moved over the last 20. A gap between the two is the market’s price for uncertainty.
Download USO options history (CSV)
Every session we hold for USO — 3,468 sessions, Jan 2013 → Nov 13, 2026 — as plain CSV files you can open in Excel, Python or any AI assistant. No account, no payment: press the button. A new row is added after each close.
one row per session: dealer gamma, vanna, charm, call and put walls, max pain, IV by tenor, skew, open interest, volume, flow — every column explained in the zip
the last session, expiry by expiry: open interest, volume, gamma, max pain, ATM IV, priced move
the last session, strike by strike: call and put open interest, gamma, volume
the last session by horizon (0–14, 15–45, 46–180 days): walls, max pain, gamma
The option series carries the daily close; the full price bars (open, high, low, volume) are not included. Data for research and education, not investment advice — see the terms.
How to read these figures
Gamma exposure (GEX)
How much dealers must buy or sell to stay hedged for each 1% move in the price. Long gamma means they trade against moves and dampen them; short gamma means they trade with moves and can amplify them. It is estimated from open interest and an assumption about which side dealers are on.
Call wall and put wall
The strikes where call and put open interest is heaviest within reach of the price. Prices often slow, or get pinned, near them into expiry; they are where a lot of hedging sits, not a guarantee.
Gamma flip
The price at which net dealer gamma changes sign. The same book acts as a brake above it and as an accelerator below it.
Max pain, IV rank and the priced move
Max pain is the strike where an expiry’s options are worth the least in total. IV rank places today’s implied volatility between the lowest (0) and the highest (100) of the last year. The priced move is what the options charge for the period, as a share of the price.
Every figure is end-of-day and describes how the option market is positioned. It is not a forecast of where USO goes, and not advice. New to options? Start with Learn.
USO options: questions and answers
What is USO max pain today?
For the expiry of Nov 18, 2026, USO max pain is 145, 0.4% below the close of 145.64 on Nov 13, 2026.
Where are the USO call wall and put wall?
The call wall is 160 (9.9% above the close) and the put wall is 120 (17.6% below the close), as of the close of Nov 13, 2026.
Is USO gamma exposure positive or negative?
Positive: dealers were net long gamma for 2 sessions, so their hedging tends to lean against moves. Net GEX was $20.9M per 1% move.
What is the USO expected move?
The options price a move of about ±13.2% over the next 30 days, and ±6.16 to the expiry of Nov 18, 2026.
Can I download USO historical options data?
Yes. USO’s daily option series from Jan 2013 and its strike, expiry and event tables are CSV files on this page — no account and no payment.
USO on the chart
Every session of USO on one chart: the price with its walls and gamma flip, the market-maker view, the strike ladder and the expiries — open to everyone.
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