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United States Oil Fund — Where open interest creates price support and resistance
United States Oil Fund (USO) operates in the ETF - Commodity sector and has actively traded listed options. Open interest concentrates at the $100 put wall (32.0K contracts) and $140 call wall (19.6K contracts) — 27.5% below and 1.5% above spot. Dealer hedging flows at these levels tend to dampen directional moves, reinforcing the wall corridor. This setup is more supportive of premium selling inside the wall range. See Strategy Builder for trade setups.
Where options dealers' hedging flows create support and resistance — max pain at $111.
These levels show where price may find support or resistance based on open interest positioning. Large put walls can act as magnets; call walls can cap upside.
Use wall levels to pick strikes — sell puts near put walls, sell calls near call walls.
Wall = Strike with highest open interest concentration across expirationsOpen interest by strike, gamma exposure (GEX) profile, max pain calculation
ORATS open interest and gamma data, updated daily
Walls are based on current OI positioning and can shift as traders open/close positions. GEX assumes most OI is dealer-held — retail-heavy OI produces less hedging flow. Treat as context, not prediction.
Walls from nearest liquid expiry — these reflect short-term hedging activity and may not represent longer-term positioning.
OI change tracker (1-day), wall strength score, and GEX trend chart — in active development.
This data is free for all users. No paywall — just not built yet.
Quantitative screening, not investment advice. Verify with your broker. Disclaimer
United States Oil Fund's current options landscape shows put support concentrated at $100 (32.0K contracts) with call resistance at $140 (19.6K). This creates a $100–$140 trading corridor that dealer hedging activity naturally reinforces. Compare this wall-to-wall range with the Expected Move to see how volatility-based ranges align with open interest boundaries.
United States Oil Fund's net gamma exposure is +3.2B (positive gamma regime), with the GEX flip point at $127.00. In a positive gamma environment, dealers are positioned so that they buy shares when price dips and sell when it rallies — effectively dampening volatility. This mean-reverting behavior is the best backdrop for premium selling: short strangles, iron condors, and credit spreads all benefit from the natural volatility compression that positive GEX creates. As long as price stays above the GEX flip point, this supportive environment tends to persist.
At $137.92, United States Oil Fund is nearing its call wall at $140 (19.6K contracts), where dealer hedging activity typically creates selling pressure. As price approaches a call wall from below, dealers holding short calls must sell shares to stay delta-neutral — this acts as overhead resistance. Premium sellers can use this as a natural ceiling for call credit spreads, placing short strikes at or above the $140 level where dealer flows provide reinforcement.
United States Oil Fund's strongest put wall (support) is at $100 with 32.0K open interest contracts, and the primary call wall (resistance) is at $140 with 19.6K contracts. This creates a trading range of $100–$140. Put positioning is heavier, suggesting stronger downside protection from dealer hedging.
Open interest walls represent concentrations of options positions at specific strikes. When dealers hold these positions, they must hedge by buying or selling shares as price approaches wall levels, creating natural support (put walls) and resistance (call walls). United States Oil Fund currently has positive gamma exposure, which means dealer hedging reinforces these wall levels — buying dips near put walls, selling rallies near call walls. This creates a mean-reverting, range-bound environment that benefits premium sellers.
United States Oil Fund's $100–$140 range spans 29.0%, wider than average. This spread suggests open interest is distributed across distant strikes, which can mean the market is pricing in a larger potential move — possibly around an upcoming catalyst like earnings or an industry event. For premium sellers, wider ranges mean wall support and resistance are farther from current price, providing more breathing room but also less concentrated dealer hedging at any single level.
Use the put wall at $100 as support for put credit spreads and the call wall at $140 as a ceiling for call credit spreads. The wall-to-wall range defines your expected trading corridor. Wall data is most useful for strike selection — placing short strikes at or outside major open interest levels means your trade has dealer hedging flows working in your favor. Monitor daily for wall migration as open interest shifts.
United States Oil Fund's put/call OI ratio of 1.64x indicates heavier positioning on the downside. This could reflect institutional hedging (fund managers buying puts for portfolio protection), elevated demand for downside insurance, or market-maker inventory from heavy put selling by retail traders. For premium sellers, put-heavy OI is generally favorable — it means more dealer support below the current price, creating stronger floors. However, if this hedge demand is driven by a genuine fundamental concern, the protection may be warranted.