USO gamma exposure today
USO (a crude oil futures ETF) · dealer gamma estimated from the option chain at the close on 2026-07-23 · last price $136.69 on 2026-07-24 · 945 contracts used
What is USO gamma exposure today?
USO net gamma exposure is $55M for every 1% move, which is a positive gamma regime, measured from the option chain at the close on 2026-07-23. Gross gamma across the same contracts is $91M, so the net figure is about 61% of the total in size — the rest cancels out between calls and puts. No gamma flip level falls inside the strikes carrying real open interest, so across the whole traded range this chain reads as one positive gamma regime. The single largest gamma wall sits at $140.00, carrying 10.4% of all the gamma in the chain. In plain terms: the dealers on the other side of these options are estimated to be net long gamma, so their hedging sells strength and buys weakness, which mechanically calms the tape. This is an estimate of positioning built from public open interest, not a look inside anyone's book.
How to read this USO configuration
The sign first. Net GEX is $55M, so this is a positive gamma reading. Positive gamma is the quiet regime. Every rally leaves dealers with more share exposure than their hedge requires, so they sell; every dip leaves them with too little, so they buy. That flow leans against whatever the market just did, and the practical effect is that ranges tend to be narrower and moves tend to stall rather than extend.
There is no flip level in this chain. Aggregate gamma keeps the same sign across every strike carrying real open interest, so the calculation never crosses zero and there is no price to quote. That usually means one side of the chain dominates — a book built almost entirely of calls or almost entirely of puts — and it is common on thinner names and on commodity or leveraged products. The practical reading is that the positive regime applies across the whole traded range here, rather than switching at some level you could mark on a chart.
Then the concentration. The biggest strike, $140.00, holds 10.4% of the chain's gamma — enough to be worth marking on a chart, not enough to dominate. Expect the level to matter a little, and only in the short run.
What this number is not. Public GEX is a model on top of a guess. It uses end-of-day open interest, assumes every call is long for the dealer and every put is short, and prices gamma with a simplified Black-Scholes approximation. Real market-maker books are hedged across futures, other expirations and other products, and nobody outside the firm sees them. Read this as a description of the volatility environment, not as advice, and never as a reason to buy or sell.
Net gamma by strike
■ positive gamma (hedging leans against the move) ■ negative gamma (hedging leans with the move) — strikes near the last price. Bar height is the estimated dollar hedging requirement per 1% move at that strike.
Text version of this chart
The largest gamma concentrations for USO in the 2026-07-23 chain are $140.00 ($9M per 1% move, 10.4% of the total), $130.00 ($8M per 1% move, 9.1% of the total), $135.00 ($8M per 1% move, 9.0% of the total). The centre line is zero net gamma, no flip level falls inside these strikes, and the last traded price was $136.69.
Gamma walls
The strikes carrying the most gamma. "Share" is that strike's slice of all the gamma in the chain, so a handful of rows adding up to a large share means the hedging is concentrated in a narrow band of prices.
| Strike | Net GEX per 1% | Share of gamma | From last price |
|---|---|---|---|
| $140.00 | $9M | 10.4% | +2.42% |
| $130.00 | $8M | 9.1% | -4.89% |
| $135.00 | $8M | 9.0% | -1.24% |
| $150.00 | $3M | 3.4% | +9.74% |
| $136.00 | $3M | 3.4% | -0.50% |
Gamma by expiration
Which expirations hold the exposure. Short-dated contracts usually carry most of the gamma, which is why the whole picture can reset the day after a big expiry.
| Expiration | Net GEX per 1% | Gross gamma |
|---|---|---|
| 2026-07-24 | $30M | $37M |
| 2026-07-29 | $2M | $3M |
| 2026-07-31 | $11M | $23M |
| 2026-08-05 | -$345,057 | $638,563 |
| 2026-08-07 | $1M | $6M |
| 2026-08-14 | $2M | $3M |
| 2026-08-21 | $10M | $15M |
| 2026-08-28 | -$334,506 | $2M |
The expiry view of the same USO chain
Gamma exposure is about what happens every day as price moves. Max pain is about one moment: the settlement price that would pay option holders the least. They come from the same open interest and often point at different levels. See USO max pain for that side, and max pain vs gamma exposure for what it means when the two disagree.
New to this? Start here
What is gamma exposure builds the idea from one option and one hedge, with the arithmetic written out, then explains why every public GEX number is an estimate. What is max pain does the same for the expiry-payout calculation.
Pointing an AI agent at this? Everything here is static HTML with real tables — no key, no login, no scraping tricks. For machine-readable data on price action rather than options, Quant Data sells two JSON endpoints: Brooks Daily Bias and Weis Wave, with hit rates and failure cases published on pricing.
Gamma exposure for other tickers
Gamma exposure is computed nightly from end-of-day open interest and closing quotes using a Black-Scholes approximation with zero rate and zero dividend, matching the convention most public GEX trackers use (how we compute it). A derived estimate, not raw market data and not a live quote. Educational only: not investment advice, not a recommendation, not a price forecast.