# USO — Max Pain / GEX · GammaGrid demo

**Gamma weather: Storm.** This chain has no gamma flip within 25% of the price, so only the sign of gamma is known — negative, hedging amplifies moves. *(next 25 days · 6 expiries)*

| Level | Value |
|---|---|
| Price | 143.96 |
| Call wall | 200.00 |
| Put wall | 110.00 |
| Gamma flip | — |
| Net GEX | -0.5 M |

## Max pain and dealer gamma by expiry

Nearest expiries first. Max pain is the strike where open interest would expire worth the least; the expected move is one standard deviation from at-the-money implied volatility; net GEX is the dealers' estimated gamma exposure for that expiry, positive damps moves and negative amplifies them.

| Expiry | Max pain | Expected move | Range | Call wall | Put wall | Net GEX | Contracts |
|---|---|---|---|---|---|---|---|
| 2026-11-11 | 150.00 | ±4.5% | 137.54 – 150.38 | 190.00 | 135.00 | -4.9 M | 122 |
| 2026-11-13 | 150.00 | ±6.1% | 135.18 – 152.74 | 175.00 | 132.00 | -1.0 M | 198 |
| 2026-11-18 | 150.00 | ±8.5% | 131.80 – 156.12 | 169.00 | 150.00 | 0.4 M | 98 |
| 2026-11-20 | 150.00 | ±9.5% | 130.23 – 157.69 | 200.00 | 110.00 | 5.3 M | 206 |
| 2026-11-27 | 155.00 | ±11.9% | 126.89 – 161.03 | 164.00 | 115.00 | -0.8 M | 162 |
| 2026-12-04 | 152.00 | ±14.0% | 123.74 – 164.18 | 173.00 | 149.50 | 0.5 M | 146 |

23 expiries in the chain; the page lists every one.

## About these numbers

Computed by GammaGrid from the USO options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:32:19.721609 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

Other views of USO: [Overview](https://app.gammagrid.io/demo/t/USO.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/USO/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/USO/volatility.md).

Canonical page: <https://app.gammagrid.io/demo/t/USO/max-pain> · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: <https://app.gammagrid.io/>