USO GEX - Live Gamma Exposure
Live USO GEX levels for United States Oil Fund: net gamma exposure, call wall, put wall, and the gamma flip level — plus a free interactive USO GEX chart.
The calculator below is pre-filled with USO — hit search to compute the latest gamma exposure by strike from live options data. Prefer strikes and expirations in one view? Open the USO GEX heatmap.
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What is Gamma Exposure (GEX)?
Gamma Exposure represents the sensitivity of an option's delta to changes in the underlying price. Market makers hedge their gamma exposure, creating support/resistance at high GEX strikes.
Key Levels:
- Call Wall: Strike with highest positive GEX (resistance)
- Put Wall: Strike with the largest put GEX, shown as the deepest negative bar (support)
- Gamma Flip: Where total GEX changes from negative to positive
Positive GEX: Market makers sell into rallies, buy into dips (stabilizing).
Negative GEX: Market makers buy into rallies, sell into dips (amplifying moves).
Select a ticker and expiration date, then click Generate GEX to see the analysis
Understanding USO gamma exposure
USO holds front-month WTI futures rather than physical crude, and that structure shapes its gamma exposure in ways equity traders should understand before reading the levels. Contango and backwardation cause the fund's price to drift relative to spot oil, which means USO strikes do not map cleanly onto headline crude prices and open interest tends to cluster in nearer expirations where roll drag is least corrosive.
Within those constraints, USO GEX is a genuine read on how leveraged the retail oil trade has become. Call-side gamma builds in waves around supply shocks and OPEC+ headlines, and the call wall has repeatedly marked where those spike rallies exhausted. The put wall is thinner and less reliable, partly because traders hedging downside oil risk usually prefer the futures options market directly. Treat the gamma flip level as a positioning gauge rather than a precise pivot.
New to the concept? Start with our guides to gamma in options and the options Greeks.
USO GEX FAQ
What is USO GEX (gamma exposure)?
USO GEX measures the aggregate gamma that options market makers carry across all USO strikes and expirations. When USO GEX is positive, dealer hedging dampens price moves (selling rallies, buying dips); when it is negative, hedging amplifies moves. It is calculated from open interest and each contract's gamma across the United States Oil Fund options chain.
What is the USO call wall and put wall?
The USO call wall is the strike with the largest positive gamma exposure and often acts as resistance, while the USO put wall is the strike with the largest negative gamma exposure and often acts as support. As of the latest snapshot, the call wall is at $125, the put wall is at $130, the gamma flip level is near $132.12.
What is the USO gamma flip level?
The USO gamma flip (zero-gamma) level is the price where net dealer gamma crosses from positive to negative. Above it, market-maker hedging tends to suppress USO volatility; below it, the same hedging amplifies moves in both directions. The latest computed flip level is near $132.12.
How often is USO GEX data updated?
GEX levels on this page are recomputed from live options data throughout US market hours, and the interactive calculator below pulls fresh USO options chain data on demand. Open interest itself is published by OCC once daily before the open.
Is this USO GEX chart free?
Yes. The USO GEX levels on this page are free, and the interactive GEX calculator offers free daily lookups without an account. Creating a free QuantWheel account raises the daily limit, and the GEX Dashboard adds unlimited access, intraday tracking, and alerts.
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