Where is dealer gamma on USO?
United States Oil Fund · USO · data through 2026-09-22 · free to read
As of 2026-09-22, dealer gamma on United States Oil Fund (USO) is negative, so dealer hedging amplifies moves. The sign has flipped 25 times over the window shown. A flip matters more than the level: it changes whether hedging flow works with the move or against it.
What dealer gamma has done
Total dealer gamma exposure on USO over 90 sessions, 2026-05-19 to 2026-09-22. The sign flipped 25 times in that window.
When dealer gamma is positive, hedging leans against the move and tends to compress the range. When it is negative, hedging runs with the move and tends to extend it. The flip is the event worth watching, not the level.
Common questions about USO
What is dealer gamma exposure on USO?
It is the aggregate gamma the market makers who sold USO options are carrying. It matters because they hedge it, and that hedging is real buying and selling in the stock. As of 2026-09-22 it is negative.
What happens when USO gamma is positive versus negative?
Positive gamma means dealers sell into strength and buy weakness, which compresses the range and makes moves fade. Negative gamma means they do the opposite, selling weakness and buying strength, which extends moves. Same stock, opposite character, depending only on which side dealers are on.
Why do the sign flips matter more than the level?
Because the flip is when the behaviour changes. USO has flipped 25 times across the window shown here. A large positive number tells you little on its own; crossing zero tells you hedging flow just switched from working against the move to working with it.
Can I trade USO on gamma alone?
No. Gamma describes how hedging flow will behave if price moves, never whether it will. It changes what a move looks like once it starts. Treat it as the terrain, and get direction from somewhere else.
Is USO in positive or negative gamma right now?
As of 2026-09-22, negative: dealer hedging leans with moves.
How many times has USO gamma flipped sign recently?
25 times across the window shown on this page. Each flip marks a day when dealer hedging switched from damping moves to extending them, or back. Frequent flips usually mean the stock is trading near the strikes where dealer positioning is concentrated.
Where do the USO gamma numbers come from?
From open interest by strike in United States Oil Fund options after each close, weighted by each strike's gamma and by the usual assumption that dealers sit on the other side of customer flow. It is an estimate, rebuilt nightly, never a live reading of any dealer's book.
What is the difference between USO gamma and the SPY gamma map?
Same math, different book. The SPY map aggregates the index options that most hedging runs through, so it describes the whole market's terrain. The USO figure describes only United States Oil Fund, and single names flip more often because their open interest is thinner.
More on USO
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