Free USO GEX - USO Gamma Exposure
Free USO GEX maps gamma exposure by strike across crude-oil futures exposure. Choose expirations around oil supply, inventory or macro events, then generate the chart to compare net GEX, call wall, put wall and gamma flip.
How to use the USO GEX tool
Search USO
USO is already entered. Keep it or enter another ticker, then select Search.
Select expirations
Choose one or more expiration dates to include.
Generate GEX
Select Generate GEX to view the chart and key levels.
Run up to 3 free GEX calculations per day. Need more?
Continue for free in the GEX SandboxGEX Workspace
Multi-ticker dashboard with alerts
GEX Heatmap
Strike-level gamma by expiration
GEX Intraday PlayTape
Intraday gamma movement & replay
Max Pain Calculator
Options pain strike by expiration
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
Build your USO GEX workspace
Add USO Heatmap, Max Pain and other GEX views to a custom multi-ticker workspace.
Open GEX WorkspaceWant to compare strikes across expirations? View the USO GEX heatmap.
Understanding USO gamma exposure
USO holds crude-oil futures exposure, so its options can respond to supply, inventories, geopolitics, and the futures curve. Use USO GEX to compare modeled strike concentrations across expirations while remembering that USO is not spot crude oil. The put wall and call wall are reference levels, not forecasts for oil or USO.
New to the concept? Start with our guides to gamma in options and the options Greeks.
USO GEX methodology and limitations
QuantWheel calculates USO GEX from the selected expirations, available options data and the formula displayed in the calculator. The result summarizes modeled gamma exposure by strike.
GEX is a model output, not observed dealer inventory or a price forecast. Open interest does not identify who owns an option, and the displayed call wall, put wall and gamma flip can change when the inputs or selected expirations change.
USO GEX FAQ
What is USO GEX?
USO GEX estimates gamma exposure across listed USO options using option gamma and open interest. It helps you compare how modeled exposure is distributed by strike and expiration. USO GEX does not reveal actual dealer positions or predict where USO will trade.
How do I read the USO call wall and put wall?
QuantWheel labels the USO call wall as the strike with the largest positive modeled GEX and the USO put wall as the strike with the largest negative modeled GEX in your selected data. Compare both with the USO price and expiration choices. They are reference levels, not guaranteed support or resistance.
What is the USO gamma flip?
The USO gamma flip is the price where modeled net gamma crosses zero for the selected USO options data. Compare it with the current price and the shape of the strike chart. The USO gamma flip is a model output, not a trading signal.
Which expirations should I use for USO GEX?
Start with the nearest USO expiration to study short-dated positioning, then add later expirations to compare a broader part of the options chain. Each selection changes which USO contracts are included, so compare one expiration with a combined view before drawing conclusions.
Is the USO GEX calculator free?
Yes. You can run up to three free USO GEX calculations per day on the public tool. After using those calculations, continue for free in the GEX Sandbox. Check the current QuantWheel pricing page for plan access details.