01 — USO · COVERED CALLS

Best USO covered calls setups.

Pick how long you want to wait and how much risk you'll take. We score every live strike across the next 3 expirations and surface the top setups — updated hourly.

WTI crude futures tracker with structural roll cost and event-driven moves around OPEC and inventories.

Find the best strikes →FREE · 20 ANALYSES/DAY · NO CARD
United States Oil Fund
Commodity ETF
USO
$168.83+15.9% / 30d
IV rank (1y)
9.1% · low
Option vol
32K /day

02 — Live setups

Suggested strikes

Choose your time horizon and risk band. Every match is scored on return, premium, and probability of profit.

Days to expiration
Probability of profit
Sort by
Top pick
$182.5 call · Dec 4
34 DAYS · 8.1% OTM · SELL TO OPEN
Credit
$785
Return
4.65%
PoP
64%
StrikeExpirationCreditReturn ↓PoP
$180
6.6% OTM
Dec 4
34 days
$715
$7.15 / share
4.24%61%
$185
9.6% OTM
Dec 4
34 days
$605
$6.05 / share
3.58%67%
$180
6.6% OTM
Nov 27
27 days
$585
$5.85 / share
3.47%63%
$182.5
8.1% OTM
Nov 27
27 days
$570
$5.70 / share
3.38%67%
$190
12.5% OTM
Dec 4
34 days
$540
$5.40 / share
3.2%72%
$185
9.6% OTM
Nov 27
27 days
$522
$5.22 / share
3.09%69%
$190
12.5% OTM
Nov 27
27 days
$388
$3.88 / share
2.3%74%
$320
89.5% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
$325
92.5% OTM
Nov 27
27 days
$0
$0.00 / share
0%70%
10 of 12 matchesCustomize filters →

03 — Strategy

Covered Calls, plainly explained

Neutral-to-mildly bullish traders focused on steady premium collection.

P&L at expiration · $182.5 call · 34 DTE

$0+$2,152losses$160.98 BREAKEVEN$183 STRIKE

Key numbers

Premium collected+$785
Max profit+$2,152
Breakeven$160.98
Capped above$182.5
Probability of profit64%
Days to expiration34

When this trade makes sense

Use when

  • ✓You already own 100+ shares of the stock
  • ✓You'd be fine selling at the strike price
  • ✓You think the stock goes flat or slightly up
  • ✓IV rank is elevated — premiums are rich

Avoid when

  • ✕You think the stock is about to rip higher
  • ✕You're attached to the shares (tax, conviction)
  • ✕Earnings are inside the expiration window
  • ✕Premiums are unusually low — nothing to collect
Read the full covered calls guide →

05 — RUN IT LIVE

See the highest chance of profit on USO.

Alpha Hawk scans live chains and recommends setups based on current market conditions.

Analyze USO free →