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United States Oil Fund

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USO trade ideas

TRADE IDEA: USO OCTOBER 16TH 2 X 2/MAY 15TH 5 CALL RATIO SPREADPictured here is a bullish assumption diagonalized call ratio spread with two times the number of long calls at the 90 delta strike in October as the number of calls in the front month with a 4.45 break even versus 4.47 spot. As of Friday close, it's priced at a 4.89 debit and had delta/theta metrics of 134.84/.45. I generally visualize this setup in two, separate pieces -- one consisting of a long call diagonal and the other, a standalone long. Assuming price breaks the short call running into expiry (and stays there), the long call diagonal consisting of one long call and the front month short will converge on max profit. This will be the difference between the width of the spread (3.00) and what it cost to put on one long call leg and the short call (2.17) or .83 ($83), at or near which that aspect should be stripped off. The remaining call is then left to ride alone as synthetic stock to be taken off in profit, potentially targeting the $8-10/share, making a 5.25-7.25 profit on the standalone long conceivable. In the event price doesn't clear the short call toward expiry, the short call aspect is rolled out to reduce cost basis further.
AMEX:USOLong
by NaughtyPines
Which way should I go now ? Yes, it can be frustrating to see your profits evaporated after it has broken out from the bearish trend line and then pull back to where it was at your entry price. That would be considered a break even trade since your SL is not triggered. It is back to its psychological support level at around 10.38 and this level is crucial as if it breaks down, we can see it revisit the bottom at 9.23 to 9.37 level. Watching closely on 4H time frame before buying. Be patient and let the trend tells you what to do.
AMEX:USOLong
by dchua1969
1
USO - ETF will riseUSO: United States Oil Fund - Most active strike prices are the weekly 1/10 $13.50-strike calls - People are betting on USO will break out above $13.50 next two weeks People are buying on this ETF because of what happened in Iran, crude oil futures, prices, and all else related are due to rising tensions. The assassination of Qassem Soleimani impacted the market yes, (SPX -0.71%, COMP, -0.79%, and DJIA -0.81%), but his death's biggest impact would be on the price of oil & gold. Looking at USO, we can see that it has been in a bull trend since October of 2019 (2-3 months), and has gapped above it's previous resistance level of $13.00-13.15. A double top should still be something to be cautious about, but the recent news only makes this ETF much more appealing to trade. technicals: Used fib extension to draw levels, worked wonderfully. Tested $13.35 level once and got rejected, if this level breaks on Monday, can see the next price target at $15.00. - MACD: volume doesn't showcase anything as of yet, looking for a strong bull signal, be wary of fakeouts - RSI: started to finally touch oversold area, good bull signal
AMEX:USOLong
by devinzhou
1