What I don't like about USO options is that the strikes are way too far apart, IMO. Especially since it isn't geared and currently low priced. I don't use it very often.
Generally, I buy spreads. But also load up either call or put heavy to play the swings or react to the price action. I usually play short dated and close to the money.
I am usually structured to outpace UWTI when going up, and to cap the losses on big drops. When I call it right, I make money with the drops going put heavy.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.