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.
Hope that helps.
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