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QQQ

Invesco QQQ TrustClose $714.51EOD only

Max Pain

$701.00

Next expiry May 22, 2026

Expected Move

±$6.50

0.9% from close

Price Gap

-13.51

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.71

Slightly put-heavy

Consensus

7.0/10

Range bias

Published snapshot: May 21, 2026 close

End-of-day snapshot

This page reflects QQQ options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 21, 2026 close

QQQ Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

QQQ above max pain ($705-$712) with dealer gamma long ($398.7M) pinning near $710-$720. Normal vol, mixed flows temper conviction; spot 1.8% from MP supports mean-reversion. Short-term neutral-bullish bias.

Confidence:

6.5 / 10

Base 5, -1(flow/GEX contradict), +1(GEX pinning), +0.5(spot 1.8% from MP), +1(VIX 17) = 6.5. No override.

Supports: Gamma pinning ($398.7M), spot above MP, normal IV
Conflicts: Mixed flow net premium, VIX 16.7 still elevated

📌Max pain pins at $705/$712/$710; spot near $716

🟢Dealer gamma long $398.7M, structural support

⚖️Mixed put/call flow, no clear conviction

Regime Classification

Vol Regime

Normal

IV ~21% normal; VIX 16.7 supports stable near-term vol.

Gamma Regime

Pinning

GEX +$398.7M positive, flip far at ~$590; range pinning $705-$715.

Flow Regime

Mixed

Net premium mixed; P/C ~0.9; no dominant direction.

Spot vs Max Pain

Above

Spot ~$716, 1.8% above MP $705, within weekly EM $708-$727.

Thesis duration: Event-specific — Weekly expiry pin action near max pain; structural gamma far but supports short-term mean-reversion.

Price Range Forecast

Next 1 week

$708.01$727.07

Gamma pinning $708-$727; support $705 MP

Next 2 weeks

$695.69$739.39

Range $695-$739; gamma flip far; drift toward $739 resistance

Key Levels

Max pain pins: $705 (2026-05-22); $712 (2026-05-26); $710 (2026-05-27)

EM guardrails: 1w $708.01/$727.07

Support: $705.00 · $695.69 · $660.00

Resistance: $739.39

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,091 (17.8% below spot)

Structural: Max pain $705/5/22, $712/5/26, $710/5/27; weekly EM $708/$727; support $695(2w), $660(major); resistance $739(2w high); gamma flip ~$590.

Dealer Positioning (GEX/DEX)

GEX: $+398.7M

DEX: +256.7M shares

Gamma flip: ~$590 (Approx — based on put OI concentration of 107,091 (17.8% below spot))

NTM gamma: GEX +$398.7M, DEX +256.7M shares; gamma flip ~$590 based on put OI 107K. Long gamma supports near $705.

IV Analysis

IV vs VIX: QQQ IV ~21% rich vs VIX 16.7; option premium elevated, may compress post-event.

Term structure: Contango; kinks at weekly expiries 5/26, 5/27; front contracts elevated.

Skew: Put skew modest; no standout vol opportunity. Calendar spreads to capture decay.

Flow Analysis

Net premium: Net premium -$43.3M, put/call volume ratio 1.1, OI ratio 1.71, bearish flow.

Directional prints: 6.7 put 719 ITM 2026-05-22 — Vol/OI 271.8, massive vs OI; likely bought (bearish) given bearish net flow; prefer bought. 6.2 put 718 ITM 2026-05-22 — Vol/OI 238.4, similar pattern; prefer bought. 24.2 put 720 ITM 2026-05-22 — Vol/OI 129.8 on ITM put; likely bought; prefer bought.

Unusual: 4.3 call 721 OTM 2026-05-22 — Huge vol 344k on OTM call near-zero premium, vol/OI 84.4; possibly closing or lottery. 6.4 call 723 OTM 2026-05-22 — Similar vol 148k, OTM call; correlated. 35.5 put 725 ITM 2026-05-22 — ITM put with high IV 35.5, vol/OI 87; unusual IV spike.

Risks & Catalysts

!Upside tech earnings surprise

!GEX flip if spot drops below $590

!VIX spike above 20

!Mixed flow could unwind positions

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate	Sell 2026-06-05 $709.00/$705.00 put spread Why now: Spot near max pain, dealer gamma long supports downside. Low vol, premium harvest.	Defined loss if drop below 708; upside not hedged.
Iron condor	Moderate	Sell 2026-06-05 $709.00/$705.00 put wing and $730.00/$733.00 call wing Why now: Max pain zone, dealer gamma pinning, spot near 710-720. IV moderate.	Move beyond wings causes max loss; defined risk.
Bull call spread	Moderate-Weak	Buy 2026-06-05 $712.00/$726.00 call spread Why now: Spot above max pain, dealer gamma long supports higher. Flows mixed but bias unchanged.	If spot drops below 710, max loss; upside capped at 725.

Top Plays

Iron Condor

Sell 2026-06-05 $709.00/$705.00 put wing and $730.00/$733.00 call wing

Sell put and call wings around $709/$705 put and $730/$733 call, profit if spot stays in range.

Why this play: Neutral bias aligns with max-pin range and dealer gamma; harvest premium in low vol.

Credit: $2.09-$2.55

Max loss: $1.45

BE: 706.45 / 732.55

Mgmt: Close at 50% max gain or if spot trends strongly.

Range-bound traders.

Put Credit Spread

Sell 2026-06-05 $709.00/$705.00 put spread

Sell $709/$705 put spread, profit if spot stays above $709.

Why this play: Bearish flow suggests downside risk; premium collection with defined risk.

Credit: $1.15-$1.40

Max loss: $2.60

BE: $707.60

Mgmt: Close if spot breaks $705.

Income-seeking traders with cautious outlook.

Bull Call Spread

Buy 2026-06-05 $712.00/$726.00 call spread

Buy $712/$726 call spread to gain upside exposure with capped loss.

Why this play: Spot above max pain and dealer gamma long support upside, but bearish flow reduces conviction.

Debit: $6.69-$8.17

Max loss: $8.17

BE: $720.17

Mgmt: Exit if spot falls below $712.

Bullish traders accepting mixed signals.

Watchlist Triggers

Entry Triggers

IFIF spot stays between $705 and $730 → THEN sell iron condor: 2026-06-05 $709/$705 put wing and $730/$733 call wing

IFIF spot holds above $709 → THEN sell put credit spread: 2026-06-05 $709/$705 put spread

IFIF spot holds above $712 → THEN buy bull call spread: 2026-06-05 $712/$726 call spread

Exit Triggers

EXITIF spot breaks below $705 → THEN exit put credit spread and bull call spread

EXITIF spot breaks below $705 or above $730 → THEN exit iron condor

Tactical Summary

Neutral-bullish bias, max pain $705-$712, dealer gamma long. Support $705, resistance $739. Top plays: Iron condor (range), Put credit spread (support), Bull call spread (upside).

How to Use These Reports

This directional reflects the market close on May 22, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.