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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 Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

4 / 10

base 4.5; -0.5 heavy put OI & negative GEX; +0.0 mixed net premium (call-heavy at select strikes)

Watch next session: Activity and OI change at $600/$598 calls (pin/GEX concentrations); Follow-through put buying around $573-$570 (multi-day accumulation)

Flow Summary

Net premium: +$178.2M bullish (call net premium concentrated at specific strikes)

P/C volume ratio: 1.29 — put-volume dominant today

P/C OI ratio: 1.43 — put-heavy open interest (structural protection/positioning)

Headline net premium is call-positive (+$178.2M) driven by concentrated buying at near-spot calls (e.g., $585, $590, $586). However volume and OI ratios (P/C vol 1.29, P/C OI 1.43) indicate heavier put activity overall, and dealers show a meaningful negative GEX ($-277.7M). Net: tactical call buying around mid/high-580s versus broad put accumulation — flow is mixed but leans to downside tail risk as dealers are short gamma.

Notable Prints

QQQ 2026-04-13 $573.00 Put

Vol: 118,008

OI: 370

Vol/OI: 318.9x

IV: 32.5%

Notional: ~$44,843,040

Intent: Large directional put accumulation (multi-day directional hedge/bet on lower prices into next week)

Dual read: Aggressive downside bet (bought puts) or dealer/issuer selling large blocks to establish short put exposure

Read-through: Significant bearish/de-risking flow ~3% below spot — not an expiration-day pin (exp 4/13) and represents material risk transfer into next-week expiries.

QQQ 2026-04-08 $585.00 Call

Vol: 44,156

OI: 1,164

Vol/OI: 37.9x

IV: 53.4%

Notional: ~$33,028,688

Intent: Last-day directional call buying or aggressive rolls into expiry (4/08) — could be short-dated speculative buy or delta-hedge activity ahead of expiry

Dual read: Buyer of calls (bullish) or seller/writing of calls (neutral if covered)

Read-through: Large ITM call flow into 4/08 expiry — creates short-dated dealer gamma exposure; if these are buys, it temporarily supports upside into expiry, but dealer short-gamma can amplify pin dynamics.

QQQ 2026-04-08 $594.00 Call

Vol: 29,721

OI: 448

Vol/OI: 66.3x

IV: 43.7%

Notional: ~$7,578,855

Intent: Short-dated speculative/upside hedging into 4/08; concentrated same-day activity suggests expiry pin/roll action

Dual read: Overweight bullish positioning vs dealers taking on short call exposure

Read-through: Concentrated asks at ~1% above spot for same-day expiry — watch intraday gamma-induced flows around $590-$595.

QQQ 2026-04-08 $584.00 Put

Vol: 28,947

OI: 1,177

Vol/OI: 24.6x

IV: 48.5%

Notional: ~$8,249,895

Intent: Short-dated downside hedging / pin-protection into 4/08 expiry

Dual read: Protective put buys by longs or aggressive speculative put buying

Read-through: Significant short-dated downside insurance at/just below spot — paired with call buying this compresses dealer gamma and increases sensitivity to intraday moves.

QQQ 2026-04-08 $570.00 Put

Vol: 31,997

OI: 1,432

Vol/OI: 22.3x

IV: 46.2%

Notional: ~$1,887,823

Intent: Near-term protective put accumulation (exp 4/08) or rolling of longer-dated protection into nearer dates

Dual read: Directional bearish positioning vs repositioning/rolls into expiry

Read-through: Adds to concentrated downside exposure across expiries — reinforces the gamma flip area (~$570) as an important technical/hedging boundary.

Institutional Positioning

Call additions: $585/$586/$590/$600 area calls show concentrated premium flows (notably $585 and $590) — tactical call interest into near expiries and $600+ longer expiries

Put additions: $573 (4/13) shows large put accumulation; broad elevated put OI at $570, $580, $588 and deep OI at $540/$500 suggest institutions are either protecting or structurally short downside

GEX/DEX consistency: Mixed — Total GEX is negative ($-277.7M) which aligns with put-heavy structure and dealers being short gamma; DEX is positive (+199.5M shares) indicating active equity/delta trades. Net effect: dealers are short gamma and need to hedge dynamically, increasing intraday convexity.

OI clusters: Largest OI clusters: $570 PUT (108,381), $540 PUT (98,312), $590 PUT (87,336), $580 PUT (82,130), $588 PUT (75,518); call-side notable OI at $600 CALL (42,961) and near-spot calls at $587/$586. These create a downside pin-floor in the mid-500s to high-560s and resistance cluster around $600.

Hedging evidence: Clear protective put activity (short- and multi-week expiries) and concentrated short-dated put/call trades around 4/08 indicating hedging around near-term expiries; evidence of collars is limited in flow but large put OI indicates downside protection is a priority.

Max pain context: Max pain is clustered at $580→$587 in the next sessions; MP trend is rising (from $580 → $600 across expiries) which aligns with concentrated call premium at the high-580s/600s but spot remains above nearest MP — market may gravitate toward $587/$585 into the sequence of expiries.

Signal vs Noise

~Many large prints expiring 2026-04-08 (4/08) — these are likely expiry pin hedges, gamma-induced flows, and roll activity rather than multi-week directional convictions.

~Very high volume/OI ratios on short-dated strikes (e.g., $585C, $584P, $594C) are classic same-day expiry activity — treat as transient unless followed by multi-day OI accumulation.

~Large put OI at $540 and $500 are structural longer-dated hedges/floor positions, not immediate directional signals for next 1-3 sessions.

Key Conclusions

⚖️Flow is mixed: concentrated call premium (mid/high-580s) vs broad put accumulation (570–590 and deeper). Net premium positive but P/C volume & OI favor puts.

🔻Dealers are net short gamma (Total GEX = $-277.7M); expect amplified intraday moves and pin pressure around near-term expiries.

📌Key short-term magnet/resistance band: $590.00 → $600.00 (GEX + pins at $590/$598/$600); look for failed breaks there as a bearish signal.

🛡️Notable institutional downside protection at $573 (4/13) and heavy put OI at $570/$580/$588 — downside risk is being actively insured.

👀Watch whether the $573 put accumulation turns into rolling/adding — if follow-through appears, odds of test toward $575-$582 rise.

⚡Large same-day expiry activity on 4/08 (calls and puts) likely produces gamma pin/noise; avoid over-interpreting single-session intraday moves tied to these expiries.

How to Use These Reports

This flow reflects the market close on April 7, 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.