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QQQ

Invesco QQQ TrustClose $730.28EOD only

Max Pain

$717.00

Next expiry May 27, 2026

Expected Move

±$5.89

0.8% from close

Price Gap

-13.28

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.70

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 26, 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 26, 2026 close

QQQ Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.3% from MP

Watch next session: Follow call premium and OI at $610 and $615 (continued additions would reinforce bullish pin); Monitor large multi-expiry put activity at $582 and $580 (rolls/hedges that push net premium negative would invalidate)

Flow Summary

Net premium: +$81.7M bullish

P/C volume ratio: 1.88 — heavy put volume (high activity), but skewed by many short-dated put prints

P/C OI ratio: 1.45 — put OI exceeds call OI (positioning tilted to puts), but premium flow is call-dollar positive

Net premium is strongly net-bullish (+$81.7M) and dealers sit with large positive GEX (+$432.8M), creating pinning around the 600–615 band. Put trade count and OI remain elevated (P/C volume 1.88, P/C OI 1.45), indicating lots of hedging and protective puts, but the dollar flow is dominated by calls centered at 610–620 which suggests institutions are buying upside or selling volatility into this range.

Notable Prints

QQQ 2026-04-17 $582.00 Put

Vol: 237,914

OI: 2,172

Vol/OI: 109.5x

IV: 28.3%

Notional: ~$57.3M

Intent: Large directional protective put buying or an organized put purchase (multi-lot hedge) into mid-April

Dual read: Bought puts (defensive hedge) OR large put sell-to-open split across accounts (vol takedown) — but size and IV suggest active buying

Read-through: Material hedge interest around $582 that caps upside if put-heavy flows continue; however this is mid-expiry and coexists with large call-dollar flow at 610–620, so could be targeted downside protection rather than outright bearish spec.

QQQ 2026-04-09 $608.00 Call

Vol: 26,942

OI: 586

Vol/OI: 46.0x

IV: 18.8%

Notional: ~$5.0M

Intent: Near-expiry directional call buying or short-cover of calls into 4/9 expiry

Dual read: Fresh call buys (bullish) OR market-makers rebalancing shorts (gamma hedging) — near-dated nature leans bullish if price moves higher into expiry

Read-through: Short-dated call demand (and large dealer GEX) reinforces pinning pressure toward the 606–610 area in the immediate session.

QQQ 2026-04-09 $607.00 Call

Vol: 25,220

OI: 493

Vol/OI: 51.2x

IV: 18.6%

Notional: ~$4.8M

Intent: Near-expiry directional call buying / positioning into 4/9

Dual read: Fresh long calls (bullish) OR market makers hedging short call exposure; timing suggests bullish bets into immediate pin

Read-through: Reinforces short-dated call pressure around spot; coupled with other 4/9 call prints this is consistent with dealers buying underlying on upside moves (supporting price).

QQQ 2026-04-09 $590.00 Put

Vol: 16,595

OI: 250

Vol/OI: 66.4x

IV: 31.1%

Notional: ~$3.5M

Intent: Near-expiry protective puts or speculative bearish bets into 4/9

Dual read: Purchased protection (hedge) OR short-dated speculative puts (directional) — elevated IV implies hedging demand

Read-through: Shows short-dated downside hedging interest around $590, but less dollar-weighted than call flow; consistent with mixed flow regime and expiration activity.

QQQ 2026-04-10 $602.00 Put

Vol: 9,882

OI: 184

Vol/OI: 53.7x

IV: 26.1%

Notional: ~$2.9M

Intent: Very near-term downside protection (4/10 expiry) or spread leg in a collar/roll

Dual read: Bought puts (defensive) OR part of an expiration roll/structured spread — short tenor leans hedge/expiration flow

Read-through: Adds to concentrated near-dated put activity in the 590–602 area; important for dealer hedging but not large enough alone to flip overall bullish premium.

Institutional Positioning

Call additions: Dollar-weighted call flow concentrated at $610.00 (net +$45.8M), $615.00 (+$25.1M), and $620.00 (+$20.5M) — institutions appear to be adding upside exposure in the 610–620 band

Put additions: Significant put OI clusters at $570.00 (108,394 OI) and $573.00 (106,847 OI) plus heavy premium on $582.00 (net -$56.6M at that strike) — institutions holding/downloading protective puts in the 570–582 area

GEX/DEX consistency: Yes — positive Total GEX $432.8M and DEX +199.7M shares align with call-dollar concentration and produce pinning in the 600–615 range

OI clusters: Largest OI clusters: $570 PUT (108,394), $573 PUT (106,847), $540 PUT (99,428); call OI concentration at $600 (7,841), $610 (4,972), $615 (4,184) — these create pull/push around 600–615 and a protective floor lower toward 570–580

Hedging evidence: Clear protective put activity (short-dated and multi-expiry) and large put OI at 570/573 indicate sizable hedging. Minimal evidence of coordinated collars in the top flow — more separate call adds plus put hedges.

Max pain context: Max pain is below spot (nearest MPs $587 → $585 over next expiries) while MP trend is rising; dealers' positive GEX and call-dollar flow are acting to pin price above MP toward the 600–615 corridor.

Signal vs Noise

~Multiple large prints in 4/09 and 4/10 expiries (calls at 607/608 and puts at 590/602) look like expiration-related positioning and gamma trades rather than multi-week directional commitments.

~The oversized volume-to-OI ratios on many short-dated strikes indicate expiration rolls or short-covering by market makers, not necessarily fresh long-term directional conviction.

~High P/C volume ratio (1.88) driven by many small/short-dated put trades — likely defensive hedging rather than large net bearish bets targeting sustained downside.

Key Conclusions

🐂Net premium is strongly bullish (+$81.7M) with call-dollar concentration at 610–620, increasing the chance price pins in the 600–615 band.

📌Dealers' positive GEX (+$432.8M) creates pinning behavior; near-term GEX concentrations at $610 and $600 are key technical magnets.

🛡️Large put OI clusters at $570/$573 and the big $582 put print are meaningful hedges — they form a defensive floor that limits upside conviction if those hedges grow.

⏳Much of the activity is short-dated (4/9–4/10), so expect flows to be influenced by expiration gamma and rolls; don't over-read single-day put-heavy volume.

🎯Watch $600 (support/pin), $610–615 (resistance/pin) and any sustained net premium flip; continued call-dollar additions at 610–620 would confirm bullish thesis.

How to Use These Reports

This flow reflects the market close on April 8, 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.

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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.