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QQQ

Invesco QQQ TrustClose $717.54EOD only

Max Pain

$712.00

Next expiry May 26, 2026

Expected Move

±$7.45

1.0% from close

Price Gap

-5.54

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.71

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 22, 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 22, 2026 close

QQQ Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (pinning); +1 GEX positive (pinning); -0.5 spot 4.7% from MP

Watch next session: Same-day put prints at $608–$612 (exp 2026-04-10/13) — persistent follow-through would be protective/hedge-driven; Call premium and OI build at $615–$620 (monitor premium flow and OI changes at $615/$620)

Flow Summary

Net premium: +$211.2M bullish

P/C volume ratio: 1.42 — put-heavy by volume (driven by front-week put activity)

P/C OI ratio: 1.53 — more put positioning in OI, concentrated at deep near-term puts ($582, $570, $540 clusters)

Headline: premium-frame is bullish (large net positive premium $211.2M and heavy call premium at $605–$616) while count metrics (P/C volume and OI ratios) show elevated put activity concentrated in very near expirations. Dealers currently have large positive GEX (+$448.8M) producing pinning behavior around $608–$616; the flow reads as institutions taking call exposure or selling puts into dealer appetite, with a simultaneous accumulation of short-dated protective puts (likely hedges) that inflate P/C ratios.

Notable Prints

QQQ 2026-04-10 $610 Put

Vol: 63,009

OI: 1,194

Vol/OI: 52.8x

IV: 20.0%

Notional: ~$15.4M

Intent: Short-dated protective put buying / expiration hedging (buyers of downside protection into same‑day expiry)

Dual read: Bought puts (bearish/protective) OR dealers/offloading risk (selling into flows); likely protective given concentrated short-dated timing

Read-through: Large same‑day put volume is inflating P/C metrics but is consistent with risk reduction ahead of expiry rather than a large new directional long-term bearish bet.

QQQ 2026-04-10 $608 Put

Vol: 48,201

OI: 885

Vol/OI: 54.5x

IV: 21.0%

Notional: ~$8.1M

Intent: Same‑day protective/rolling hedges or short-dated directional puts

Dual read: Protective buys or structured house‑trade (e.g., closing short calls + buying puts) but timing favors hedge/readjust

Read-through: Adds to the theme of short-dated downside demand clustered right at the current spot — increases dealer gamma activity and supports pin behavior around $608–$610.

QQQ 2026-04-10 $612 Call

Vol: 44,007

OI: 1,409

Vol/OI: 31.2x

IV: 16.8%

Notional: ~$6.0M

Intent: Fresh short-dated call buying or covered call placement into expiry

Dual read: Directional call buys (bullish) OR call overwrites by holders (neutral); given large net premium elsewhere, leans bullish/directional

Read-through: Significant same-day call activity at slightly OTM strikes supports dealer gamma selling and helps pin spot inside the $605–$616 band.

QQQ 2026-04-10 $609 Call

Vol: 29,484

OI: 1,676

Vol/OI: 17.6x

IV: 19.8%

Notional: ~$8.5M

Intent: Short-dated call action — likely directional buying or part of collar/rolls

Dual read: Directional call buying vs call writing by long holders; context of positive net premium implies bullish lean

Read-through: Reinforces pin/balancing activity in the 608–612 neighborhood; contributes to dealer delta hedging that caps intraday moves.

QQQ 2026-04-14 $600 Put

Vol: 6,025

OI: 393

Vol/OI: 15.3x

IV: 19.5%

Notional: ~$1.1M

Intent: Near-term tactical protection or speculative put buying beyond immediate expiry

Dual read: Protective vs tactical bearish — smaller notional relative to front-week prints

Read-through: Shows some follow-through buying of protection into the mid-next-week expirations but is smaller than the day‑of expiry flows.

Institutional Positioning

Call additions: $605-$616 strikes (notably $605, $606, $608, $610, $612, $615) — heavy premium at these strikes indicating institutional call exposure or selling of puts hedged into dealer appetite

Put additions: Concentrated short‑dated puts at $608–$612 (exp 4/10 and 4/13) plus large longer-dated put OI clusters at $582, $570, $540 representing structural downside protection

GEX/DEX consistency: Yes — positive Total GEX $+448.8M and DEX +201.0M shares align with pinning around $608–$616 and net bullish premium despite high put counts

OI clusters: Largest OI clusters: $582 PUT (228,957 OI) — a structural support cluster and gamma flip area; call clusters concentrated at $650 (21,506 OI), $620 (9,156 OI), and near-spot calls at $608/$610 (10,725 / 8,594 OI) — creates a short-term magnet at $608–$616 and a longer-term call ceiling at $620–$650

Hedging evidence: Strong evidence of large-scale hedging: massive near-term put volume suggests protective buying into expiry; broader put OI at $582/$570/$540 indicates institutional tail protection (collars or straight protective puts). Dealer positioning (+GEX) implies dealers are short gamma and hedging into these levels.

Max pain context: Max pain pins near-term ($583 on 4/09 → $595 on 4/10 → $596 on 4/13) are rising but actual pinning pressure today is concentrated at $608–$616 due to GEX concentration; short-dated MP values still create downside pull if expiry/unwinding accelerates.

Signal vs Noise

~Heavy same‑day (2026-04-10) put and call prints at $608–$612: likely expiration-related hedging/rolls rather than new multi-week directional positioning.

~Elevated P/C volume ratio is driven by concentrated near-term put activity; count metrics here are noisy for longer-term directional read unless repeated across expirations.

~Large call premium at $605–$616 may include dealer-facilitated structures (call buys vs call overwrites); some prints could be market‑maker inventory adjustments.

~Spread legs not explicitly visible in prints: some large volumes with modest OI increases suggest one‑side execution of multi‑leg structures; interpret single-leg prints cautiously.

Key Conclusions

🐂Net premium is strongly positive (+$211.2M) and dealer GEX is large and positive (+$448.8M) — short-term microstructure biased to pin/contain moves around $608–$616.

⚠️P/C volume and OI ratios (1.42 / 1.53) are elevated due to concentrated short‑dated put activity; this inflates 'put-dominant' signals but is largely expiration/hedge-driven.

📍Watch $608–$616: large GEX pockets (+$38.7M at $608, +$32.8M at $610, +$20.0M at $613) make this the operational pin band for the next sessions.

🔎Large same‑day put prints (4/10 expiries at $608–$612) are likely protective hedges; continued follow-through would raise short-term downside risk despite bullish premium.

🏛️Structural put OI at $582 (228,957 OI) and $570/$540 clusters create a floor mentality and mark the gamma flip (~$582) — a break below would accelerate dealer selling.

📈Calls concentrated at $620/$635/$650 create overhead resistance; watch OI growth at $615–$620 for a potential short-term ceiling.

How to Use These Reports

This flow reflects the market close on April 9, 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.