Home Options QQQReports

QQQ

Invesco QQQ TrustClose $648.85EOD only

Max Pain

$620.00

Next expiry Apr 20, 2026

Expected Move

±$5.45

0.8% from close

Price Gap

-28.85

Distance to max pain

IV Rank

High premium

P/C OI

1.48

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 17, 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

Apr 17, 2026 close

QQQ Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 17, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning)

Watch next session: Follow fresh activity and delta at $610–615 calls (exp 2026-04-13) — continued take-up would cement short-dated bullish positioning; Volume/prints on $608–595 puts (exp 4/13) and any large rolls from 4/13 → 4/20 that shift net premium negative

Flow Summary

Net premium: +$67.8M bullish

P/C volume ratio: 1.76 — put-biased volume today (heavy short-dated put prints)

P/C OI ratio: 1.55 — put-heavy open interest; structural put floor around $500-$580

Mixed flow: premium skewed bullish with large call premium concentrated at near-spot strikes ($610–615) but intraday volume shows significant short-dated put activity (notably $608, $600, $590, $582). Dealers sit with positive GEX ($+277.2M) creating a pinning environment around 610–615; however large put OI clusters at $582 and $573 keep a protective downside floor and explain a cautious, mixed read.

Notable Prints

QQQ 2026-04-13 612.00 Call

Vol: 41,209

OI: 1,531

Vol/OI: 26.9x

IV: 14.7%

Notional: ~$12.2M

Intent: Fresh directional call buying into the 4/13 expiry (short-dated bullish exposure)

Dual read: Aggressive bought calls (bullish) OR short call overwrites by an institutional seller (less likely given net premium direction)

Read-through: Reinforces dealer positive gamma at ~612 and contributes to the +$5.6M GEX concentration at 612; supports a short-term pin near 610–615.

QQQ 2026-04-13 611.00 Call

Vol: 38,682

OI: 914

Vol/OI: 42.3x

IV: 14.7%

Notional: ~$13.1M

Intent: Fresh near-ATM call buys / directional short-dated bullish bets

Dual read: Bought calls (bullish) OR structured sell/overwrites (neutral); high vol/oi suggests new flow not just leg of a spread

Read-through: Concentrates premium at spot; combined with 612C print it signals institutional appetite for upside into this week and supports pinning at $610–615.

QQQ 2026-04-13 608.00 Put

Vol: 35,525

OI: 707

Vol/OI: 50.2x

IV: 16.2%

Notional: ~$6.9M

Intent: Short-dated protective hedges or speculative put buying immediately OTM (1% below spot)

Dual read: Bought puts (bearish/protection) OR sellers initiating synthetic/flow trades (less likely given high vol/oi and net put flow elsewhere)

Read-through: Large one-session take-up at $608 offsets call flow and signals active short-dated downside insurance demand despite overall net premium being bullish; this is a key tension in the tape.

QQQ 2026-04-13 573.00 Put (OI cluster)

Vol: 24,875

OI: 62,060

Vol/OI: 0.4x

IV: 29.3%

Notional: Existing OI notional large (structural; >$100M notional in aggregate across expiries)

Intent: Long-term protective positioning / institutional floors (not a fresh directional intraday bet)

Dual read: Mostly existing protective puts (institutional) OR client hedges being adjusted; today’s volume likely roll/adjustment

Read-through: Large static put OI at $573 creates a substantive downside magnet/put floor; it supports the dealer gamma flip near $582 and explains structural support below spot.

Institutional Positioning

Call additions: $610-$615 short-dated calls (exp 2026-04-13 and across near expiries) — large fresh premium recorded at $611, $612, $613, $615

Put additions: Notable fresh put demand at $608 (4/13) and heavy structural OI at $582 and $573 (multi-expiry), plus sizable premium at $600 and $590 showing intraday put interest

GEX/DEX consistency: Yes — positive Total GEX $+277.2M and DEX +189.6M shares align with short-dated call accumulation and a pinning regime around 610–615, while large put OI provides a protective floor.

OI clusters: $582 put OI = 229,132 (largest); $573 put OI = 62,060; call clusters near spot: $610 call OI = 3,318 and $620 call OI = 3,235. These create a strong downside floor around $582–573 and a near-term pin/wall around $610–620.

Hedging evidence: Evidence of protective hedging: sizable long-dated and short-dated put OI (582, 573, 600) and the fresh $608 put print indicate active downside insurance. Minimal collar-specific signals; more pure put protection and call buying.

Max pain context: Max pain for nearest expiries sits below spot ($595 on 4/10 → $600 on 4/13) — but MP trend is rising; dealers’ positive GEX and concentrated call premium near-spot suggest dealers will be incentivized to pin into 610–615 despite MP levels being lower.

Signal vs Noise

~Large notional OI at $573 and $582 are structural (existing protective positions) — high OI clusters are not fresh directional prints and act as a floor rather than immediate new bearish flow.

~Heavy activity concentrated on 2026-04-13 (expiration) — some trades are likely expiration rolls or gamma management rather than pure new directional bets.

~High P/C volume ratio (1.76) driven by many short-dated put prints can reflect hedging/insurance demand into expiry rather than systematic bearish repositioning.

~Some large call prints at 611–615 could include dealer overwrites or structured trade legs; interpret as bullish only if follow-through buying continues.

Key Conclusions

🐂Net premium is bullish (+$67.8M) with concentrated short-dated call buying at $610–615 supporting a near-term pin around $610–615.

🛡️Material put protection exists: biggest structural put OI at $582 (229,132 OI) and $573 (62,060 OI) create a downside floor and explain the gamma flip ~ $582.

⚖️Flow is mixed — heavy short-dated bullish call premium coexists with significant short-dated put buying ($608 print) and high overall put OI; watch which side sustains volumes tomorrow.

📌Dealers are long gamma (GEX +$277.2M) and likely to pin around concentrated GEX strikes ($610, $612, $615); this raises the likelihood of limited intraday drift away from 610–615 while gamma is active.

👀Key read-through: if call premium at 610–615 continues to build and spot holds >$610, bullish thesis confirmed; a continued surge in put premium concentrated below $605 would flip the tape bearish.

How to Use These Reports

This flow reflects the market close on April 10, 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.