Home Options QQQReports

QQQ

Invesco QQQ TrustClose $729.45EOD only

Max Pain

$724.00

Next expiry May 28, 2026

Expected Move

±$5.79

0.8% from close

Price Gap

-5.45

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.67

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: May 27, 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 27, 2026 close

QQQ Flow Report

Analysis based on market close April 13, 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 13, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +0.5 VIX 19

Watch next session: New OI or premium accumulation at $620 calls (near-term resistance / dealer sell-side pressure); Large put prints or increase in put premium at $605–$600 (would signal shift toward bearish/defensive positioning)

Flow Summary

Net premium: +$1.1B bullish

P/C volume ratio: 1.35 — put-volume tilted (heavy expiry activity) but skewed by concentrated prints

P/C OI ratio: 1.49 — OI is put-heavy (large protective/structural put base) despite large call premium today

Today shows strong call premium concentrated in the $611–$616 range (massive call premium at $612/$613/$615) while overall OI remains put-heavy around the $570–$600 band. Dealers are sitting with meaningful positive GEX (+$951.9M) and near-term pinning pressure around $615–$620 — flow looks bullish near spot driven by call buying/rolls into the $613–$620 corridor, but structural put OI and elevated put volume make the regime mixed and susceptible to a reversal if puts re-assert.

Notable Prints

QQQ 2026-04-13 $615 Call

Vol: 262,707

OI: 4,484

Vol/OI: 58.6x

IV: 26.8%

Notional: ~$161,992,905 (volume * $615 * 100)

Intent: Aggressive short-dated directional call buying into expiry / pin capture

Dual read: Large buy (bullish) or large sell-to-open from dealer facilitating (neutral to hedged)

Read-through: Reinforces dealer pinning and near-term upside bias into $613–$620; forces gamma selling by dealers concentrated around those strikes.

QQQ 2026-04-13 $614 Put

Vol: 246,317

OI: 1,102

Vol/OI: 223.5x

IV: 5.6%

Notional: ~$151,957,638 (volume * $614 * 100)

Intent: Expiration-driven defensive buying or closing (large activity the day of expiry)

Dual read: Could be buyers of protection (bearish) or sellers/rolls being executed into expiry (neutral)

Read-through: High volume at OTM puts on expiry day is consistent with busy expiry flows; contributes to mixed headline P/C volume but likely dominated by expiry mechanics rather than fresh long-term bearish bets.

QQQ 2026-04-13 $613 Put

Vol: 219,516

OI: 2,876

Vol/OI: 76.3x

IV: 6.3%

Notional: ~$134,485,608 (volume * $613 * 100)

Intent: Expiry-related hedging / closing activity concentrated around the MP area

Dual read: Protective buying or positional expiry clear-out

Read-through: Large put prints at $613 alongside $614–$615 call prints point to heavy two-sided expiry flow centered on the MP region; net premium data shows calls are dominating premium despite put volume.

QQQ 2026-04-13 $616 Put

Vol: 45,850

OI: 147

Vol/OI: 311.9x

IV: 2.9%

Notional: ~$28,317,540 (volume * $616 * 100)

Intent: Same-day expiry hedging / aggressive closeouts near spot

Dual read: Short-dated protection or forced liquidation

Read-through: Concentrated, short-dated put activity at spot reinforces expiry-driven, non-structural noise component — important for intraday pinning but not necessarily a directional signal for multi-day move.

QQQ 2026-04-13 $614 Call

Vol: 201,081

OI: 3,397

Vol/OI: 59.2x

IV: 23.5%

Notional: ~$123,259,614 (volume * $614 * 100)

Intent: Short-dated call buying into expiry

Dual read: Directional buys or dealer-facilitated flow

Read-through: Pairs with other large call prints to show concentrated bullish premium centered on $613–$616; amplifies dealer gamma exposure and reinforces short-term pin.

Institutional Positioning

Call additions: $611–$620 concentrated call premium (notably $612/$613/$615/$616) — heavy near-term call premium suggests institutions buying calls or rolling into short-dated strikes in the $613–$620 corridor.

Put additions: Large structural put OI remains at lower strikes ($570, $580, $590, $600, $605) — institutions retain defensive positions there; near-term expiry put volume ($613–$616) looks expiry-driven rather than long-term put accumulation.

GEX/DEX consistency: Yes — very positive total GEX ($+951.9M) and DEX (+202.8M shares) align with call premium concentration and near-term pinning around $615–$620.

OI clusters: Largest OI clusters on puts: $570 (109,641), $540 (99,387), $590 (87,796), $580 (83,505); Calls: concentrated OI near-term at $620 (9,827), $618 (8,265), $615 (7,195). These put clusters create a structural downside floor and the call clusters create a near-term resistance/pin area around $615–$620.

Hedging evidence: Evidence of hedging is mixed — heavy long-dated and mid-dated put OI suggests protective positioning, but the short-dated flurry of calls and matching puts points to expiry rolls and dealer delta/gamma hedging rather than large new collars.

Max pain context: Max pain short-term is around $609 (today) and drifts to $600–$605 across subsequent expirations; spot is above MP and flow is pinning dealers toward $613–$620 which can keep spot elevated into expiry windows.

Signal vs Noise

~Most large-volume $613–$616 prints are same-day or 1-day expirations (2026-04-13/14) — high likelihood these are expiry mechanics, roll/close activity or dealer facilitation rather than fresh multi-week directional positioning.

~Significant put volume at $614/$615/$613 on expiry day: likely expiration hedging/close-outs, not necessarily new structural bearish bets.

~High P/C OI ratio (1.49) reflects structural put concentrations (570/580/590/600) — that long-dated/structural put book is a persistent floor, not today's short-dated directional trade.

Key Conclusions

🐂Net premium strongly favors calls today (+$1.1B), concentrated in $611–$620 — short-term bias upward into the $613–$620 pin corridor.

📌Dealer pinning is active: near-term GEX concentration largest at $618 (+$186.3M) and $620 (+$45.6M) — dealers likely to sell/gamma-hedge around these strikes.

🛡️Structural put OI is substantial at $570/$580/$590/$600 — creates a durable put floor and makes a large downside move less likely without a material change in flow.

⚠️Large same-day expiry prints (massive vol/oi at $613–$616) are noisy — expect intraday pinning and whipsaw; treat multi-day signals only if premium shifts persist beyond expiry.

👀Watch $620 calls and any net premium continuation; new accumulation there would confirm bullish/dealer-pinning continuation and increase odds of short squeeze into the pin.

How to Use These Reports

This flow reflects the market close on April 13, 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.