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QQQ

Invesco QQQ TrustClose $628.60EOD only

Max Pain

$608.00

Next expiry Apr 15, 2026

Expected Move

±$2.05

0.3% from close

Price Gap

-20.60

Distance to max pain

IV Rank

100

High premium

P/C OI

1.47

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

QQQ Flow Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 8.5; -1.0 mixed P/C OI vs heavy call premium flow near spot

Watch next session: Net premium change at 623-626 strikes (watch for continued call buying); Volume/OI on 4/15 expiries at $628/$627 (rolls vs fresh directional activity)

Flow Summary

Net premium: +$1.1B bullish

P/C volume ratio: 1.11 — slight put-volume tilt intraday but not extreme

P/C OI ratio: 1.47 — open interest skewed to puts (structural protection)

Intraday flow shows heavy call premium concentrated at near-spot strikes (620-630) producing a strong short-term bullish premium read. However the franchise positioning (OI) remains put-heavy farther down (570-600), producing a mixed-flow picture: dealers are long gamma/pinning around current spot while institutional protective puts create structural downside hedges.

Notable Prints

QQQ 2026-04-14 $627 Call

Vol: 301,589

OI: 1,525

Vol/OI: 197.8x

IV: 0.0%

Notional: ~$422k (using last $1.40) but premium flow evidence larger at $626-$625 strikes

Intent: Expiry-day directional call accumulation / pin-related activity

Dual read: Aggressive buy of calls (bullish) OR market-makers covering short calls/assignments ahead of expiry (pin-management, neutral)

Read-through: Massive volume vs small OI indicates expiry closing/rolling and urgent delta exposure management that pushes dealers into short-delta hedging supportive of spot; supports near-term pin at 628-630.

QQQ 2026-04-14 $625 Put

Vol: 288,739

OI: 192

Vol/OI: 1503.8x

IV: 5.1%

Notional: ~$2.9k (last $0.01) — but behaviourally large

Intent: Large expiry put trades likely closing/rolls or leg of complex expiratory spread

Dual read: Fresh directional put buying (bearish) OR sellers taking risk (selling premium into expiry) / systematic expiry hedging (neutral)

Read-through: Given tiny last price and enormous vol/OI, this looks like expiry-driven activity (close/roll) that is unlikely to represent large fresh directional convictions — still increases short-delta gamma flows for dealers intraday.

QQQ 2026-04-14 $623 Put

Vol: 246,913

OI: 304

Vol/OI: 812.2x

IV: 7.6%

Notional: ~$2.5k (last $0.01)

Intent: Expiry day activity concentrated just below spot (pinning/rolls)

Dual read: Could be directional put accumulation or mass closing of previously opened positions; more likely expiry management given low last-price

Read-through: Adds to expiry-day noise around the 621-625 neighborhood, but the sheer volume forces dealer hedging that amplifies pin pressure near 628-630.

QQQ 2026-04-15 $628 Call

Vol: 60,334

OI: 466

Vol/OI: 129.5x

IV: 12.4%

Notional: ~$147k (using last $2.44)

Intent: Short-dated directional call buying / roll into next-day expiry

Dual read: Fresh bullish exposure (bought calls) OR dealers selling calls to monetize (neutral); size and positive premium at 628 suggests genuine bullish exposure into next session

Read-through: If this persists into 4/15, it would confirm dealers remain short delta into the immediate expiry and may support spot during morning trade.

QQQ 620/623/625 net premium flows (aggregated top premium strikes)

Vol: 0

OI: 0

Vol/OI: 0.0x

Notional: ~Call net at $623 = $120,991,140; $625 = $101,801,516; $626 = $55,979,707 (from Top Premium Flow)

Intent: Institutional call accumulation in the 620-626 band (directional buying or covered call overlays)

Dual read: Fresh bullish exposure or systematic position rebalancing (neutral to bullish)

Read-through: Large dollar call premium concentrated at 622-626 massively outweighs put premium at the same strikes and is the primary driver of short-term bullish pressure and dealer pinning toward 629-630.

Institutional Positioning

Call additions: Heavy premium added at 620-630 strikes (notably $623, $625, $626, $630) — large dollar call flow: $623 Net $120,991,140; $625 Net $101,801,516; $626 Net $55,979,707.

Put additions: OI remains concentrated in lower strikes (notably $570, $580, $590, $600) indicating institutional protective put positioning further below spot (e.g., $570 PUT OI=109,183; $580 PUT OI=83,976; $600 PUT OI=49,259).

GEX/DEX consistency: Yes — positive GEX (+$1.2B) and near-term GEX concentration around $629/$630 align with call-dominant premium flow and create pinning behavior.

OI clusters: Largest OI clusters: $570 PUT (109,183), $540 PUT (99,357), $590 PUT (88,702); near-term call OI clusters around $626-$630 (e.g., $630 Call OI=4,992; $626 Call OI=4,127) form a short-term resistance/pin band. These create a price magnet in the 625–630 area and a structural put-floor in 500–590 range.

Hedging evidence: Clear evidence of large-scale protective puts at 570–600 strikes (structural hedging). Expiry-day rolling/closing activity dominates near-spot strikes; minimal clear collar construction seen intraday.

Max pain context: Max pain for immediate expiries sits below spot ($612 → $607 over next days). Despite MP trending lower, heavy call premium at 620–630 and dealer GEX concentration near 629–630 produce effective pinning above MP in the near term.

Signal vs Noise

~Large 4/14 expiry prints (deep vol/OI ratios with last $0.01) are primarily expiry-day closes/rolls and not reliable as fresh directional convictions.

~Aggregated top premium call flow at 623-626 may include covered-call overlays or blocks being delta-hedged — not pure directional buys in isolation.

~High put OI at 570/580/590 is structural protection from prior positioning (long-duration hedges), not necessarily new bearish initiation today.

Key Conclusions

📌Short-term pin near 628–630 driven by heavy call premium and positive GEX (+$1.2B) — dealers are short gamma here.

🐂Net premium is strongly bullish (+$1.1B), with large institutional call flow concentrated 620–626, supporting a mild bullish bias into the next session.

🛡️Structural downside protection remains significant — large put OI at 570/580/590/600 indicates institutions retain downside hedges that cap upside conviction.

⚠️Expiry-day unusual activity (4/14 prints) is noisy — watch 4/15 prints at 627/628 to see if activity is a genuine roll or simply closing flow.

🔭Key levels to monitor: support cluster near $612 (max pain / put-OI support) and resistance/pin at $629–$630 (GEX concentrations and large call premium).

Read the Flow analysis for QQQ for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.