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QQQ

Invesco QQQ TrustClose $746.16EOD only

Max Pain

$740.00

Next expiry Jun 3, 2026

Expected Move

±$5.77

0.8% from close

Price Gap

-6.16

Distance to max pain

IV Rank

High premium

P/C OI

1.68

Slightly put-heavy

Consensus

9.0/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

QQQ Flow Report

Analysis based on market close April 15, 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 15, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

BiasBullish

Confirmation: Sustained call-side premium demand around $630 640 into the next session (continued net premium inflows and price holding above the 2d EM upper bound $641.42). A repeat or follow-through of the massive front-week call prints (including the 4/15 QQQ260415C00635000 and 4/16 QQQ260416C00635000) would confirm dealer short-delta and pinning at $635.

Invalidation: Session-level flow flips to material put-dominance (net premium flows turn negative) or price breaks and holds below the 2d EM lower bound $633.38 with follow-through toward $626.96 (1w EM lower). A lack of follow-through on the large call prints and a close below $633.38 would undercut the pin thesis.

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.1% from MP; +0.5 VIX 18

Watch next session: Whether call premium demand at $630 640 persists (repeat large prints or increased OI vs todays levels).; Dealer re-hedging response to the 4/15 329k-volume $635 call print: watch intraday stock buying or elevated gamma sensitivity around $635.

Flow Summary

Net premium: +$1.1B bullish

P/C volume ratio: 0.77

P/C OI ratio: 1.53

Bullish: flow is dominated by massive front-week call demand concentrated at $635 (notably the 4/15 QQQ260415C00635000 print Vol=329,355 OI=9,692 and the 4/16 QQQ260416C00635000 Vol=61,064), materially increasing dealer short-delta and reinforcing a pin near $635. Several mid-size tactical put prints (QQQ260417P00632000 Vol=14,670; QQQ260420P00630000 Vol=11,108) look like protective hedges against these call exposures, which will drive dealer hedging that strengthens short-term pinning rather than signaling outright bearish conviction.

Notable Prints

QQQ260415C00635000

Vol: 329,355

OI: 9,692

Vol/OI: 34.0x

IV: 6.0%

Notional: Very large (front-week ITM call block; notional tens of millions)

Intent: Massive directional call accumulation (opening buys) or large-scale call overlay from institutions (buying upside exposure into front expiry).

Dual read: Could be delta replication for institutional exposure or redistribution of existing covered call programs, but the sheer size (329k) strongly implies fresh call exposure and forces dealer short-delta.

Read-through: Primary driver of today's bullish flow and an outsized contributor to GEX; likely to increase dealer stock buying into dips and pin pressure near $635.

QQQ260416C00635000

Vol: 61,064

OI: 559

Vol/OI: 109.2x

IV: 16.9%

Notional: Large (multi-million dollar front-day call demand)

Intent: Aggressive near-expiry directional call buying or topping-up of the same $635 exposure across adjacent expiries.

Dual read: Reinforces the 4/15 print as follow-through opening buys rather than isolated noise.

Read-through: Amplifies short-term dealer hedging needs and cements $635 as a gamma focal point for the next sessions.

QQQ260417P00632000

Vol: 14,670

OI: 297

Vol/OI: 49.4x

IV: 19.3%

Notional: Mid-size (~$3M)

Intent: Tactical near-expiry put buying (protective hedges) against the concentrated call accumulation around $630 635.

Dual read: Consistent with portfolio managers buying insurance after adding upside exposure; not a standalone bearish bet given concurrent call dominance.

Read-through: Increases dealer demand to sell delta or buy stock into weakness, which paradoxically strengthens pinning at front strikes.

QQQ260416C00650000

Vol: 12,703

OI: 252

Vol/OI: 50.4x

IV: 16.8%

Notional: Mid-size (~$2M+)

Intent: Supplementary upside positioning at slightly higher strike ($650) — directional call buying or part of spread structures tied to 4/16 expiries.

Dual read: Could be part of defined spreads (bull call spreads) but volume >> OI suggests at least partial opening directional flow.

Read-through: Shows sellers taking on short-delta farther OTM, increasing cumulative dealer hedging burdens across the front expiries.

QQQ260420P00630000

Vol: 11,108

OI: 215

Vol/OI: 51.7x

IV: 17.1%

Notional: Mid-size (~$2.9M)

Intent: Short-dated protective put buying into the 4/20 expiry (insurance against front-week volatility).

Dual read: Likely risk-management following heavy call prints rather than a new directional put program.

Read-through: Adds to short-term hedging flow and supports the interpretation that put prints are defensive offsets to large call accumulation rather than independent bearish positioning.

Institutional Positioning

Call additions: Significant front-week call accumulation concentrated at $635 (very large 4/15 Vol=329,355 and follow-through 4/16 Vol=61,064) plus supplemental buys at $630 and $640 across the front expiries — indicates institutional upside exposure concentrated in the $630 640 band.

Put additions: Tactical short-dated puts clustered at $630 635 ($633, $635, $632, $631, $320) and $629 630 across 4/16 620 expiries appear to be hedges against the call buildup; longer-dated structural put OI remains concentrated in $500 600 as portfolio insurance.

GEX/DEX consistency: Stronger consistency than previously stated: the enormous $635 call print materially increases dealer short-delta, aligning with the positive GEX (+$1.0B) and pinning gamma around $630 640; dealers will be more aggressive in delta-hedging which intensifies local pin behavior.

OI clusters: Near-term call OI clusters at $630/$635/$628 are now active focal points with fresh large open interest addition; large put clusters at $570/$540/$590 and concentrated long-dated put OI in $500 600 maintain a structural downside floor and a slowly falling max-pain trend.

Hedging evidence: Compelling: the mix of massive call buys and mid-size near-term put buys is classic institutional overlay + tactical insurance. Expect ongoing dealer hedging (buying stock into dips, selling into rallies) that increases short-term gamma pinning rather than immediate directional reversal.

Max pain context: Max pain for the immediate expiries is below spot ($618 → $625 → $600 across the next three expiries), but current flow and positive GEX are reinforcing a short-term pin near $635–$640; MP is trending lower over expirations, so dealers may manage to keep the front-week pinned while longer-term MP drifts down.

Signal vs Noise

~Very large single-day front-week prints (volume >> OI) are likely fresh directional or hedge buys — not typical quiet inventory adjustments.

~High activity in same-strike calls and matching-strike puts across 4/16–4/17 looks like short-dated hedging around expiries (pin-seeking) rather than a structural change in long-dated positioning.

~Some far-OTM or low-OI strikes (e.g., $680 call IV spike) are likely skew-driven speculative trades or structured leg fills — treat as noise absent multi-leg confirmation.

~Given massive front-week volumes, expect dealer gamma rebalancing (market-maker flows) to amplify intraday moves; that is market structure activity, not necessarily new directional convictions.

Key Conclusions

🐂Front-week flow is call-leaning and meaningful — concentrated buys at $630–$640 underpin a short-term bullish tilt and a pin magnet near $635.

🛡️Tactical put buying at $630–$635 appears defensive (hedging) against the call accumulation; dealers will hedge, increasing pinning forces rather than producing a breakout lower.

⚠️Structural put OI concentrated in $500–$600 remains a downside floor; a sustained break below the 2d EM lower bound $633.38 would be the first operational sign that the bullish pin thesis is failing.

How to Use These Reports

This flow reflects the market close on April 15, 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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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.