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QQQ

Invesco QQQ TrustClose $640.47EOD only

Max Pain

$604.00

Next expiry Apr 17, 2026

Expected Move

±$4.49

0.7% from close

Price Gap

-36.47

Distance to max pain

IV Rank

100

High premium

P/C OI

1.51

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 16, 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 16, 2026 close

QQQ Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.2% from MP; +1 VIX 17

Watch next session: prints/volume at 642–650 strikes; price vs gamma-flip ~570; net premium and DEX flow; VIX jump >~20

Flow Summary

Net premium: +$734.6M bullish

P/C volume ratio: 1.08

P/C OI ratio: 1.48

Flow is bullish/pinning: large put prints clustered below spot (642–650) and heavy call OI at 647–649, combined with positive GEX and supportive market action, imply pinning risk; a sustained break below those strikes with rising VIX or heavy selling would negate this view.

Notable Prints

QQQ 2026-04-17 $647.00 Put

Vol: 357,987

OI: 497

Vol/OI: 720.3x

IV: 2.8%

Notional: ~$358K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-17 $648.00 Put

Vol: 409,115

OI: 799

Vol/OI: 512.0x

IV: 1.8%

Notional: ~$409K

Intent: Large short-dated put accumulation to pin/hedge near 648

Dual read: Dealer-driven flow/sweeps vs directional retail bearishness

Read-through: Supports short-gamma pinning pressure around 645–649

QQQ 2026-04-17 $645.00 Put

Vol: 262,335

OI: 971

Vol/OI: 270.2x

IV: 5.3%

Notional: ~$262K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-17 $650.00 Put

Vol: 106,964

OI: 596

Vol/OI: 179.5x

IV: 0.0%

Notional: ~$9.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-17 $644.00 Put

Vol: 136,088

OI: 836

Vol/OI: 162.8x

IV: 6.4%

Notional: ~$136K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Large same-day call prints at 647–649 strikes; heavy OI in calls near current price.

Put additions: Massive intraday put sweeps 643–650 strikes expiring 4/17–4/20 concentrated just below spot.

GEX/DEX consistency: Positive GEX (+$1.8B) and heavy DEX buying (+256.5M) are consistent with call skew and could suggest short-gamma/pinning dynamics, but alternative drivers (buying demand, directional positioning) are possible.

OI clusters: OI peaks ~642–650 area (put and call clusters ~642–649). Gamma flip sits roughly 570 bps below spot rather than 'points' (check model scaling).

Hedging evidence: Short-gamma/flow suggests dealer hedging activity; visible collars/put buys in short-dated strikes.

Max pain context: Spot ~6.2% above MP; flow and GEX are consistent with potential pinning toward high-600s but are not definitive.

Signal vs Noise

~Signal: very large same-day put+call sweeps at 642–649 (real)

~Signal: GEX/DEX alignment supports potential pinning interpretation (real)

~Noise: isolated tiny IV/last prints at low bid (likely algo prints)

Key Conclusions

📌Short-dated concentrated flow plus positive GEX is consistent with dealer pinning pressure or other flow-driven pinning; consider alternative explanations.

⚠️Large put sweeps just below spot may reflect meaningful hedging demand; monitor 642–650 for pin/pain dynamics.

Read the Flow analysis for QQQ for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.