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QQQ

Invesco QQQ TrustClose $646.79EOD only

Max Pain

$640.00

Next expiry Apr 21, 2026

Expected Move

±$4.65

0.7% from close

Price Gap

-6.79

Distance to max pain

IV Rank

Low premium

P/C OI

1.54

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 20, 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 20, 2026 close

QQQ Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.1% from MP; +0.5 VIX 20

Watch next session: monitor fills/oi at 643–649 strikes and intraday VIX/spot reaction

Flow Summary

Net premium: +$170.1M bullish

P/C volume ratio: 1.24

P/C OI ratio: 1.55

Short-dated put flow clustered just below spot, put/call ≈1.8 and estimated GEX ≈ -1.2k, creating downside bias and negative gamma; mixed call activity and buy-side share flows cap conviction—watch for breaches or print/oi unwind.

Notable Prints

QQQ 2026-04-21 $646.00 Put

Vol: 443,979

OI: 4,610

Vol/OI: 96.3x

IV: 0.0%

Notional: ~$12.0M

Intent: big same‑day put buying — urgent downside hedge or directional short

Dual read: buyer hedging vs seller collecting premium

Read-through: heavy concentrated downside flow near spot

QQQ 2026-04-21 $647.00 Put

Vol: 331,343

OI: 4,055

Vol/OI: 81.7x

IV: 0.0%

Notional: ~$22.2M

Intent: same‑day protective/spec buying

Dual read: protective buy or aggressive sell-to-close by dealers

Read-through: reinforces short-term downside positioning

QQQ 2026-04-21 $649.00 Put

Vol: 97,931

OI: 1,242

Vol/OI: 78.8x

IV: 11.4%

Notional: ~$18.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-21 $649.00 Call

Vol: 296,215

OI: 3,803

Vol/OI: 77.9x

IV: 8.1%

Notional: ~$2.1M

Intent: large call buying — short-term upside/spec

Dual read: speculative upside vs hedged trade against puts

Read-through: two‑sided small expiry gamma activity

QQQ 2026-04-21 $648.00 Call

Vol: 334,820

OI: 4,404

Vol/OI: 76.0x

IV: 8.4%

Notional: ~$335K

Intent: short‑dated call activity — upside speculation

Dual read: spec buy or liquidity trades

Read-through: paired call/put flows suggest mixed dealer hedging

Institutional Positioning

Call additions: Large same-day call prints at 646–648; could be short-covering/structured buys (~40% probability) or dealer sell-flow/vol trades (~60%); elevated IV supports both.

Put additions: Concentrated puts 643–649, heavy at 645–647; may reflect downside hedging (~55%) but some prints show tiny/zero IV, so part may be low-quality sweeps/artifacts.

GEX/DEX consistency: GEX negative (~-176M) vs DEX positive (+220M shares) — contradictory signals; dealer gamma exposure suggests sensitivity to moves but on-book flow mixed.

OI clusters: Largest OI around 645–649 with both puts and calls; secondary put OI cluster ~11% below spot but smaller in size.

Hedging evidence: Signs of short-delta hedging and collars (put prints paired with call flow), though certain fills look like programmatic sweeps rather than directional hedges.

Max pain context: Spot sits near max pain; probability-weighted pin risk reduced by low-quality prints — modest pin risk into expiry, not definitive.

Signal vs Noise

~Signal: concentrated puts at 645–649 likely include genuine hedges but contaminated by sweep artifacts.

~Signal: negative GEX indicates dealers short gamma and responsive to spot moves.

~Noise: several prints with near-zero IV/odd last prices suggest low-quality fills; treat some clusters as tentative.

Key Conclusions

⚠️Put concentration 645–649 likely contains real hedges but also sweep artifacts; assign moderate pin risk, not certainty.

🔀Call-heavy prints at 646–648 could be short-covering or structured sells; flow is ambiguous—expect dealer-driven intraday volatility.

How to Use These Reports

This flow reflects the market close on April 21, 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.