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QQQ

Invesco QQQ TrustClose $644.33EOD only

Max Pain

$644.00

Next expiry Apr 22, 2026

Expected Move

±$6.52

1.0% from close

Price Gap

-0.33

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.55

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: Apr 21, 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 21, 2026 close

QQQ Flow Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 19

Watch next session: flow at 649–655 strikes; VIX >22 trigger; net premium/put:call shift

Flow Summary

Net premium: +$869.2M bullish

P/C volume ratio: 1.38

P/C OI ratio: 1.58

Order flow is bullish/pinning: heavy same‑day activity clustered at 649–655 and large positive GEX supporting upside while watch for quick put accumulation or VIX spike to negate this view.

Notable Prints

QQQ 2026-04-22 $652.00 Put

Vol: 356,400

OI: 263

Vol/OI: 1355.1x

IV: 4.3%

Notional: ~$356K

Intent: short put/hedge

Dual read: sell to open vs spread leg

Read-through: pin interest near 652

QQQ 2026-04-22 $653.00 Put

Vol: 283,616

OI: 599

Vol/OI: 473.5x

IV: 3.1%

Notional: ~$284K

Intent: short put/hedge

Dual read: pinning vs directional

Read-through: pressure at 653

QQQ 2026-04-22 $651.00 Put

Vol: 206,748

OI: 649

Vol/OI: 318.6x

IV: 5.5%

Notional: ~$207K

Intent: short put

Dual read: hedge or speculative

Read-through: support cluster 651

QQQ 2026-04-23 $530.00 Put

Vol: 18,626

OI: 104

Vol/OI: 179.1x

IV: 92.2%

Notional: ~$19K

Intent: protective/odd lot

Dual read: tail risk hedge vs error

Read-through: not central to pinning

QQQ 2026-04-22 $655.00 Put

Vol: 58,995

OI: 330

Vol/OI: 178.8x

IV: 1.4%

Notional: ~$767K

Intent: short put/roll

Dual read: spread leg

Read-through: adds weight above 652

Institutional Positioning

Call additions: Same‑day calls printed at 653–654 (4/22); could indicate buy‑side call demand or dealer positioning, but execution prints/low‑IV fills leave ambiguity between algo/execution flow and informed buys

Put additions: Concentrated short‑dated puts 649–655 with high volume; may reflect directional bearish bets or protective/roll activity (spreads/collars) rather than pure short puts

GEX/DEX consistency: Positive GEX (+$818M) and DEX (+229M shares) suggest pinning potential but subject to model estimation error and short‑dated dynamics

OI clusters: Largest OI: 654C ~3.9k, 653C ~2.8k; puts clustered 649–651 (~1.5–1.9k each) around ~13% below spot

Hedging evidence: Activity consistent with dealer hedging and collars, though some blocks could be client protective structures versus naked directional trades

Max pain context: Spot ~1.6% above MP; flows and GEX raise probability of pinning toward ~650–655 but not definitive given ambiguity in trade origin and hedging intent

Signal vs Noise

~Signal: very large same‑day call prints at 653–654 — meaningful but could be dealer or execution/algo flow

~Signal: put volume/oi concentrated 649–655 — significant interest but may be protective/rolls not pure directionals

~Noise: small/low‑IV fills likely execution/algo prints, treat as lower conviction

Key Conclusions

📌Flow and GEX point to short‑dated pinning near 650–655 but with model and execution ambiguity

⚠️Large put blocks could be material hedges or protective spreads — monitor roll/expiry activity

🔁Heavy call prints raise dealer gamma sensitivity to intraday moves, increasing short‑term volatility risk

How to Use These Reports

This flow reflects the market close on April 22, 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.