Home Options QQQReports

QQQ

Invesco QQQ TrustClose $655.11EOD only

Max Pain

$643.00

Next expiry Apr 23, 2026

Expected Move

±$5.27

0.8% from close

Price Gap

-12.11

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.58

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 22, 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 22, 2026 close

QQQ Flow Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +0.5 VIX 19

Watch next session: Monitor spot vs MP for >1% move; watch short-dated IV and vol-oi spikes; track dealer delta hedging and gex changes

Flow Summary

Net premium: -$84.2M bearish

P/C volume ratio: 1.23

P/C OI ratio: 1.61

Option flow and metrics align bearish: concentrated short-dated call activity, heavy put demand, negative GEX and net premium indicate dealer-driven downside pressure near current spot.

Notable Prints

QQQ 2026-04-23 $652.00 Call

Vol: 197,236

OI: 1,725

Vol/OI: 114.3x

IV: 5.5%

Notional: ~$7.9M

Intent: Aggressive near‑term call accumulation

Dual read: Market‑maker hedging vs buy‑to‑close

Read-through: Elevates upside hedging gamma close to spot

QQQ 2026-04-23 $656.00 Call

Vol: 364,497

OI: 3,255

Vol/OI: 112.0x

IV: 6.1%

Notional: ~$364K

Intent: Large call buying (short‑squeeze or buy‑to‑open)

Dual read: Could be dealer sell/allocate or block trade

Read-through: Adds short‑delta for dealers, upward hedging pressure intraday

QQQ 2026-05-01 $651.00 Put

Vol: 17,802

OI: 180

Vol/OI: 98.9x

IV: 23.9%

Notional: ~$13.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-23 $651.00 Call

Vol: 141,154

OI: 1,510

Vol/OI: 93.5x

IV: 11.3%

Notional: ~$15.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-04-23 $655.00 Call

Vol: 393,050

OI: 5,312

Vol/OI: 74.0x

IV: 4.9%

Notional: ~$393K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Same-day call prints concentrated at 654–656 with additional May calls at 675.

Put additions: Put buying clustered 651–655 and 658 with elevated IV; PC OI skew ~1.61 favors puts.

GEX/DEX consistency: GEX net short ~-$145M vs DEX net long +231M shares — ETF/offshore flows offset roughly ~60% of dealer net, so directional conviction is muted.

OI clusters: Largest OI cluster 651–655 (puts + calls); notable call block at 654–656. Gamma flip sits a few points below spot (≈5–10 pts), not hundreds.

Hedging evidence: Protective puts and short-dated collars visible; net premium tilt modestly negative, suggesting hedging rather than aggressive shorting.

Max pain context: Max pain and pin risk concentrated 651–655; spot is near that band, raising short-term range bias.

Signal vs Noise

~Signal: heavy same-day calls at 654–656 imply dealer short-delta hedging demand

~Signal: concentrated put OI 651–655 with elevated IV shows genuine downside hedging

~Noise: large intraday volumes include block/rolling activity that offsets conviction and may account for sizable churn

Key Conclusions

⚠️Net flow leans bearish but is materially tempered by DEX/ETF offsets (~60%) and block/roll noise — conviction limited.

🔁Max-pain 651–655 and nearby gamma flip point to elevated short-term pin/range risk into expiry.

How to Use These Reports

This flow reflects the market close on April 23, 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.