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QQQ

Invesco QQQ TrustClose $713.15EOD only

Max Pain

$705.00

Next expiry May 21, 2026

Expected Move

±$8.39

1.2% from close

Price Gap

-8.15

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.66

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 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

May 20, 2026 close

QQQ Flow Report

Analysis based on market close May 20, 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 1.4% from MP; +1 VIX 17

Watch next session: QQQ 2026-05-21 expiration; 700 support level

Flow Summary

Net premium: +$636.7M bullish

P/C volume ratio: 1.16

P/C OI ratio: 1.66

Heavy put volume at 708-712 strikes tempered by large call premium; price rallied 1.66%, indicating call dominance. Gamma pinning near 710 supports sticky spot. Net call flow and high confidence base align with bullish bias.

Notable Prints

QQQ 2026-06-05 $676.00 Put

Vol: 15,019

OI: 163

Vol/OI: 92.1x

IV: 25.1%

Notional: ~$4.6M

Intent: bearish hedge/speculation

Read-through: bearish mid-June

QQQ 2026-05-20 $708.00 Put

Vol: 93,540

OI: 1,061

Vol/OI: 88.2x

IV: 19.3%

Notional: ~$5.4M

Intent: bearish bet on close

Read-through: intraday bearish

QQQ 2026-05-20 $711.00 Put

Vol: 71,453

OI: 879

Vol/OI: 81.3x

IV: 25.4%

Notional: ~$10.8M

Intent: bearish

Read-through: intraday bearish

QQQ 2026-05-20 $707.00 Put

Vol: 72,995

OI: 923

Vol/OI: 79.1x

IV: 16.5%

Notional: ~$3.1M

Intent: bearish

Read-through: intraday bearish

QQQ 2026-05-20 $712.00 Put

Vol: 49,215

OI: 714

Vol/OI: 68.9x

IV: 17.0%

Notional: ~$9.7M

Intent: bearish

Read-through: intraday bearish

Institutional Positioning

Call additions: Adding calls at 713, 714, 717 strikes; high vol/oi ratios indicate fresh bullish positioning.

Put additions: Adding puts at 707-712 strikes, especially 708-709; vol/oi 67-92 suggests hedging or bearish bets.

GEX/DEX consistency: Consistent: GEX +$331.6M, DEX +261.5M shares align with call flow and gamma pinning above MP.

OI clusters: Calls: 713C (2,801), 714C (2,067), 717C (1,283); Puts: 709P (1,305), 707P (923), 708P (1,061).

Hedging evidence: Put additions at 707-712 likely hedging against downside, possibly collars with calls at 713-717.

Max pain context: Spot ~1.4% above MP; gamma pinning regime, but call flow may resist drift down.

Signal vs Noise

~Signal: High vol/oi on 708P, 709P, 713C indicates institutional activity.

~Signal: Net premium +$636M and positive GEX/DEX show bullish bias.

~Noise: $676P vol/oi 92 but OI only 163 suggests retail/speculative.

~Noise: Some puts at 711-712 may be noise given lower vol/oi ratios.

Key Conclusions

🟢Call additions at 713-714 with high vol/oi show bullish conviction.

🔴Heavy put volume at 708-709 suggests institutional hedging or bearish exposure.

⚠️Gamma pinning above MP but net premium positive supports near-term bullish bias.

How to Use These Reports

This flow reflects the market close on May 20, 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.