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QQQ

Invesco QQQ TrustClose $714.51EOD only

Max Pain

$701.00

Next expiry May 22, 2026

Expected Move

±$6.50

0.9% from close

Price Gap

-13.51

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.71

Slightly put-heavy

Consensus

7.0/10

Range bias

Published snapshot: May 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

May 21, 2026 close

QQQ Flow Report

Analysis based on market close May 21, 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); +1 spot 0.6% from MP; +1 VIX 17

Watch next session: Breakout above $716; Breakdown below $709

Flow Summary

Net premium: +$822.2M bullish

P/C volume ratio: 1.01

P/C OI ratio: 1.71

Heavy option volumes across $709-$716; bullish GEX and net premium but mixed flow. Gamma pinning suggests rangebound price action near max pain.

Notable Prints

QQQ 2026-05-21 $714.00 Put

Vol: 103,403

OI: 704

Vol/OI: 146.9x

IV: 1.9%

Notional: ~$827K

Intent: Hedging downside, very OTM put with low IV, massive volume relative to OI.

Dual read: Could be a closing trade given low premium.

Read-through: Bears expect protection at 1.9% IV, but premium minimal.

QQQ 2026-05-21 $714.00 Call

Vol: 193,270

OI: 1,707

Vol/OI: 113.2x

IV: 14.8%

Notional: ~$14.9M

Intent: Speculative call buying, high vol/OI ratio, low premium.

Dual read: May be part of a spread or closing.

Read-through: Bullish bet on slight upside with low cost.

QQQ 2026-05-21 $711.00 Call

Vol: 179,699

OI: 1,804

Vol/OI: 99.6x

IV: 26.4%

Notional: ~$65.1M

Intent: Bullish speculation, deeper OTM call with higher IV.

Dual read: Profit-taking or hedging of short puts?

Read-through: Expects significant upside move, but risk high.

QQQ 2026-05-21 $713.00 Put

Vol: 99,202

OI: 1,047

Vol/OI: 94.8x

IV: 2.7%

Notional: ~$99K

Intent: Hedging, very OTM put with low IV, likely protective.

Dual read: Could be a tail hedge for a large position.

Read-through: Downside protection at 2.7% IV.

QQQ 2026-05-21 $712.00 Call

Vol: 192,195

OI: 2,033

Vol/OI: 94.5x

IV: 17.8%

Notional: ~$49.6M

Intent: Speculative call buying, high volume, moderate IV.

Read-through: Bullish bias near current price.

Institutional Positioning

Call additions: 709-716C heavy vol/oi; 714C 193k vol

Put additions: 709-715P heavy vol/oi; 714P 103k vol

GEX/DEX consistency: GEX+ DEX+; gamma pinning; consistent

OI clusters: Call OI 713C 2.5k, 716C 2k, 712C 2k; Put OI 709P 1.9k, 713P 1k; far OTM put OI 590

Hedging evidence: Put buying at 709-715 likely hedges; call adds speculative or upside hedge

Max pain context: Spot at MP; GEX pinning; VIX 17

Signal vs Noise

~Signal: High vol/oi ratios on 709-716 strikes indicate institutional flow.

~Signal: Net premium +$822M positive highlights call demand.

~Noise: Gamma flip at 590 is far OTM and irrelevant.

Key Conclusions

📊GEX+ and spot at MP suggest pinning, mixed flow warrants caution.

⚠️Heavy put buying at 709-715 indicates downside hedging; watch for breakdown.

How to Use These Reports

This flow reflects the market close on May 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.