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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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +1 VIX 17

Watch next session: QQQ 718/719 puts; QQQ 723 calls

Flow Summary

Net premium: -$43.3M bearish

P/C volume ratio: 1.10

P/C OI ratio: 1.71

Aggressive put buying at strikes just below spot (717-720) drives net premium negative and high put/call ratios, signaling bearish hedging or speculation. Positive GEX suggests dealer hedging may slow downside. Continued softness or breach of 717 would confirm bearish intent.

Notable Prints

QQQ 2026-05-22 $719.00 Put

Vol: 242,755

OI: 893

Vol/OI: 271.8x

IV: 6.7%

Notional: ~$30.8M

Intent: Bearish

Dual read: Hedge

Read-through: Below 719

QQQ 2026-05-22 $718.00 Put

Vol: 208,373

OI: 874

Vol/OI: 238.4x

IV: 6.2%

Notional: ~$10.6M

Intent: Bearish

Dual read: Hedge

Read-through: Below 718

QQQ 2026-05-22 $720.00 Put

Vol: 265,921

OI: 2,049

Vol/OI: 129.8x

IV: 24.2%

Notional: ~$59.3M

Intent: Bearish

Dual read: Hedge

Read-through: Below 720

QQQ 2026-05-22 $717.00 Put

Vol: 157,397

OI: 1,708

Vol/OI: 92.2x

IV: 2.0%

Notional: ~$1.3M

Intent: Bearish

Dual read: Hedge

Read-through: Below 717

QQQ 2026-05-26 $719.00 Put

Vol: 20,211

OI: 229

Vol/OI: 88.3x

IV: 11.0%

Notional: ~$9.0M

Intent: Bearish

Dual read: Hedge

Read-through: Below 719 next wk

Institutional Positioning

Call additions: Moderate call buying at 721 and 723 strikes, but volume dwarfed by puts.

Put additions: Massive put accumulation at 717-720 strikes, with extreme vol/OI ratios, indicating aggressive downside positioning.

GEX/DEX consistency: GEX +$398.7M and DEX +256.7M shares are consistent with gamma pinning, despite heavy put flow.

OI clusters: Largest OI: 721C (4,083), 720P (2,049), 723C (1,956), 719P (893), pinning near 720.

Hedging evidence: Heavy put buying near spot likely hedging long positions; collar-like activity not clear.

Max pain context: Spot at $726.05, above max pain. Pinning gamma suggests drift toward 720-723.

Signal vs Noise

~Put volume concentration at 717-720 with massive vol/OI ratios is strong bearish signal.

~High put/call volume ratio (1.10) and OI ratio (1.71) confirm institutional hedging or bearish tilt.

~Call prints at 721 and 723 with lower vol/OI may be noise relative to put dominance.

Key Conclusions

🛡️Institutions are aggressively adding puts near the money, likely hedging long exposure.

📌Gamma pinning and positive GEX suggest price may stay sticky around 720-723.

⚠️Spot above max pain could mean selling pressure if pinning fails.

How to Use These Reports

This flow reflects the market close on May 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.