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QQQ

Invesco QQQ TrustClose $740.62EOD only

Max Pain

$732.00

Next expiry Jun 22, 2026

Expected Move

±$8.89

1.2% from close

Price Gap

-8.62

Distance to max pain

IV Rank

100

High premium

P/C OI

1.59

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: Jun 18, 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

Jun 18, 2026 close

QQQ Flow Report

Analysis based on market close June 18, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.0% from MP; +1 VIX 16

Watch next session: 740; 739

Flow Summary

Net premium: +$844.5M bullish

P/C volume ratio: 1.30

P/C OI ratio: 1.59

Heavy OTM put buying and call accumulation drive positive gamma and delta. Net premium positive supports bullish bias, while hedging caps upside. Gamma pinning likely keeps price near 740.

Notable Prints

QQQ 2026-06-18 $739.00 Put

Vol: 380,488

OI: 940

Vol/OI: 404.8x

IV: 2.7%

Notional: ~$761K

Intent: Bearish hedge or speculation

Dual read: Cheap insurance or part of spread

Read-through: High put volume suggests downside protection

QQQ 2026-06-18 $738.00 Put

Vol: 344,647

OI: 1,010

Vol/OI: 341.2x

IV: 3.3%

Notional: ~$345K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-06-18 $741.00 Put

Vol: 83,091

OI: 429

Vol/OI: 193.7x

IV: 5.1%

Notional: ~$7.1M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-06-18 $737.00 Put

Vol: 273,086

OI: 1,539

Vol/OI: 177.4x

IV: 4.4%

Notional: ~$273K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

QQQ 2026-06-18 $739.00 Call

Vol: 354,372

OI: 2,386

Vol/OI: 148.5x

IV: 1.6%

Notional: ~$39.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Large call volume at 738, 739, 741 strikes (OTM) with high vol/OI ratios, suggesting speculative upside bets or hedging short puts.

Put additions: Massive put volume at 739, 738, 737, 736 strikes (near ATM) with extreme vol/OI ratios up to 404x, likely hedging or protective puts.

GEX/DEX consistency: Consistent: GEX +$410M (dealer long gamma) and DEX +317M (bullish delta) align with pinning regime.

OI clusters: Largest OI: 739C (2,386), 738C (2,934), 741C (3,793), 736P (2,067). Gamma flip near 660 suggests dealer hedging below spot.

Hedging evidence: Deep OTM puts (737-739) at low IV (~3%) with huge volume indicate downside hedging by institutions.

Max pain context: Spot ~$675, max pain unknown but pinning gamma likely keeps spot range-bound. Spot 7% above MP suggests upward bias.

Signal vs Noise

~Signal: High put volume near ATM with extreme vol/OI ratios is real hedging flow, not noise.

~Noise: Deep OTM puts with low IV and tiny premium may be speculative or mispriced; ignore.

Key Conclusions

🛡️Massive put buying at 737-739 suggests institutional hedging for downside protection, consistent with GEX+/pinning.

🔮GEX +$410M and gamma flip at 660 imply dealers long gamma, stabilizing spot and pinning near current levels.

⚠️Low IV on huge put volume suggests hedging cost is cheap, but risk of tail event is underpriced.

How to Use These Reports

This flow reflects the market close on June 18, 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.