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QQQ

Invesco QQQ TrustClose $716.38EOD only

Max Pain

$723.00

Next expiry Jun 26, 2026

Expected Move

±$10.01

1.4% from close

Price Gap

+6.62

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.49

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 25, 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 25, 2026 close

QQQ Flow Report

Analysis based on market close June 26, 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; +0.5 spot 1.6% from MP; +0.5 VIX 18

Watch next session: 610.0; 680.0

Flow Summary

Net premium: -$1.1B bearish

P/C volume ratio: 1.19

P/C OI ratio: 1.48

Negative net premium (-$1.09B) with high put/call ratios (vol 1.19, OI 1.48) indicate bearish positioning. Spot below MP and gamma flip at 660. Heavy OTM call volume near expiry likely closing worthless positions. Elevated VIX (18.4) suggests hedging. Trend is bearish with resistance at MP.

Notable Prints

QQQ 2026-06-26 $712.00 Call

Vol: 257,748

OI: 873

Vol/OI: 295.2x

IV: 6.4%

Notional: ~$258K

Intent: Speculation

Read-through: 0DTE

QQQ 2026-06-26 $713.00 Call

Vol: 260,287

OI: 1,389

Vol/OI: 187.4x

IV: 7.6%

Notional: ~$260K

Intent: Speculation

Read-through: 0DTE

QQQ 2026-06-26 $711.00 Call

Vol: 211,113

OI: 1,260

Vol/OI: 167.6x

IV: 5.5%

Notional: ~$211K

Intent: Speculation

Read-through: 0DTE

QQQ 2026-06-26 $714.00 Call

Vol: 246,048

OI: 1,887

Vol/OI: 130.4x

IV: 8.6%

Notional: ~$246K

Intent: Speculation

Read-through: 0DTE

QQQ 2026-06-26 $709.00 Call

Vol: 103,011

OI: 957

Vol/OI: 107.6x

IV: 4.9%

Notional: ~$515K

Intent: Speculation

Read-through: 0DTE

Institutional Positioning

Call additions: Massive OTM call buying at 709-714 strikes (vol/OI >100) but low premium, likely lottery.

Put additions: Heavy put activity at 708-712 strikes with high OI and premium, indicating hedging or downside protection.

GEX/DEX consistency: Negative GEX (-$1.0B) aligns with net premium and put bias; positive DEX (+256M shares) suggests dealer long delta from put sales.

OI clusters: Largest OI at 709/711/712 puts (3-3.5k) and 710 calls (2.4k).

Hedging evidence: Massive put volumes with existing OI imply dealer hedging of short puts; possible collar activity with call selling.

Max pain context: Spot 1.6% below MP (regime below), pinning pressure to downside.

Signal vs Noise

~High-volume OTM call buys with 0.01 premium are noise; expiration day lottery.

~Heavy put activity with tangible premium and OI is signal of institutional hedging.

~Negative GEX with positive DEX is signal of dealer positioning from put sales.

Key Conclusions

📉Put dominance with net premium -$1.09B and spot below MP suggests bearish undercurrent.

⚠️Dealers long delta via put hedges may amplify downside if spot breaks below 709.

How to Use These Reports

This flow reflects the market close on June 26, 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.