thetaOwl

QQQ

Invesco QQQ TrustClose $730.28EOD only
Max Pain
$717.00
Next expiry May 27, 2026
Expected Move
±$5.89
0.8% from close
Price Gap
-13.28
Distance to max pain
IV Rank
48
Middle-high premium
P/C OI
1.70
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: May 26, 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 26, 2026 close
QQQ Theta Report
Analysis based on market close April 8, 2026

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

You are viewing an older report from April 8, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell put spreads ~30 DTE around the large put-OI support (580–570 / May 8 exp)
Invalidation: Close below gamma flip ~$570 (break of dealer pinning); also close if price < $597 (1w EM lower bound) for short-dated wings
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned (GEX +432.8M); +1 GEX positive (pinning); -0.5 spot 3.3% above MP

IV Environment

IV Regime
Normal
IV vs VIX
ATM/avg IV ~25.9% (30d ATM 23.7%) vs VIX not provided — IV is in a normal range for QQQ
Favorable?
Yes

Term structure: Term structure is mostly flat-normal with short-dated ATM 22–26% and 30d ATM 23.7%; no steep front-month dislocation

💰Avg IV 25.9% / 30d ATM 23.7% — reasonable premium for selling, not rich but adequate
🧲Positive dealer GEX (+$432.8M) creates pinning magnets near $600–615 — helps hold short strikes

Pin Risk Assessment

Spot vs MP: Spot $606.09 is above near-term max pain ($587 → $600 trend) — spot ~3.3% above MP (pre-computed)

GEX regime: Pinning (GEX +$432.8M) — dealers are long gamma on balance which pins toward OI clusters

Gamma flip: ~$570.00Gamma flip ~ $570 — below this level dealer behavior changes and downside can accelerate

OI concentrations: Large put OI cluster at $570 (108,394) and $573 (106,847); call/GEX magnets at $600 (+$16.2M), $603 (+$7.5M), $610 (+$16.9M)

Verdict: Favorable — strong positive GEX and near-term GEX magnets (600/603/610) support put-selling and wings, but respect the ~$570 gamma flip

Premium Opportunities

#1
put spread
Sell 580/570 put spread exp 2026-05-08 (30 DTE)
Large put OI concentration and dealer pinning around 570–580 plus EM/near-term support ($600.57 / $597) makes a bearish tail unlikely; 30d IV (~23.7%) gives reasonable credit while keeping defined risk.
Credit: $0.80-$1.20
Max loss: $8.20
BE: 580 - credit ≈ $579.20 - $579.80
Mgmt: Take 65% of max credit; roll down and widen if QQQ approaches short 580 and IV rises (close to gamma flip threshold); cut losses if QQQ closes below $570 (gamma flip) or if spread reaches ~50% of max loss.
#2
covered call
Buy 100 shares + sell 1x 615 call exp 2026-05-08 (30 DTE)
Call strikes at 615 sit near short-term resistance/gex magnet (615 is +1.5% from spot and has GEX +$5.8M). With pinning and modest IV, selling covered calls picks up yield while staying outside immediate EM bands.
Credit: $2.00-$3.00
Max loss: Share exposure (shares - premium); theoretical if assigned = opportunity cost above 615
BE: $604.09
Mgmt: Buy to close at 50% of premium realized; buy back if QQQ closes >$615 or if market shows sustained breakout above $617.56 (1w upper EM guardrail).
#3
put spread
Sell 600/595 put spread exp 2026-05-08 (30 DTE)
Shorting premium at 600 uses the strong GEX magnet at $600 (near-term +$16.2M) and is within the 1–2 week EM bounds. Defined risk spread keeps downside limited while collecting higher credit than farther OTM puts.
Credit: $1.80-$2.80
Max loss: $2.20
BE: 600 - credit ≈ $597.20 - $598.20
Mgmt: Take 60–70% of max profit; roll down + widen if tested but only if IV increases and you can improve edge; close immediatley if price drops and closes below $597 (1w EM lower bound) or below gamma flip ~$570.
#4
iron condor
Sell 595/590 put x 620/625 call iron condor exp 2026-05-08 (30 DTE)
Range trade that leverages dealer pinning between $595–$620 (EMs and GEX magnets at 600/610/615). Collects moderate premium in a normal IV regime with defined risk on both sides.
Credit: $2.20-$3.20
Max loss: $7.80
BE: Lower ≈ 595 - credit; Upper ≈ 620 + credit (e.g. 592.8 / 622.2)
Mgmt: Close at 50% of max profit; tighten/close if either short strike is touched; consider rolling the tested side down/up only if IV spikes and you can improve collected premium by >50% of remaining risk.

Risk Alerts

!Gamma flip ~$570 — dealer behavior changes below this; cut or hedge tail risk if price approaches this level.
!Near-term max pain and MP trend: short-dated MP values sit $587→$585 but rising MP across expirations — watch for re-pricing versus spot if flows shift.
!Unusual institutional put flow: $582 put flow 4/17 (Vol=237,914, OI=2,172) and heavy net put premium at $582/$582 area — possible directional protection that could influence downside liquidity.
!Multiple near-term expirations (4/09–4/10): elevated pinning and unusual activity on intraday/weekly strikes (e.g., 4/09 607/611/608 calls and 590/602 puts) — avoid naked short positions through these very-short-dated expiries.
!IV is normal (not elevated) — if IV drops further (<~20% ATM) credit levels will compress; avoid aggressive naked selling until premium widens.
How to Use These Reports
This theta reflects the market close on April 8, 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.

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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.