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QQQ

Invesco QQQ TrustClose $617.39EOD only

Max Pain

$600.00

Next expiry Apr 14, 2026

Expected Move

±$3.90

0.6% from close

Price Gap

-17.39

Distance to max pain

IV Rank

High premium

P/C OI

1.49

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 13, 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

Apr 13, 2026 close

QQQ Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +0.5 VIX 19 (from provided Confidence Base Score)

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 24.3% vs VIX 19.12 — IV shows modest richness vs VIX but is in the normal band for QQQ

Favorable?

Yes

Term structure: 30–45 DTE sits ~21.7% (2026-05-15 ATM 21.7%); short-dated IV is compressed (single-digit to low-teens for 0–4d) then steps up into the 20s for multiweek expiries — decent for selling 30–45 DTE premium

📌Positive GEX (+$951.9M) creates strong pin magnets in the 613–620 area

💰30–45 DTE ATM IV ~21.7% (May 15) supports selling credit spreads and iron condors

Pin Risk Assessment

Spot vs MP: Above by ~1.4% (pre-computed — spot sits above max pain; MP trend flat near $609 across expirations)

GEX regime: Pinning (GEX +$951.9M — dealer gamma is strongly positive)

Gamma flip: ~$570.00 — Gamma flip ~ $570 — below that dealers switch to trend-amplifying negative gamma (structural put floor $500–$580 remains important)

OI concentrations: Large put OI wall at $570 (109,641) and $580/$590 put clusters; call OI concentrated at 620 (9,827) and 618/615 cluster — strong near-term OI around 613–620

Verdict: Favorable — positive GEX and heavy call/put clustering around 613–620 create a pinning environment that helps defined-risk credit sellers; downside risk increases if price breaks under the 1-week EM $605.36

Premium Opportunities

call spread (defined-risk bear call)

Sell 620 / Buy 625 call spread 2026-05-15 (32 DTE)

Short strikes sit at major GEX / OI concentration (620, 618) and inside the 1-week EM upper bound $629.43; positive GEX pins price near 618 so call-side premium is attractive for defined-risk selling. 32 DTE IV (~21.7%) gives reasonable theta without extreme tail risk.

Credit: $1.10-$1.40

Max loss: $3.60

BE: $621.10

Mgmt: Take profit at 50–65% of max credit; roll up-and-out (both legs) if short strike is tested and still within 1-week EM to a higher spread width or to next 30–45 DTE for similar or better credit; cut losses if QQQ closes above $629.43 (1-week EM upper) or if price breaches and holds above the short strike + 1.5x credit.

put spread (defined-risk bull put)

Sell 605 / Buy 600 put spread 2026-05-15 (32 DTE)

605 is a near-term max pain / OI cluster and sits inside the 1-week EM lower guardrail ($605.36). Positive GEX and put OI clusters indicate dealer buying below these levels; selling this spread collects premium with a relatively short tail to the key support zone.

Credit: $1.00-$1.30

Max loss: $3.70

BE: $603.00

Mgmt: Take profit at 50–65% of max credit; roll down-and-out (both legs) if tested but only within defined size; cut losses if QQQ closes below $605.36 (1-week EM lower) or if price trades below $600.00 (short put protection level).

iron condor (defined-risk wings)

Sell 615/620 put/call spreads (sell 615P/610P and sell 620C/625C) 2026-05-15 (32 DTE)

Combines the call dominance at 618–620 and support near 605–613 into a balanced defined-risk iron condor. Positive GEX and heavy OI in 613–620 narrow realized range — iron condor captures time decay while limiting tail exposure.

Credit: $2.20-$2.80

Max loss: $3.80

BE: Low: 612.80 / High: 622.80

Mgmt: Take profit at 50% total credit; tighten or close if either short strike is touched; if one side is breached, consider converting to a single-side spread or rolling the opposite side wider and out in time. Close entire iron condor if QQQ closes beyond EM bounds $605.36–$629.43 on daily close.

covered call / buy-write (income on long ETF)

Own QQQ and sell 625 call 2026-05-15 (32 DTE)

For investors holding QQQ, selling a slightly OTM 625 call captures elevated call demand around 620–625 observed in flow and OI while maintaining upside participation to the breakeven. Positive GEX makes pinning to the 618–620 band more likely, reducing early assignment pressure.

Credit: $1.50-$2.10

Max loss: Underlying downside (unlimited) minus collected premium

BE: $615.89

Mgmt: Close at 70% of max profit or if QQQ closes above 629.43 (1-week EM upper) with strong momentum; consider rolling up-and-out for additional premium if bullish bias remains.

Risk Alerts

!Heavy GEX pinning (+$951.9M) — while supportive for range-selling, a rapid break below gamma flip ~$570 would flip dealer behavior and accelerate downside; treat $570 as structural inflection.

!1-week EM lower guardrail $605.36 — sustained daily close below this level invalidates bull-put/bull-credit bias and should trigger defensive actions.

!Concentrated short-dated unusual activity at 612–617 puts/calls (large near-dated volumes) — elevated flows into same-day/next-day strikes can drive intraday pinning and increase assignment risk into expiry.

!Open interest and flow are heavily clustered around 613–620 (pin zone). If price becomes stuck at those strikes into expiration, expect pin risk and possible slippage on exits — manage by taking profits earlier as expiration approaches.

!No earnings/ex-dividend data available in the feed — absence of earnings info means check corporate calendar separately before selling naked short-dated premium through potential announcements.

Read the Theta analysis for QQQ for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.