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QQQ

Invesco QQQ TrustClose $646.79EOD only
Max Pain
$640.00
Next expiry Apr 21, 2026
Expected Move
±$4.65
0.7% from close
Price Gap
-6.79
Distance to max pain
IV Rank
19
Low premium
P/C OI
1.54
Slightly put-heavy
Consensus
5.5/10
Consensus signal
Published snapshot: Apr 20, 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 20, 2026 close
QQQ Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5.5 / 10
Sizing: Conservative
Primary: N/A
Invalidation: Sustained break outside 2d guardrails $637.81/$650.85 or VIX rising >25 with heavy negative dealer flow
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.1% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV (~27%) > VIX (19.5) — option-implied vol elevated vs spot vol
Favorable?
No

Term structure: Very steep short-dated put skew (0–3d) with ATM IV depressed and tail put IV rich; term structure flattens mid-term

⚠️Short-dated put IV blowout (85.9% same-day put IV) increases tail-risk cost
🔎Avg IV > VIX implies premium is non-cheap; selective short premium only if risk offsets available

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-175.9M)

Gamma flip: ~$570.00 — Approx — based on put OI concentration of 108,615 (11.5% below spot)

OI concentrations: Max-pain pins at $645/$644/$640; put OI concentrated ~11.5% below spot; gamma flip ~570; put floor 500–600

Verdict: Moderate pin risk near $645–$640 with day-to-day roll potential; watch concentrated short-dated puts

Premium Opportunities

#1
Put diagonal
Sell 2026-05-22 $627.00 put / buy 2026-06-18 $599.78 put
Sell short-dated puts and buy further-dated OTM puts to collect theta and preserve downside hedge.
Credit: $0.75-$0.92
Max loss: $0.01
BE: Path-dependent
Mgmt: Close or roll if spot breaches invalidation 623.22 or VIX >25; trim as front IV collapses.
#2
Call diagonal
Sell 2026-05-22 $669.00 call / buy 2026-06-18 $700.00 call
Sell May22 calls and buy Jun OTM calls to harvest short-DTE theta with capped upside exposure.
Credit: $2.69-$3.29
Max loss: $0.01
BE: Path-dependent
Mgmt: Buy back or roll on sustained break above $650.85 or VIX >25; manage assignment risk near expiry.
#3
Call diagonal
Sell 2026-05-29 $670.00 call / buy 2026-08-21 $730.00 call
Sell late-May calls and buy deeper back-month calls to extend upside while collecting front theta.
Credit: $1.97-$2.41
Max loss: $0.01
BE: Path-dependent
Mgmt: Roll the short if price action invalidates range or IV regime shifts; manage like other short-call diagonals.

Risk Alerts

!Negative dealer GEX (~-$176M) can exacerbate downside moves
!Steep same-day put IV and large net premium imply expensive tail hedging
!Spot at/near max-pain increases endpoint squeeze risk around expiries
How to Use These Reports
This theta reflects the market close on April 21, 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.