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QQQ

Invesco QQQ TrustClose $644.33EOD only
Max Pain
$644.00
Next expiry Apr 22, 2026
Expected Move
±$6.52
1.0% from close
Price Gap
-0.33
Distance to max pain
IV Rank
33
Middle-high premium
P/C OI
1.55
Slightly put-heavy
Consensus
5.0/10
Range bias
Published snapshot: Apr 21, 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 21, 2026 close
QQQ Theta Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Defined short spreads with explicit gamma-hedge (e.g., put credit spreads + long-tail hedges)
Invalidation: Sustained break below 644 or VIX >25 with rapid IV spike or inability to execute/maintain gamma-hedge or roll rules
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~26 vs VIX 18.9 — near-dated put IV materially richer than mid-term
Favorable?
No

Term structure: Steep short-term put skew (0–3d); mid-term vols ~20–23

📌Max-pain cluster at $645–$643 across near expiries
⚠️Near-dated put IV and heavy OI concentrate pin risk into expiry — sellers face concentrated gamma
🛡️Premium selling only with predefined gamma-hedge and roll/watch rules

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+818.2M)

Gamma flip: ~$570.00 — Approx — based on put OI concentration of 108,612 (13.0% below spot)

OI concentrations: Heavy put OI clustered ~630–645; put floor 540–600; gamma-flip region ~570 (~13% below spot)

Verdict: High pinning/gamma risk next 1–3 days; require explicit gamma-hedge plan, defined roll levels and watch triggers for rapid flows/IV

Premium Opportunities

#1
Put calendar
Sell 2026-05-22 $645.00 put / buy 2026-06-18 $645.00 put
Sell 2026-05-22 $645 put / buy 2026-06-18 $645 put to harvest front-month premium and time decay with limited downside from long-leg; entry target 4.52–5.52.
Debit: $4.52-$5.52
Max loss: $5.52
BE: Path-dependent
Mgmt: Enter within stated range; hedge/manage gamma if pinning or large flow; invalidate on sustained break <644 or VIX>25; roll or widen long leg if short-put threatened.

Risk Alerts

!Pin/expiry clustering 4/22–4/24 increases squeeze risk
!Require explicit gamma-hedge plan and pre-defined roll/exit rules before selling premium
!Rapid IV spike or VIX >25 invalidates premium bias and signals unwind
How to Use These Reports
This theta reflects the market close on April 22, 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.