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QQQ

Invesco QQQ TrustClose $655.11EOD only
Max Pain
$643.00
Next expiry Apr 23, 2026
Expected Move
±$5.27
0.8% from close
Price Gap
-12.11
Distance to max pain
IV Rank
29
Middle-high premium
P/C OI
1.58
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 22, 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 22, 2026 close
QQQ Theta Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell mid-dated (7–30D) put spreads or iron-condors with defined hedges; avoid 0–1D short gamma
Invalidation: Sustained reversal above $674 or VIX surge >25 that re-prices front put IVs lower skew
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~26% vs VIX 19 — extreme spike in 0–1d put IVs; mid-dated IVs normalize by 4–15d.
Favorable?
Yes

Term structure: Very front-end backwardation and rich 0–1d skew (55–67%); term IVs flatten in mid tenors, creating better risk/reward at 7–30D.

⚠️Avoid shorting 0–1D options — acute asymmetric tail risk; prefer 7–30D defined-risk spreads
📉Front skew and put-heavy positioning amplify downside; size conservatively and use hedges

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-145.2M)

Gamma flip: ~$570.00 — Approx — based on put OI concentration of 108,527 (12.5% below spot)

OI concentrations: Max-pain cluster at $652/$648/$638 with large put OI; meaningful concentration ~12% below spot.

Verdict: Moderate pin risk through 4/27 where expiries align with MP levels; expect compression into expiries.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $633.00/$605.00 put wing and $670.00/$690.00 call wing
Sell 5/15 633/605 put wing and 670/690 call wing to collect mid-dated IV premium while avoiding 0–1D short gamma.
Credit: $7.94-$9.71
Max loss: $18.29
BE: 623.29 / 679.71
Mgmt: Trim/roll wings if price approaches a wing; buy hedge or close if IV spikes or breach occurs. Liquidity warning: Liquidity constraints: short_put: Wide spread (53%).
#2
Put credit spread
Sell 2026-05-15 $645.00/$605.00 put spread
Sell 5/15 645/605 put spread to capture mid-term premium skew.
Credit: $6.89-$8.43
Max loss: $31.57
BE: $636.57
Mgmt: Close or roll/down on sustained move toward 628.57 or take profits at ~50% of max gain.
#3
Covered call
Buy shares + sell 2026-05-15 $665.00 call
Buy shares and sell 5/15 665 call to monetize mid IV while retaining upside to strike.
Credit: $6.86-$8.39
Max loss: Stock downside to $0 less call premium
BE: $643.03
Mgmt: Buy back/roll calls if price gaps through strike or to retain shares on rally.

Risk Alerts

!Do not short 0–1D volatility — acute tail-risk on gaps
!Use defined-risk mid-dated spreads or hedged iron-condors instead of naked premium
!Pin concentrations near $652–$638 can mute moves into expiries
How to Use These Reports
This theta reflects the market close on April 23, 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.