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QQQ

Invesco QQQ TrustClose $744.50EOD only

Max Pain

$737.00

Next expiry Sep 28, 2026

Expected Move

±$6.27

0.8% from close

Price Gap

-7.50

Distance to max pain

IV Rank

Low premium

P/C OI

1.40

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Sep 25, 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

Sep 25, 2026 close

QQQ Theta Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 13, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

IV (avg 29.5%) elevated vs VIX 17.9%

Favorable?

Term structure: 0-2 DTE elevated put skew; term slightly backwardated beyond 5 DTE

⚠️Pinning at $700 with 0 DTE concentration

📊Put/Call OI ratio 1.72 indicates heavy put protection

📈Positive GEX $483M suggests dealer hedging stability

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+483.0M)

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 106,969 (17.4% below spot)

OI concentrations: Max pain $700 for 0-1 DTE; put OI heavy at $650-$700

Verdict: Elevated pin risk at $700 due to 0 DTE expiration; monitor for pin action

Premium Opportunities

Put credit spread

Sell 2026-06-18 $693.00/$662.00 put spread

Sell put spread to collect premium with limited downside.

Credit: $5.09-$6.22

Max loss: $24.78

BE: $686.78

Mgmt: Close at 50% profit or if QQQ breaks below $700.

Short strangle

Sell 2026-06-18 $675.00 put + sell $760.00 call

Sell OTM put and call to profit from range-bound movement.

Credit: $10.76-$13.15

Max loss: Unlimited

BE: 661.85 / 773.15

Mgmt: Adjust strikes if $700 breached; manage gamma near expiration.

Risk Alerts

!Expiration day pin risk at $700

!IV skew elevated on puts

How to Use These Reports

This theta reflects the market close on May 13, 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.