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QQQ

Invesco QQQ TrustClose $717.51EOD only
Max Pain
$730.00
Next expiry Aug 19, 2026
Expected Move
±$5.46
0.8% from close
Price Gap
+12.49
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.18
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Aug 18, 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
Aug 18, 2026 close
QQQ Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 20, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short put spreads
Invalidation: Break $700 or $722
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 25.5% > VIX 17.4%
Favorable?
Yes

Term structure: Steep put skew, backwardation

⚠️0 DTE put IV 51.7% extreme
📊GEX +$331.6M, net premium $636M

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+331.6M)

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,013 (17.3% below spot)

OI concentrations: Max pain $703-$705; heavy put OI $590

Verdict: Spot above max pain, pin likely

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $710.00/$705.00 put wing and $715.00/$720.00 call wing
Sell put/call wings around $710-720.
Credit: $4.05-$4.96
Max loss: $0.04
BE: 705.04 / 719.96
Mgmt: Close at 50% profit or before expiration.
#2
Call credit spread
Sell 2026-06-18 $715.00/$720.00 call spread
Sell $715/$720 call spread.
Credit: $2.33-$2.84
Max loss: $2.16
BE: $717.84
Mgmt: Exit if QQQ reaches $738.66.
#3
Call diagonal
Sell 2026-06-12 $714.00 call / buy 2026-06-18 $715.00 call
Sell near-term $714 call, buy longer $715 call.
Debit: $1.20-$1.46
Max loss: $1.46
BE: Path-dependent
Mgmt: Manage time decay; adjust if invalidation.

Risk Alerts

!High put skew
!Pinning near max pain
!Vol spike risk
How to Use These Reports
This theta reflects the market close on May 20, 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.