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QQQ

Invesco QQQ TrustClose $714.51EOD only
Max Pain
$701.00
Next expiry May 22, 2026
Expected Move
±$6.50
0.9% from close
Price Gap
-13.51
Distance to max pain
IV Rank
42
Middle-high premium
P/C OI
1.71
Slightly put-heavy
Consensus
7.0/10
Range bias
Published snapshot: May 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
May 21, 2026 close
QQQ Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: QQQ breaks below $691.46 or above $737.56
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.6% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Above VIX
Favorable?
Yes

Term structure: Upward sloping contango; near-term IV elevated due to expiry.

📈Dealer GEX +$399M supports pinning near $710.
⚠️Near-term put IV exceeds call IV by ~3x, skew extreme.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+398.6M)

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,002 (17.4% below spot)

OI concentrations: Put OI concentrated at $710 (MP) and $550-$660 put floor.

Verdict: Elevated pin risk; spot at max pain with positive GEX.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $710.00/$705.00 put spread
Sells put wing for premium with defined risk.
Credit: $1.59-$1.94
Max loss: $3.06
BE: $708.06
Mgmt: Close at 50% max gain or at invalidation $710.
#2
Iron condor
Sell 2026-06-12 $710.00/$705.00 put wing and $720.00/$724.00 call wing
Short put and call wings to profit from low volatility.
Credit: $3.31-$4.04
Max loss: $0.96
BE: 705.96 / 724.04
Mgmt: Adjust wings if breakout; close before expiry.
#3
Covered call
Buy shares + sell 2026-06-18 $720.00 call
Buy shares and sell call to generate income.
Credit: $13.04-$15.94
Max loss: Stock downside to $0 less call premium
BE: $698.57
Mgmt: Roll call if challenged; consider stop loss.

Risk Alerts

!Expiry-day gamma squeeze potential from high put OI.
!Skew risk: put IV spikes could lead to losses on short puts.
How to Use These Reports
This theta reflects the market close on May 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.