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QQQ

Invesco QQQ TrustClose $716.08EOD only
Max Pain
$721.00
Next expiry Aug 20, 2026
Expected Move
±$5.41
0.8% from close
Price Gap
+4.92
Distance to max pain
IV Rank
7
Low premium
P/C OI
1.16
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Aug 19, 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 19, 2026 close
QQQ Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 22, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short puts at support
Invalidation: Break below $695 or VIX >20
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.8% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
QQQ IV 26.1% > VIX 16.7, elevated
Favorable?
Yes

Term structure: Contango: front-week 11.7% to 6-month 24.4%

📊IV elevated offers premium but pinning skews risk
⚠️Put skew elevated: put IV 30-40% vs call IV 15-25%
📉Front-week IV low relative to back; theta decay favorable

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+398.7M)

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,091 (17.8% below spot)

OI concentrations: Max Pain $705/0dte, $712/4dte, $710/5dte; put floor $550-$660

Verdict: Moderate pin risk: negative GEX and max pain nearby may pin $705-$712

Premium Opportunities

#1
Put credit spread
Sell 2026-06-12 $710.00/$708.00 put spread
Sell put spread near support ($705) to collect premium; defined risk if break below.
Credit: $0.55-$0.68
Max loss: $1.32
BE: $709.32
Mgmt: Close at 50% gain or if QQQ breaks $705.
#2
Iron condor
Sell 2026-06-18 $710.00/$708.00 put wing and $720.00/$725.00 call wing
Sell OTM call and put wings to profit from low volatility within $708-$720.
Credit: $3.03-$3.71
Max loss: $1.29
BE: 706.29 / 723.71
Mgmt: Manage wings if IV spikes or price breaks range.

Risk Alerts

!Put/Call OI ratio 1.71 indicates bearish hedging
!Net dealer premium -$43M (short gamma exposure)
!Gamma flip at $590 suggests tail risk
How to Use These Reports
This theta reflects the market close on May 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.