Home Options QQQReports

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

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 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

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

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.

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.