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QQQ

Invesco QQQ TrustClose $713.44EOD only
Max Pain
$716.00
Next expiry Aug 24, 2026
Expected Move
±$5.39
0.8% from close
Price Gap
+2.56
Distance to max pain
IV Rank
17
Low premium
P/C OI
1.21
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Aug 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
Aug 21, 2026 close
QQQ Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 26, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put spreads
Invalidation: Spot closes below $717
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 26.8% vs VIX 17.0; rich premium selling
Favorable?
Yes

Term structure: Steep put skew, near-term put IV 66% vs call 26%

📈IV 58% above VIX; premium rich
⚠️Near-term put skew extreme (66% vs 26% call)

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+534.8M)

Gamma flip: ~$590.00 — Approx — based on put OI concentration of 107,129 (19.2% below spot)

OI concentrations: Heavy put OI $550-$650 floor; max pain $717

Verdict: Moderate; spot above MP, gamma supportive

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $725.00/$721.00 put spread
Sells put spread to capture rich put premium with limited downside.
Credit: $1.33-$1.62
Max loss: $2.38
BE: $723.38
Mgmt: Exit if spot approaches $717; adjust or close at 50% profit.
#2
Iron condor
Sell 2026-06-18 $725.00/$721.00 put wing and $735.00/$740.00 call wing
Captures theta through narrow range between $725 and $735.
Credit: $3.44-$4.21
Max loss: $0.79
BE: 720.79 / 739.21
Mgmt: Manage if spot nears either wing; close at 50% profit or before earnings.

Risk Alerts

!High put volume ratio (1.16) indicates hedging
!Near-term put skew extreme, caution on vega
How to Use These Reports
This theta reflects the market close on May 26, 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.