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QQQ

Invesco QQQ TrustClose $696.06EOD only

Max Pain

$706.00

Next expiry Jul 21, 2026

Expected Move

±$7.98

1.1% from close

Price Gap

+9.94

Distance to max pain

IV Rank

Low premium

P/C OI

1.39

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Jul 20, 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

Jul 20, 2026 close

QQQ Theta Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.1% from MP; +0.5 VIX 22

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 27.4% vs VIX 21.5%, 1.27x elevated

Favorable?

Term structure: Near-term skew extreme: 0 DTE put IV 99% vs call 36%; ATM term structure rises sharply from 8% to 33%

⚠️Put IV on 0 DTE at 99% signals extreme fear near expiry, may decay rapidly post-expiration

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-821.6M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,217 (6.4% below spot)

OI concentrations: Max pain $735-$742 for 6/5-6/9; heavy put OI below spot may pin near low end

Verdict: Pin risk elevated at expiry; spot below MP increases chance of pinning near 735 if spot recovers, but downside gamma suggests potential for lower close

Premium Opportunities

Put diagonal

Sell 2026-07-10 $675.00 put / buy 2026-09-18 $670.00 put

Sell near-term put, buy later put; profits from vol compression.

Debit: $10.02-$12.24

Max loss: $12.24

BE: Path-dependent

Mgmt: Close if spot invalidates at 680.

Call diagonal

Sell 2026-07-10 $737.00 call / buy 2026-09-18 $695.00 call

Sell near-term call, buy later call; benefits from vol drop.

Debit: $33.55-$41.01

Max loss: $41.01

BE: Path-dependent

Mgmt: Manage delta; exit if spot below 680.

Risk Alerts

!Negative dealer gamma (-$822M) amplifies spot moves

!Spot 4.1% below max pain, upside recovery unlikely without vol compression

!Put OI ratio 1.67 signals extreme bearish positioning; contrarian squeeze risk

How to Use These Reports

This theta reflects the market close on June 5, 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.