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QQQ

Invesco QQQ TrustClose $709.80EOD only
Max Pain
$730.00
Next expiry Oct 19, 2026
Expected Move
±$9.86
1.4% from close
Price Gap
+20.20
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.44
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Oct 16, 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
Oct 16, 2026 close
QQQ Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Wait for vol compression; consider call spreads
Invalidation: Put IV remains above call IV or spot breaks 660
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?
No

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

#1
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.
#2
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.