thetaOwl
HomeOptionsQQQReports

QQQ

Invesco QQQ TrustClose $704.47EOD only
Max Pain
$726.00
Next expiry Oct 23, 2026
Expected Move
±$10.14
1.4% from close
Price Gap
+21.53
Distance to max pain
IV Rank
7
Low premium
P/C OI
1.42
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Oct 22, 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 22, 2026 close
QQQ Theta Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 9, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put credit spreads with strikes below 680
Invalidation: Spot closes below 680
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 28.4 vs VIX 19.9: premium elevated.
Favorable?
Yes

Term structure: 0-3 DTE extreme put skew (put IV 86%); flatter after 1w.

📉0DTE put IV 86% signals extreme fear.
⚠️Dealer gamma -$742.8M; spot below MP $717.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-742.8M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,380 (6.8% below spot)

OI concentrations: Put OI concentrated at $550-$660 floor; 0DTE pin $717.

Verdict: High pin risk: large put OI, expiring today at MP.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $700.00/$698.00 put spread
Edge from elevated implied premium and high attractiveness score.
Credit: $0.66-$0.80
Max loss: $1.20
BE: $699.20
Mgmt: Exit if QQQ closes below 700; monitor for pin risk at expiration.

Risk Alerts

!0DTE expiration with high put OI; potential pin at $717.
!Dealer negative gamma may amplify break of support at 700.
How to Use These Reports
This theta reflects the market close on June 9, 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.