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QQQ

Invesco QQQ TrustClose $704.40EOD only
Max Pain
$721.00
Next expiry Oct 26, 2026
Expected Move
±$9.89
1.4% from close
Price Gap
+16.60
Distance to max pain
IV Rank
4
Low premium
P/C OI
1.41
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Oct 23, 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 23, 2026 close
QQQ Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Credit Spread
Invalidation: Break of $680 support or $710 resistance
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned

IV Environment

IV Regime
Normal
IV vs VIX
IV 31% vs VIX 22.2 – elevated
Favorable?
No

Term structure: Steep put skew, front-end IV above 30%

⚠️High put skew signals tail risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-797.5M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,471 (4.9% below spot)

OI concentrations: Max pain pins: $709 (6/10), $715 (6/11-12)

Verdict: Pin risk elevated near $709-$715; large put OI concentrates risk

Premium Opportunities

#1
Put credit spread
Sell 2026-07-02 $670.00/$650.00 put spread
Sells put spread at 670/650, capturing premium from elevated IV while staying below key support and pin zone.
Credit: $4.11-$5.03
Max loss: $14.97
BE: $664.97
Mgmt: Exit if QQQ breaks below 680 support.
#2
Call credit spread
Sell 2026-07-02 $724.00/$737.00 call spread
Sells call spread above resistance, benefiting from elevated IV and capping upside risk.
Credit: $3.03-$3.71
Max loss: $9.29
BE: $727.71
Mgmt: Close if QQQ rallies above 709 invalidation.
#3
Iron condor
Sell 2026-07-02 $660.00/$635.00 put wing and $730.00/$746.00 call wing
Sells both wings, profiting if QQQ stays within wide range; high credit but vulnerable to pin-driven moves.
Credit: $6.54-$7.99
Max loss: $17.01
BE: 652.01 / 737.99
Mgmt: Adjust if QQQ approaches either wing; exit on break of invalidation levels.

Risk Alerts

!Negative dealer gamma (-$797M) amplifies spot moves
!Elevated put skew implies hedging pressure
How to Use These Reports
This theta reflects the market close on June 10, 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.