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QQQ

Invesco QQQ TrustClose $682.12EOD only
Max Pain
$690.00
Next expiry Jul 28, 2026
Expected Move
±$7.62
1.1% from close
Price Gap
+7.88
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.36
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jul 27, 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 27, 2026 close
QQQ Theta Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Short-term premium selling
Invalidation: Spot breaks below 700 or above 752
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV 30.5% vs VIX 19.4: premium rich.
Favorable?
Yes

Term structure: Front-end IV inflated by expiry skew; back-month contango near 27%.

⚠️GEX -$14.6M indicates dealer short gamma, amplifying swings.
📈QQQ +3.38% above max pain $701, pin may hold.
💡Avg IV 30.5% vs VIX 19.4: elevated premium for sellers.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-14.6M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,463 (8.0% below spot)

OI concentrations: Max pain $701/710/715; heavy put OI below spot.

Verdict: Spot above max pain; bullish momentum conflicts with pin. Put OI concentration supports $701.

Premium Opportunities

#1
Covered call
Buy shares + sell 2026-07-02 $720.00 call
Buy shares, sell 720 call to earn time premium.
Credit: $17.19-$21.00
Max loss: Stock downside to $0 less call premium
BE: $696.12
Mgmt: Roll call if challenged.
#2
Cash-secured put
Sell 2026-07-02 $710.00 cash-secured put
Sell 710 put for premium with defined risk.
Credit: $14.46-$17.67
Max loss: $692.33
BE: $692.33
Mgmt: Watch 701 invalidation; roll if needed.

Risk Alerts

!Negative gamma ($-14.6M) may cause sharper moves.
!Elevated put IV skew suggests tail risk.
!Conflicting flow: high put OI but strong bullish trend.
How to Use These Reports
This theta reflects the market close on June 11, 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.