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QQQ

Invesco QQQ TrustClose $721.34EOD only
Max Pain
$715.00
Next expiry Jun 15, 2026
Expected Move
±$10.27
1.4% from close
Price Gap
-6.34
Distance to max pain
IV Rank
90
High premium
P/C OI
1.55
Slightly put-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: Jun 12, 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
Jun 12, 2026 close
QQQ Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put credit spread at gamma flip ($680/$660)
Invalidation: QQQ breaks below $680 or above $750
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs VIX (29.4% vs 17.7%)
Favorable?
Yes

Term structure: Steep contango from 0DTE (6.4%) to front week (17%), then flattens ~25%; put skew extreme near expiration.

⚠️0DTE put IV 95% vs call 35% signals extreme fear; hedge unwinding risk.
📌Max pain $710-$715; dealer GEX +$199M supports pinning.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+199.5M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,510 (8.5% below spot)

OI concentrations: Max pain pins: $710 (today), $715 (Jun15), $711 (Jun16); put OI concentrated $680 area (8.5% below spot).

Verdict: Pinning likely near $710-$715 this week; gamma flip at $660 (put wall).

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $710.00/$705.00 put spread
Sell $710 put, buy $705 put for credit; captures elevated IV with defined risk.
Credit: $1.44-$1.76
Max loss: $3.24
BE: $708.24
Mgmt: Close at 50% profit or at expiration; early close if pin shifts.
#2
Short strangle
Sell 2026-07-10 $680.00 put + sell $765.00 call
Sell $680 put and $765 call; benefits from IV contraction and time decay.
Credit: $10.29-$12.58
Max loss: Unlimited
BE: 667.42 / 777.58
Mgmt: Adjust or close if break of $680 or $765; hedge with VIX products.

Risk Alerts

!0DTE put skew extreme; risk of rapid delta hedging.
!Gamma flip at $660; break below could accelerate selling.
How to Use These Reports
This theta reflects the market close on June 12, 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.