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QQQ

Invesco QQQ TrustClose $714.88EOD only
Max Pain
$710.00
Next expiry Sep 14, 2026
Expected Move
±$5.15
0.7% from close
Price Gap
-4.88
Distance to max pain
IV Rank
6
Low premium
P/C OI
1.37
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 11, 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
Sep 11, 2026 close
QQQ Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short Put Spreads
Invalidation: Spot breaks below $717 support
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.8% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
IV 29.66% > VIX 16.2; elevated implied vol
Favorable?
Yes

Term structure: Near-term put skew extreme; put IV 2-3x call IV; backwardation in puts

📈IV well above VIX, favorable for premium selling
⚠️Near-term put skew suggests hedging pressure

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+750.5M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,505 (11.3% below spot)

OI concentrations: Max pain $717 (3 expiries); put OI heavy at $660 (gamma flip)

Verdict: High pin risk to $717 near-term; substantial put OI at strike

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $720.00/$716.00 put spread
Sell $720/$716 put spread to collect premium with support from pin risk.
Credit: $0.85-$1.04
Max loss: $2.96
BE: $718.96
Mgmt: Close if spot breaks $717 support.
#2
Iron condor
Sell 2026-07-10 $736.00/$732.00 put wing and $750.00/$754.00 call wing
Sell put wing $736/$732 and call wing $750/$754 to capture time decay.
Credit: $2.99-$3.65
Max loss: $0.35
BE: 732.35 / 753.65
Mgmt: Adjust wings if spot nears strikes.

Risk Alerts

!Spot 3.8% above max pain ($717)
!Gamma flip at $660 if spot declines
!Put skew extreme in 0-1 DTE
!Structural put floor $550-$700 suggests downside protection
How to Use These Reports
This theta reflects the market close on June 15, 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.