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QQQ

Invesco QQQ TrustClose $687.99EOD only
Max Pain
$681.00
Next expiry Aug 3, 2026
Expected Move
±$7.61
1.1% from close
Price Gap
-6.99
Distance to max pain
IV Rank
11
Low premium
P/C OI
1.20
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Jul 31, 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 31, 2026 close
QQQ Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 16, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Sell put spreads on 0-2 DTE
Invalidation: Spot closes below $720 or IV spikes >100%
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.1% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (29.2%) well above VIX (18.4)
Favorable?
Yes

Term structure: Near-term put IV spikes to 64-95%; term structure inverted first 2 days.

🔥Extreme put skew in 0-2 DTE indicates fear

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-263.8M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,507 (9.6% below spot)

OI concentrations: Max pain: $738 (Jun 16), $727 (Jun 17), $685 (Jun 18). Put OI concentration 194,507 contracts 9.6% below spot.

Verdict: Pin risk elevated; spot below max pain may gravitate towards $738.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $725.00/$722.00 put spread
Sells time decay with defined risk; targets pin near $725.
Credit: $1.30-$1.59
Max loss: $1.41
BE: $723.41
Mgmt: Exit at 50% profit or if spot breaches $703.6.
#2
Covered call
Buy shares + sell 2026-07-10 $735.00 call
Collects premium on long stock position.
Credit: $14.31-$17.50
Max loss: Stock downside to $0 less call premium
BE: $712.36
Mgmt: Roll call if assigned.

Risk Alerts

!Extreme near-term put skew
!Dealer short gamma ($-264M GEX)
!Multiple max-pin levels
How to Use These Reports
This theta reflects the market close on June 16, 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.