thetaOwl
HomeOptionsQQQReports

QQQ

Invesco QQQ TrustClose $740.62EOD only
Max Pain
$732.00
Next expiry Jun 22, 2026
Expected Move
±$8.89
1.2% from close
Price Gap
-8.62
Distance to max pain
IV Rank
100
High premium
P/C OI
1.59
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: Jun 18, 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 18, 2026 close
QQQ Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Aggressive
Primary: Short strangles or iron condors around max pain pins
Invalidation: Spot breaks below gamma flip (660) or above resistance (764)
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.0% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 29.6% vs VIX 16.4, significant premium
Favorable?
Yes

Term structure: Steep contango from 0DTE 3.15% to 1yr 27.34%

📈IV elevated relative to VIX, rich for sell
📊Steep contango; longer-dated premiums attractive

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+410.6M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,687 (10.9% below spot)

OI concentrations: Max pain pins: $692 (0DTE), $732 (Jun22), $730 (Jun23). Put floor $440-$700

Verdict: Pinning likely near $692-$732; gamma flip $660 key support

Premium Opportunities

#1
Short strangle
Sell 2026-07-10 $733.00 put + sell $749.00 call
Sells OTM put and call to collect theta
Credit: $23.54-$28.77
Max loss: Unlimited
BE: 704.23 / 777.77
Mgmt: Monitor spot; adjust if breach 660 support or 764 resistance
#2
Iron condor
Sell 2026-07-10 $735.00/$732.00 put wing and $744.00/$749.00 call wing
Sells put and call spreads to profit from range
Credit: $3.30-$4.03
Max loss: $0.97
BE: 730.97 / 748.03
Mgmt: Widen wings if spot approaches short strikes
#3
Put credit spread
Sell 2026-07-10 $735.00/$732.00 put spread
Bullish put spread to collect credit
Credit: $1.00-$1.23
Max loss: $1.77
BE: $733.77
Mgmt: Close if spot drops below 716.89

Risk Alerts

!Spot 7% above max pain $692, mean reversion risk
!High put skew suggests downside hedging
How to Use These Reports
This theta reflects the market close on June 18, 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.