thetaOwl
HomeOptionsQQQReports

QQQ

Invesco QQQ TrustClose $717.30EOD only
Max Pain
$700.00
Next expiry Aug 6, 2026
Expected Move
±$7.09
1.0% from close
Price Gap
-17.30
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.20
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Aug 5, 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
Aug 5, 2026 close
QQQ Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Bear put spreads
Invalidation: Break below $700
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.0% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 27.2% vs VIX 17.3% — elevated premium
Favorable?
No

Term structure: Front-end put IV >80% (0DTE), short-term contango, long-term flat around 26-27%

⚠️Front-end put IV 82% indicates tail risk pricing
📉Negative gamma/exposure -$182M suggests dealer hedging

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-182.5M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,804 (10.6% below spot)

OI concentrations: Max pain $738 (Jun22), $735 (Jun23), $732 (Jun24); gamma flip at 660

Verdict: High pin risk; spot near max pain, decaying OI concentrations

Premium Opportunities

#1
Call calendar
Sell 2026-07-24 $740.00 call / buy 2026-12-18 $740.00 call
Sell near-term $740 call, buy far-term same strike to capture premium decay while limiting upside risk.
Debit: $35.00-$42.78
Max loss: $42.78
BE: Path-dependent
Mgmt: Monitor IV contraction; roll or close if QQQ breaks below $705.69 invalidation level.

Risk Alerts

!Negative GEX (-$182.5M) adds downside pressure
!Extreme put skew in nearest expiration (put IV 82% vs call 19%)
!High volume skew (P/C ratio 1.54 OI) indicates hedging flow
How to Use These Reports
This theta reflects the market close on June 22, 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.