thetaOwl
HomeOptionsQQQReports

QQQ

Invesco QQQ TrustClose $737.95EOD only
Max Pain
$735.00
Next expiry Jun 23, 2026
Expected Move
±$7.39
1.0% from close
Price Gap
-2.95
Distance to max pain
IV Rank
29
Middle-high premium
P/C OI
1.54
Slightly put-heavy
Consensus
4.0/10
Consensus signal
Published snapshot: Jun 22, 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 22, 2026 close
QQQ Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Iron condor
Invalidation: Spot breaks below 700 support
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV (30.9%) vs VIX (19.5%): elevated by 11.4 pts
Favorable?
Yes

Term structure: Front-end put skew extreme; back-month contango.

⚠️Put skew elevated; 0DTE put IV 46% vs call 34%

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-689.9M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 194,933 (7.5% below spot)

OI concentrations: Max pain $735-737; call wall $800-$900; put floor $450-$660

Verdict: Elevated pin risk near $735-$737 due to concentrated OI.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $689.00/$684.00 put wing and $745.00/$750.00 call wing
Sell OTM put and call spreads to collect premium from high IV, benefiting from sideways price action.
Credit: $2.54-$3.10
Max loss: $1.90
BE: 685.90 / 748.10
Mgmt: Close at 50% max profit or if spot approaches either wing; adjust if 700 support breaks.
#2
Covered call
Buy shares + sell 2026-07-17 $745.00 call
Buy shares and sell a call above resistance to generate premium, hedging downside partially.
Credit: $8.09-$9.88
Max loss: Stock downside to $0 less call premium
BE: $703.77
Mgmt: Roll call if stock rallies above strike; consider protective put if support breaks.
#3
Put credit spread
Sell 2026-07-17 $689.00/$684.00 put spread
Sell OTM put spread to profit from price staying above 689, with limited downside risk.
Credit: $1.07-$1.30
Max loss: $3.70
BE: $687.70
Mgmt: Close at 50% max profit or if spot approaches 700; hedge if 700 breaks.

Risk Alerts

!Sharp 3.3% drop signals momentum risk
!Gamma flip at 660 may accelerate selling
How to Use These Reports
This theta reflects the market close on June 23, 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.