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QQQ

Invesco QQQ TrustClose $747.46EOD only
Max Pain
$738.00
Next expiry Sep 23, 2026
Expected Move
±$2.50
0.3% from close
Price Gap
-9.46
Distance to max pain
IV Rank
3
Low premium
P/C OI
1.74
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 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
Sep 22, 2026 close
QQQ Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 24, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Sustained break below $700 support
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 2.0% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV 34.1% vs VIX 18.6%, ~83% above, elevated premium
Favorable?
Yes

Term structure: Irregular: 0d 29.5%, 1-2d spike to 33+%, then decay; event-related

📊IV elevated relative to VIX, but negative dealer gamma (GEX -$977M) suggests caution in selling premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-977.7M)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 195,238 (7.1% below spot)

OI concentrations: Call wall $800-$900; put floor $450-$660; max pain $725

Verdict: Spot ~$710 below max pain; heavy put OI (1.49 ratio) may pin near $725, but negative GEX could amplify moves

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $700.00/$699.00 put spread
Sell 700/699 put spread for elevated IV.
Credit: $0.43-$0.53
Max loss: $0.47
BE: $699.47
Mgmt: Exit if spot <700.
#2
Iron condor
Sell 2026-07-17 $700.00/$699.00 put wing and $725.00/$726.00 call wing
Sell put & call wings at 700/725.
Credit: $0.91-$1.12
Max loss: $0.00
BE: 698.88 / 726.12
Mgmt: Adjust if breakout.
#3
Call credit spread
Sell 2026-07-24 $725.00/$726.00 call spread
Sell 725/726 call spread for credit.
Credit: $0.49-$0.59
Max loss: $0.41
BE: $725.59
Mgmt: Exit if spot >725.

Risk Alerts

!Negative dealer gamma (-$977M) increases hedging-induced volatility
!Put/call OI ratio >1 (1.49) indicates bearish positioning
!Spot below max pain; potential pinning at $725 if buying pressure emerges
How to Use These Reports
This theta reflects the market close on June 24, 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.