thetaOwl
HomeOptionsQQQReports

QQQ

Invesco QQQ TrustClose $741.10EOD only
Max Pain
$735.00
Next expiry Sep 25, 2026
Expected Move
±$5.74
0.8% from close
Price Gap
-6.10
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.43
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 24, 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 24, 2026 close
QQQ Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 26, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness8 / 10
Sizing: Conservative
Primary: Put credit spreads
Invalidation: Break below $695 or above $720
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 28.9% vs VIX 18.4 – elevated equity IV
Favorable?
Yes

Term structure: 0DTE put IV 95%, extreme fear; mild contango rest

⚠️Put skew extreme: 0DTE put IV 95% vs call 33%
⚠️Negative dealer gamma (-$1.0B) amplifies moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-1.0B)

Gamma flip: ~$660.00 — Approx — based on put OI concentration of 195,483 (6.6% below spot)

OI concentrations: Put OI $700 (195k), $660; Call wall $800-$900

Verdict: Pin risk elevated near $700; expiry clusters at $718/$723

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $705.00/$700.00 put spread
Sell put spread above $700 support to collect premium from high IV.
Credit: $1.73-$2.12
Max loss: $2.88
BE: $702.88
Mgmt: Close if QQQ drops below $700 or rally above $720.
#2
Iron condor
Sell 2026-07-17 $690.00/$685.00 put wing and $720.00/$725.00 call wing
Sell wings at extremes to profit from range-bound price action.
Credit: $3.24-$3.97
Max loss: $1.03
BE: 686.03 / 723.97
Mgmt: Adjust wings if price approaches outer strikes.

Risk Alerts

!Negative dealer gamma: 1% move may trigger hedging
!Extreme put skew: 0DTE put IV 95% signals tail risk
How to Use These Reports
This theta reflects the market close on June 26, 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.