QQQ max pain, gamma exposure (GEX) & options open interest
Invesco QQQ
As of close · rank #6 by open interest · 1,404 sessions of history since Dec 1, 2020
QQQ's nearest-expiration max pain is 730.00 for 2026-10-19, its GEX flip is 739.54, net GEX is -1,081,499,028, its put/call open-interest ratio is 1.41. These are whole-chain derived aggregates as of Oct 16, 2026 close.
QQQ max pain and GEX snapshot
End-of-day snapshot for . Nearest-expiration max pain uses the expiry shown on its card; GEX uses the whole chain. Missing values are unavailable, not zero.
Prices are in US dollars per share. Net GEX is modeled dollar-delta change per $1 underlying move. Max pain minimizes aggregate intrinsic payout for that expiration; it is not a closing-price forecast. Signed GEX uses calls positive and puts negative, a model convention rather than observed dealer inventory. The flip is a confirmed zero crossing; walls locate side-specific concentrations, not guaranteed support or resistance.
Learn how to read the max pain payout example, GEX chart, gamma flip and walls, and open interest versus trading volume.
Advanced options analysis
Public aggregate analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: volume/OI 0.88
QQQ closed 10.8% below its gamma max of 786.75. It is 2.8% below the delta neutral price of 729.77. Total open interest is 11,535,437, -12.3% versus the previous session. Its options catalyst-intensity score is 49.8 out of 100, led by volume/OI 0.88. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -566,218 contracts · -10.6% |
| Put OI change, 1 session | -1,049,374 contracts · -13.5% |
| Call minus put OI growth, 1 session | +2.9 pp |
| Call OI change, 5 sessions | -67,982 contracts · -1.4% |
| Put OI change, 5 sessions | -442,085 contracts · -6.1% |
| Call minus put OI growth, 5 sessions | +4.7 pp |
| Daily call OI change surprise | -2.85σ (252 prior changes) |
| Daily put OI change surprise | -3.23σ (252 prior changes) |
| Daily call-minus-put growth surprise | +1.44σ (252 prior changes) |
History
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Analysis visualizations
Daily ticker aggregates through 2026-10-16. The max pain curve pools all listed expirations; individual contracts are outside the public dataset.
No matching visualizations.
Aggregate IV history
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Last 252 sessions
| Sessions closed above gamma max | 0% |
| Gamma max crosses | 0 |
| Delta neutral crosses | 27 |
| Prior-year sessions closer to gamma max | 98.8% of 252 |
| Prior-year sessions closer to delta neutral | 68.3% of 252 |
| Open interest percentile (1y) | 85th |
| Daily open interest change versus prior year | -3.14σ (-1,615,592 contracts; 252 prior changes) |
| Open interest change, 5 sessions | -4.2% |
| Open interest change, 21 sessions | -9.5% |
| History available | Dec 1, 2020 → Oct 16, 2026 |
Recent crosses
- closed below delta neutral at 728.95 vs 733.62 (-0.6%)
- closed above delta neutral at 716.92 vs 707.92 (+1.3%)
- closed below delta neutral at 704.54 vs 707.36 (-0.4%)
- closed above delta neutral at 714.88 vs 708.14 (+0.9%)
- closed below delta neutral at 708.69 vs 708.86 (-0.0%)
- closed above delta neutral at 700.07 vs 688.73 (+1.6%)
- closed below delta neutral at 691.96 vs 700.93 (-1.3%)
- closed above delta neutral at 708.97 vs 704.20 (+0.7%)
- closed below delta neutral at 705.94 vs 708.10 (-0.3%)
- closed above delta neutral at 717.12 vs 696.82 (+2.8%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
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Canonical source: https://halfonadouble.com/stock/QQQ
Questions people ask about QQQ
What is QQQ's max pain for the nearest expiration?
As of Oct 16, 2026 close, nearest-expiration max pain is 730.00 for the 2026-10-19 expiration. It is a payout-minimizing strike for one expiration. An all-expiration pooled value is a different comparison, and neither establishes where the underlying will close. Max pain definition and worked payout example.
Our 2025 max-pain study compares historical Thursday levels with Friday underlying closes and an unchanged-price baseline. Its scope and results are separate from this current ticker snapshot.
What do QQQ's gamma exposure and gamma flip show?
Signed net GEX is -1,081,499,028 as of Oct 16, 2026 close. The confirmed GEX flip is 739.54. These aggregate model outputs use calls positive and puts negative. Their sign does not identify dealers' actual positions or predict the next move. How to interpret GEX, gamma flip and walls.
Where is QQQ's gamma max today?
As of Oct 16, 2026, the gamma max for QQQ is 786.75, +10.8% from the 709.80 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is QQQ above or below its delta neutral price?
QQQ closed below delta neutral: 709.80 against a delta neutral price of 729.77. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does QQQ have?
11,535,437 contracts of open interest across 7,342 listed contracts on Oct 16, 2026, -12.3% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.