Fund

Invesco QQQ Trust (Nasdaq 100) (QQQ) options and signal

Figures as of 28 Sep 2026

QQQ is Invesco QQQ Trust (Nasdaq 100), a fund the model scores beside the stocks it ranks. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

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At a glance

Figure	Value	Date
Trade Card	Put credit spread, 23 Oct	25 Sep
IV rank	57 of 100	28 Sep
At the money IV	19.4%	28 Sep
Priced move to 30 Oct	6.5% down, 5.3% up	28 Sep
Call wall and put wall	740 and 730	28 Sep
Last close	736.53	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for QQQ was a put credit spread expiring 23 Oct 2026, paper trading.

Figure	Value
Model signal on QQQ	Bullish signal
Strategy	Put credit spread, credit
Legs	Sell the 716 put, Buy the 620 put
Expiry	23 Oct 2026, 28 days to expiry
Limit	A credit of at least $4.80
Probability of profit	75%, the option market's odds at expiry, from delta
Max loss	$9,120 per contract
Max profit	$480 per contract
Breakeven	711.20

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

The index contract is chosen by the desk's index rule, never by the signal.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

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Options Snapshot

QQQ's IV rank is 57 of 100 on 28 Sep 2026.

Figure	Value
IV rank	57 of 100
At the money IV	19.4%, near month, 32 days
Put/call ratio, open interest	1.34
Call open interest, strikes captured near the price	1.25 million contracts
Put open interest, strikes captured near the price	1.67 million contracts
Cost to trade at the money	Tight, 1.1% of the option's mid price

IV rank is where the at the money IV sits among QQQ's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, QQQ options priced a move of 6.5 percent down and 5.3 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
29 Sep 2026	1	1.4%	1.0%	725.93 to 743.83
1 Oct 2026	3	2.3%	1.7%	719.73 to 749.33
5 Oct 2026	7	3.0%	2.1%	714.63 to 752.13
7 Oct 2026	9	3.5%	2.5%	710.93 to 754.73
9 Oct 2026	11	3.9%	2.8%	707.73 to 757.03
30 Oct 2026	32	6.5%	5.3%	688.73 to 775.43
31 Dec 2026	94	10.7%	10.5%	657.83 to 813.73

The range is one standard deviation either side of the close of 736.53, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, QQQ's call wall is the 740 strike and its put wall is the 730 strike.

Figure	Value
Call wall, most open call gamma	740
Put wall, most open put gamma	730
Net dollar gamma, calls minus puts	minus $2.3 billion
Total dollar gamma, both sides	$18.56 billion
Close	736.53

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 4 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, QQQ's at the money IV is 19.4 percent against 20 day realized volatility of 16.0 percent.

Figure	Value
At the money IV	19.4%
Realized volatility, 20 trading days	16.0%
Realized volatility, 60 trading days	19.5%
IV against its own weekly record	In the middle
Weekly readings on record	803, from 26 Nov 2010
Weeks the price moved more than the one week priced move	31.3% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, QQQ's at the money IV runs from 12.6 percent at 1 day to 20.7 percent at 94 days.

Days to expiry	At the money IV
1	12.6%
2	16.1%
4	18.4%
8	16.7%
9	17.1%
11	17.8%
32	19.4%
94	20.7%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, QQQ's IV ten percent below the price sits 10.4 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	29.8%	+10.4 points
At the money	19.4%	0.0 points
10% above the price	20.1%	+0.7 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, QQQ's surface spans 13 expiries out to 94 days, with IV from 14.8 to 39.3 percent near the price.

Figure	Value
Expiries captured	13
Nearest expiry	29 Sep 2026, 1 day
Farthest expiry	31 Dec 2026, 94 days
Points within 10% of the price, 7 days out or more	744
Lowest IV among them	14.8%
Highest IV among them	39.3%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, QQQ has 13 captured expiries, from 29 Sep 2026 to 31 Dec 2026.

Expiry	Days	At the money IV	Call open interest	Put open interest
29 Sep 2026	1	12.6%	47,503	136,383
30 Sep 2026	2	16.1%	241,596	254,720
1 Oct 2026	3	17.4%	33,693	39,280
5 Oct 2026	7	16.3%	15,018	14,802
6 Oct 2026	8	16.7%	8,104	14,078
7 Oct 2026	9	17.1%	9,046	11,649
9 Oct 2026	11	17.8%	59,945	55,856
16 Oct 2026	18	18.2%	470,410	532,413
30 Oct 2026	32	19.4%	51,052	171,468
31 Dec 2026	94	20.7%	104,358	122,283

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, QQQ's largest open interest sits at the 730 strike, with 212,211 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
730	38,363	173,848	212,211
725	60,389	115,086	175,475
740	94,999	44,627	139,626
715	24,729	110,769	135,498
760	121,912	2,250	124,162
720	36,226	84,360	120,586

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, QQQ's at the money IV moved from 17.8 percent to 19.4 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	17.8%	19.4%	+1.6 points
Open interest, strikes captured near the price	2.72 million	2.92 million	+199,695
Put/call ratio, open interest	1.09	1.34	+0.25

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 3.68 million QQQ option contracts traded, 1.2 times its own recent average.

Figure	Value
Calls traded	1.41 million
Puts traded	2.27 million
Against its recent average	1.2 times
Busier than	19 of its last 20 trading days
Open interest, whole chain	10.72 million contracts
Volume to open interest	0.34
Unusual volume flag	Yes, 281 contracts traded well above open interest
Largest flagged contract	The 670 put expiring 19 Mar, 191,060 traded against 5,397 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of QQQ's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	718.45	$877.55 million	730	700
21 Sep 2026	741.47	$4.08 billion	725	660
28 Sep 2026	736.53	minus $2.3 billion	740	730

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Price Chart

QQQ closed at 736.53 on 28 Sep 2026.

Figure	Value
Last close	736.53
Change over 5 trading days	-0.7%
Change over 21 trading days	+2.1%
Change over 63 trading days	+1.7%
Change over 252 trading days	+24.1%
52 week high	748.65
52 week low	555.60
20 day moving average	721.88
50 day moving average	713.48
200 day moving average	666.14
RSI, 14 days	58

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

Open Price Chart in RingMaster The Price Chart guide

Questions

What is QQQ's IV rank?: QQQ's IV rank is 57 of 100 on 28 Sep 2026.
What move are QQQ options pricing?: On 28 Sep 2026, QQQ options priced a move of 6.5 percent down and 5.3 percent up by 30 Oct 2026.
Where are QQQ's call wall and put wall?: On 28 Sep 2026, QQQ's call wall is the 740 strike and its put wall is the 730 strike.
What was the latest Trade Card for QQQ on the Free plan?: On 25 Sep 2026 the Trade Card for QQQ was a put credit spread expiring 23 Oct 2026, paper trading.

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