QQQ GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 721.47
- Gamma flip
- 719.800.2% below spot
- Regime
- Positive gamma
- Positive peak (P1)
- 720.00
- Negative peak (N1)
- 690.00
- Max pain
- 713.0022 Sep 2026 expiry
- Net GEX
- +758.4M
QQQ is in positive gamma: the gamma flip at 719.80 is 0.2% below spot (721.47). Above the flip, dealers are long gamma and tend to dampen moves. The top positive gamma peak (P1) is at 720.00 (-0.2% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 690.00 (-4.4% from spot), a volatility trigger rather than support. The flip moved +0.5% since the previous snapshot (716.43 → 719.80).
QQQ GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 721.47 | 719.80 | 720.00 | 690.00 | Positive |
| 17 Sep 16:04 ET | 716.83 | 716.43 | 720.00 | 700.00 | Positive |
| 16 Sep 16:07 ET | 705.22 | 716.82 | 720.00 | 700.00 | Negative |
| 15 Sep 16:09 ET | 705.18 | 719.02 | 720.00 | 700.00 | Negative |
| 14 Sep 16:13 ET | 709.55 | 720.98 | 720.00 | 700.00 | Negative |
| 11 Sep 16:00 ET | 714.88 | 720.22 | 730.00 | 700.00 | Negative |
| 10 Sep 16:00 ET | 708.63 | 720.99 | 730.00 | 700.00 | Negative |
| 9 Sep 16:00 ET | 716.29 | 721.21 | 730.00 | 700.00 | Negative |
| 8 Sep 16:00 ET | 718.38 | 721.40 | 730.00 | 700.00 | Negative |
| 4 Sep 16:00 ET | 719.02 | 720.19 | 730.00 | 700.00 | Negative |
| 3 Sep 16:00 ET | 717.61 | 717.45 | 720.00 | 700.00 | Positive |
| 2 Sep 16:00 ET | 709.26 | 716.84 | 730.00 | 700.00 | Negative |
| 1 Sep 16:00 ET | 707.66 | 717.84 | 730.00 | 700.00 | Negative |
| 31 Aug 16:00 ET | 716.80 | 718.98 | 730.00 | 700.00 | Negative |
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About QQQ options GEX
The Invesco QQQ Trust tracks the Nasdaq-100, an index of the largest non-financial companies listed on Nasdaq. GammaFlip does not cover NDX index options, so QQQ stands in as the Nasdaq-100 proxy on this site. Its options are American-style, deliver ETF shares and expire every weekday. Because the index is weighted by market value, its biggest technology companies carry a large share of the fund, so news from one of them can move QQQ.
This chart sums all QQQ expirations into one net GEX curve and marks the gamma flip, the dominant positive peaks, the deepest negative peaks and the max pain strike.
What sets QQQ apart is its earnings calendar. When the largest holdings report, the fund can gap through levels that looked solid the day before, and the profile often rebuilds around new strikes afterwards. During those weeks, read QQQ together with some of its largest holdings: the NVDA, AAPL and MSFT pages show whether dealers in each stock are in positive or negative gamma. If a top holding is short gamma going into its report while QQQ trades near its own flip, hedging in the stock and in the ETF can reinforce the same move. Outside earnings season, QQQ levels behave more like those of a broad index.
The snapshot uses end-of-day open interest from the latest available report and is published after US trading ends, so it does not reflect the next session's trading.
FAQ
Does GammaFlip cover NDX options?
No. Nasdaq-100 index options (NDX) are not covered, so QQQ, the ETF that tracks the Nasdaq-100, serves as the proxy for that index on this site.
Are QQQ options cash-settled?
No. QQQ options are American-style options on an exchange-traded fund, so they can be exercised before expiry and settle through delivery of QQQ shares.
Why do mega-cap earnings matter for QQQ gamma?
The Nasdaq-100 is weighted largely by market value, so its biggest technology companies make up a large part of QQQ. A strong reaction to one of their earnings reports can carry the whole ETF across its gamma levels.
When are QQQ levels updated?
The page is recalculated once per trading day from end-of-day open interest from the latest available report on all listed QQQ expirations, and the new levels are published after the US close.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.