QQQ Broken-Wing Bull Put — 2026-09-16

QQQ (Invesco QQQ Trust, Series 1): $2725K of buyer-initiated unusual call flow (100% call-dominant), IV rank 39 (moderate). Our gamma model reads QQQ in a NEGATIVE-gamma regime (net GEX -21.6M, flip 710.04) — dealers are short gamma and amplify moves, so this is defined-risk only and leans with the flow. Structured as a Broken-Wing Bull Put (sell $705P / buy $695P) expiring 2026-09-16 (14 DTE) — negative-gamma (trend/gap risk) → defined-risk broken-wing leaning with flow. Net credit $278, max loss $722 (defined risk). Breakevens $702.22.

Underlying: QQQ @ ~$708.68 | 2026-09-16 (14 DTE) | Net credit (entry): ~$278 per spread. Use limit orders at the mid or slightly better.

ENTRY: Put on the broken-wing put spread: sell the $705 put, buy the further-OTM $695 put with a WIDER gap on the far wing, expiring 2026-09-16 (14 DTE), as one order at a LIMIT of the mid or better — target net credit $278. IV rank 39 is moderate — credit is workable but define risk and don't oversize. The skew removes upside risk while collecting a credit; the downside gap is the residual max loss ($722). | TAKE PROFIT: Buy it back to LOCK IN gains at ~50% of the $278 credit. Also close on TIME: exit around 21 DTE regardless of P&L to sidestep the late-cycle gamma/pin risk near QQQ's short strike(s) — currently 14 DTE, so plan the exit 0 day(s) out. Above $705 the whole credit is yours — take profits, don't carry the tail into expiration. Breakeven $702.22. | IF TESTED: The risk is a hard drop into the wide wing. When QQQ tests the $705 short put (delta ~0.30) or loss ≈$556, roll the structure DOWN and OUT ~7–14 days for a credit, or buy an extra long put to square the wing back into a symmetric (fully defined) spread. Treat a close below the $710 put wall as the hard trigger to act (the pin support has failed). dealer gamma is NEGATIVE (vol-amplifying) — moves accelerate here, so defend one trigger EARLIER than usual and don't wait for the strike to go in-the-money; put wall (support) at $710; call wall (resistance) at $710. If price reaches the $695 wing, you're at max loss ($722) — take it. | MAXIMIZE: Holding above $705? Let theta collect the full credit. Once most is banked, roll up toward the money next cycle for a richer credit, or convert into an iron condor by adding a call spread if the flow turns two-sided.