🐳 $QQQ — options watch:
🚨 UNUSUAL — volume running multiples of open interest (fresh positioning, today):
$687 put exp 2026-07-31: 30,252 traded vs 1,026 OI (29.5x)
$686 put exp 2026-07-31: 48,540 traded vs 1,696 OI (28.6x)
$694 put exp 2026-07-31: 14,086 traded vs 519 OI (27.1x)
🏗 OI BUILD — positions opened AND HELD overnight (the stable signal):
$702 put exp 2026-07-31: OI +5,926 → 15,587
$692 put exp 2026-07-31: OI +5,397 → 25,623
$682 put exp 2026-07-31: OI +4,622 → 15,083
🧹 SWEEP-STYLE — one order split across exchanges in <1s (grabbing liquidity fast):
$686 put 07/31: 1,018 contracts across 15 exchanges = $337k (09:49 ET)
$686 put 07/31: 1,005 contracts across 4 exchanges = $258k (09:52 ET)
$686 put 07/31: 515 contracts across 5 exchanges = $173k (09:49 ET)
💥 BIG PRINTS — single trades with serious premium today:
$686 put 07/31: 1,002 contracts @ $2.57 = $258k (09:52 ET)
$686 put 07/31: 570 contracts @ $3.31 = $189k (09:49 ET)
$686 put 07/31: 500 contracts @ $3.35 = $168k (09:49 ET)
🌑 Context: 67% of $QQQ share volume traded short/off-exchange yesterday (elevated — hedging/dark activity; FINRA data).
Educational, not advice.