QQQ Put/Call at 1.19 — What the Options Tape Is Actually Saying
Short answer: the reading is real but less bearish than the headline number suggests. QQQ's put/call ratio is running above its own recent norm, and the bulk flow is genuinely put-heavy — but a large share of that "put buying" sits in short-dated, near-the-money strikes that look more like hedging and volatility trading than a directional short bet. Meanwhile the dealer positioning underneath is the more actionable signal: net gamma is deeply negative, which mechanically amplifies moves in either direction.
1. Where the ratio actually stands
Metric Value Date
Put/Call ratio (options overview) 1.17 2026-10-27
Call/Put ratio (chain snapshot) 0.85 2026-10-27
Put volume / Call volume 3.71M / 3.29M 2026-10-27
Put/Call OI ratio 1.43 2026-10-23
30-day IV 26.61% 2026-10-27
IV percentile 64.94% 2026-10-27
IV/HV ratio 1.46 2026-10-27
Two things to note. First, the 1.19 figure you saw is consistent with the 1.17 put/call reading —
Fed Decides Early Thursday: Can the Tech Rally Hold?
QQQ gained 1.27% and SPY 0.56% Tuesday ahead of the Fed decision, with rates expected to hold at 3.75%–4.00%. Gains favored high-beta chips and custom compute: AMD jumped 5.45%, Broadcom 4.00%, while Nvidia rose 0.90%. Bulls cite strong earnings and AI orders; bears warn a hawkish December signal could lift yields and pressure rich valuations. After the decision, which offers both earnings and rate support: QQQ, SPY, or chip leaders?
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