Dealer Exposure Map — June 5, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-06-05
Traders should monitor SPY's and QQQ's max pain and gamma exposure for potential price shifts as we approach expiration.
Report
Market Overview As of June 5, 2026, the options market reveals interesting insights into dealer exposure for two major ETFs: SPY and QQQ. Traders should pay close attention to the max pain levels and gamma exposure as they can influence price movements and trading strategies. SPY Insights For SPY, the max pain point sits at $757.00, indicating the strike price where options holders are likely to incur the most losses. With a total delta exposure of 7.23 million across 20 contracts, it suggests that dealers may need to adjust their positions to mitigate risk, potentially impacting SPY's price movements. QQQ Insights Contrastingly, QQQ's max pain is lower at $739.00, with a negative total gamma exposure of -1.38 million and a delta exposure of -437,000. This negative gamma indicates that dealers could face increasing risk as the underlying price approaches max pain, which may lead to heightened volatility in QQQ.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the strike price where the largest number of options expire worthless, impacting traders' decisions.
How does gamma exposure affect options pricing?
Gamma exposure reflects how much a dealer's position will change with the underlying asset's price movement, affecting market volatility.
Why is delta exposure important for traders?
Delta exposure indicates how much the price of an option is expected to change with a $1 move in the underlying asset, guiding trading strategies.