Dealer Exposure Map — July 13, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-07-13
Bearish sentiment emerges as SPY and QQQ show negative gamma exposures ahead of max pain levels.
Report
As we analyze the latest data from the Dealer Exposure Map for July 13, 2026, we see a significant bearish sentiment in both SPY and QQQ options. The max pain level for SPY is set at $766.00, suggesting that the highest number of contracts will expire worthless, potentially benefiting option sellers. For SPY, total gamma exposure is at -599. This negative gamma indicates that dealers may need to hedge their positions more aggressively, which could lead to increased volatility as the underlying price approaches the max pain level. Similarly, QQQ has a max pain level of $728.00 and total gamma exposure of -88,500. This negative gamma indicates that as the price fluctuates, dealers might also face situations that require additional hedging, increasing the risk of sharp price moves. Traders should watch these levels closely, as the interplay of delta and gamma exposures can give clues about market movements and potential trading strategies.
Frequently Asked Questions
What is max pain in options trading?
Max pain refers to the strike price at which the largest number of options contracts will expire worthless, often influencing price action.
How does negative gamma affect options trading?
Negative gamma indicates that dealers must buy or sell shares to hedge their delta exposure, which can lead to increased price volatility.
Why should traders care about dealer gamma exposure?
Dealer gamma exposure provides insights into potential market movements, as significant changes can affect liquidity and price dynamics.