Dealer Exposure Map — July 15, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-07-15
SPY shows bullish sentiment while QQQ remains stable ahead of key expiration, based on dealer gamma and max pain data.
Report
Market Overview On July 15, 2026, investor focus on options positioning remained strong, as evident in the data from SPY and QQQ. Max pain levels indicate potential price points where options traders may experience losses, while gamma and delta exposures offer insights into market sentiment and potential volatility. For SPY, the max pain level stands at $743.00 with total gamma exposure of 5.96e+6 and total delta exposure of 7.06e+6 across 20 contracts. This suggests that traders are cautiously optimistic, as the high delta exposure can lead to increased market movement. Meanwhile, QQQ's max pain level is at $710.00, with total gamma exposure of 4.89e+6 and total delta exposure of 3.11e+6 across 20 contracts. This data indicates a more restrained sentiment compared to SPY, which might lead to a steadier trading environment for QQQ. Traders should monitor these max pain points as potential areas for price reversals in the underlying ETFs. High gamma exposure in both SPY and QQQ suggests potential for significant price swings, especially as expiration approaches.
Frequently Asked Questions
What is dealer gamma exposure?
Dealer gamma exposure measures how much the value of options contracts can change based on the underlying asset's price movements.
How does max pain affect options trading?
Max pain represents the price point where the highest number of options expire worthless, potentially influencing where traders position their strategies.
Why is delta exposure important?
Delta exposure indicates the sensitivity of an option's price to changes in the underlying asset, which can help traders gauge potential market movement.