Dealer Exposure Map — July 17, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-07-17
Traders should watch for potential volatility as SPY and QQQ approach their max pain levels this week.
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Dealer Exposure Summary for SPY and QQQ On July 17, 2026, options traders should note the max pain points for SPY and QQQ, which sit at $743.00 and $718.00, respectively. Max pain represents the stock price where option sellers make the most profit, suggesting potential price targets for underlying securities as expiration approaches. Currently, SPY shows a total gamma exposure of -375,000 and total delta exposure of -3,490,000 across 20 contracts. This negative gamma indicates a likely increase in volatility as the price approaches max pain, prompting traders to be cautious. For QQQ, the total gamma exposure stands at -106,000 and total delta exposure at -2,520,000. Similar to SPY, the negative gamma may suggest increased price moves, encouraging traders to monitor market conditions closely as we near options expiration.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the price point where the most options contracts expire worthless, indicating where option sellers are least likely to pay out.
How does gamma exposure affect options trading?
Negative gamma exposure suggests that as the underlying price moves, the speed of delta changes will increase, leading to potential volatility.
Why is dealer exposure important for traders?
Understanding dealer exposure helps traders anticipate market movements and adjust their strategies accordingly, especially around options expiration.