Dealer Exposure Map — August 3, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-08-03
Traders eye max pain levels as SPY and QQQ show strong dealer gamma and delta exposure.
Report
Market Overview for August 3, 2026 Today, traders observed significant dealer exposure in SPY and QQQ options. The concept of 'max pain' indicates the price point at which options expire worthless, suggesting potential price action consolidation around these levels. SPY's max pain stands at $751.00, while QQQ's is $690.00. The substantial total gamma exposure of SPY at 3.88e+5 and QQQ at 4.95e+5 indicates heightened market sensitivity to price changes, which can amplify volatility. In addition, total delta exposure for SPY and QQQ, at 3.30e+6 and 2.54e+6, respectively, reflects significant directional bets by traders. These figures suggest that many participants are positioned for movements in the underlying assets.
Frequently Asked Questions
What is max pain and why is it important?
Max pain is the price level at which the maximum number of options expire worthless, helping traders gauge possible price movements.
How does total gamma exposure affect trading strategies?
High total gamma exposure suggests that small price changes can lead to large adjustments in delta, potentially increasing market volatility.
What does total delta exposure indicate about market sentiment?
Total delta exposure reflects the overall directional bets in the market; higher numbers suggest stronger conviction in price movements.