Dealer Exposure Map — August 12, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-08-12
Today's dealer exposure data reveals a bullish outlook for SPY and bearish sentiment in QQQ.
Report
Market Overview On August 12, 2026, the options market shows contrasting dealer exposures for major ETFs, SPY and QQQ, signaling diverging expectations among traders. For SPY, the max pain point is set at $764.00, indicating where option sellers may benefit the most. The total gamma exposure is at 309,000, alongside a significant delta exposure of 1.19 million, which suggests bullish sentiment as traders are more likely inclined to hedge positions upwards. Conversely, QQQ reveals a different story with a max pain point of $712.00 and total gamma exposure of -135,000. Negative gamma indicates a more cautious stance, as the delta exposure of -864,000 suggests traders are positioned for downward movements, potentially leading to increased volatility. SPY's strong gamma and delta numbers suggest stability or bullish movement in the near term. QQQ's negative gamma indicates that any price fluctuations could lead to larger moves as dealers will need to adjust their hedges.
Frequently Asked Questions
What does max pain mean for options traders?
Max pain refers to the price point where the most options expire worthless, often guiding traders on potential price levels.
How does gamma exposure affect trading strategies?
Gamma exposure indicates how sensitive a portfolio's delta is to changes in the underlying asset's price, impacting how traders manage risk.
Why is delta exposure important in options trading?
Delta exposure reflects the expected change in an option's price based on changes in the underlying asset, helping traders gauge market sentiment.