Dealer Exposure Map — August 24, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-08-24
Market bearishness reflected in dealer exposure as SPY and QQQ show significant negative gamma and delta ahead of expiry.
Report
Market Overview On August 24, 2026, the options market showed significant dealer exposure for both SPY and QQQ. For SPY, the maximum pain point was observed at $757.00, suggesting that this level may act as a magnet for the underlying price as expiry approaches. Total gamma exposure was reported at -23,100, implying that dealers are positioned for potential declines, while total delta exposure at -502,000 indicates a substantial bearish bias across 20 contracts. Implications for Traders For QQQ, the maximum pain point stands at $706.00. The total gamma exposure of -4,270 suggests that similar bearish positioning exists among dealers, who appear to be hedging against downward movements. The total delta exposure of -109,000 signals that traders might anticipate further downside risk, making cautious strategies advisable in the current market environment.
Frequently Asked Questions
What is dealer gamma exposure?
Dealer gamma exposure measures how much market makers' positions will change with price movements, influencing price stability.
How does max pain affect options trading?
Max pain is the strike price at which the most options expire worthless, often serving as a target for the underlying asset as expiry nears.
Why is negative delta exposure significant?
Negative delta exposure indicates that dealers are heavily positioned for a decline, suggesting potential selling pressure on the underlying asset.