Dealer Exposure Map — September 14, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-14
SPY and QQQ show significant dealer gamma and delta exposure, hinting at potential volatility around max pain points.
Report
Market Overview On September 14, 2026, the options market showed intriguing dynamics in both SPY and QQQ. Dealer exposure data reveals shifts in gamma and delta that traders should carefully consider. For SPY, the maximum pain point is set at $744.00, with a total gamma exposure of -44,100, indicating that dealers are hedging against significant moves in SPY. Such negative gamma suggests volatility could rise as we approach this max pain level, potentially impacting pricing for options. Meanwhile, QQQ's max pain is positioned at $715.00 with its total gamma exposure at -262,000 and delta exposure at -5,560,000. This negative delta indicates that if prices rise, dealer hedging could necessitate selling of QQQ, putting additional downward pressure on prices. Overall, traders might want to consider how these levels of dealer exposure could influence their strategy, especially when approaching these max pain targets.
Frequently Asked Questions
What is max pain?
Max pain is the price point at which the maximum number of options contracts expire worthless, often leading to price stabilization around that level.
How does gamma exposure affect options trading?
Negative gamma indicates that dealers' delta hedging becomes more aggressive and can exacerbate price movements, often leading to increased volatility.
What does total delta exposure signify?
Total delta exposure shows how sensitive an options position is to price changes; higher negative delta means dealers may be forced to sell as prices rise.