Dealer Exposure Map — September 15, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-15
SPY and QQQ show distinct dealer exposures, indicating varying trading sentiments as expiry approaches.
Report
Market Insights for September 15, 2026 Today's data reveals key insights into the SPY and QQQ options markets. The max pain point for SPY sits at $769.00, while QQQ's max pain is $745.00. These levels indicate where most options contracts expire worthless, suggesting potential volatility as traders adjust their positions. In terms of exposure, SPY shows a total gamma exposure of 3.52e+3 and delta exposure of 4.81e+4 across 20 contracts. In comparison, QQQ has a total gamma of 3.03e+3 and delta exposure of 1.02e+5 across the same number of contracts. This highlights a stronger directional interest in QQQ among traders. For SPY, the lower gamma exposure may suggest a steadier outlook, while QQQ's higher delta exposure could signal aggressive trading sentiment. Traders should watch these metrics closely, especially as options expiry approaches, as they can lead to price swings near max pain levels.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the price point at which the most options contracts expire worthless, usually causing the underlying asset to gravitate towards it.
How does gamma exposure affect options pricing?
Gamma exposure indicates how the delta of an options position changes; higher gamma can lead to greater price volatility as expiration approaches.
What should traders consider when approaching max pain levels?
Traders should be cautious as prices tend to gravitate towards max pain, creating potential trading opportunities or risks.