Dealer Exposure Map — September 18, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-18
SPY shows stability with positive gamma; QQQ faces volatility ahead of max pain at $705.
Report
Market Overview for September 18, 2026 Today's dealer exposure data reveals interesting insights for traders in the SPY and QQQ markets. The max pain level for SPY stands at $746.00, suggesting that option sellers are likely to aim for this price point, potentially neutralizing volatility as expiration approaches. On the gamma front, SPY displays a positive total gamma exposure of 9.02e+3. This indicates that traders can expect increased stability in SPY's price movement, as market makers will adjust their positions to balance minor price changes. In contrast, QQQ shows a significantly negative total gamma exposure of -1.06e+5, which suggests heightened volatility and potential for larger price swings. With QQQ also having a max pain at $705.00, option traders should be cautious. The large negative delta exposure of -6.10e+5 indicates that market makers may need to sell shares if prices rise, reinforcing potential downward pressure on the QQQ.
Frequently Asked Questions
What does max pain mean for options traders?
Max pain refers to the price at which the largest number of options expire worthless, indicating where option sellers want the underlying asset to close.
Why is gamma exposure important for understanding market movements?
Gamma exposure measures how much an option’s delta will change, helping traders forecast price stability or volatility in the underlying asset.
How do delta and gamma exposures impact trading strategy?
Positive gamma suggests stable prices, allowing for potential bullish strategies, while negative gamma indicates increased volatility, often leading to more cautious trading approaches.