Dealer Exposure Map — September 22, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-22
Today’s Dealer Exposure Map highlights max pain levels and gamma exposure, signaling potential volatility for SPY and QQQ traders.
Report
On September 22, 2026, the Dealer Exposure Map reveals significant insights for traders navigating the SPY and QQQ options markets. The max pain for SPY sits at $785.00, indicating the price level where most options expire worthless, potentially guiding traders on effective strike prices. Total gamma exposure for SPY is notably high at 36,500, suggesting that traders could expect increased volatility as price fluctuations affect delta positions. Similarly, the QQQ shows a max pain of $754.00 and a total gamma exposure of 11,200, indicating a similar dynamic with potential for volatility as expiration approaches. With total delta exposure for SPY at 915,000 and QQQ at 56,600, these figures reflect the sensitivity of the underlying assets' prices to changes in the options market. Traders should consider these values as they strategize their trades in the lead-up to expiration.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the point at which the least amount of options contracts are in the money at expiration, often influencing trading behavior.
How does gamma exposure affect options trading?
Gamma exposure measures the rate of change of delta relative to changes in the price of the underlying asset, indicating potential volatility.
Why is total delta exposure important?
Total delta exposure helps traders understand how much the price of the underlying asset is expected to move in response to changes in options positions.