Dealer Exposure Map — September 23, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-23
Traders should watch for price movements gravitating towards max pain levels in SPY and QQQ amid mixed gamma exposures.
Report
On September 23, 2026, significant insights emerge from the Dealer Exposure Map for options traders. The SPY shows a max pain level of $761.00, suggesting that this is the price where the largest number of options contracts would expire worthless. This potentially creates a scenario where the SPY price might gravitate towards this level as expiration approaches.
In contrast, the QQQ has a max pain of $740.00, indicating a similar dynamic for this index. However, the total gamma exposure for QQQ stands at -1.32e+3, which may signal that traders are less optimistic about bullish movements in this sector.
SPY exhibits a total gamma exposure of 3.95e+4 and a notably high delta exposure of 8.36e+5, indicating that traders are positioned predominantly for upward moves in the underlying.
These metrics highlight a potential volatility in SPY, indicating that as the market approaches the max pain levels, traders should brace for possible shifts.
For QQQ, the negative total gamma and delta exposures suggest that traders might be hedging against downward movements, creating a bearish outlook.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the price level at which the largest number of options contracts expire worthless, indicating where underlying prices may be drawn as expiration approaches.
How does gamma exposure affect options trading?
Gamma exposure measures how much the delta of an option changes as the underlying price shifts, giving insight into potential price volatility.
Why is delta exposure important for traders?
Delta exposure indicates the degree to which an option will move with the underlying asset, helping traders gauge risk and potential profit in their positions.