Dealer Exposure Map — September 25, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-09-25
Traders should watch SPY and QQQ closely as dealer exposures suggest potential volatility ahead of expiration.
Report
Market Overview - September 25, 2026
Today's dealer exposure data reveals intriguing positions in both SPY and QQQ options. The max pain for SPY stands at $764.00, which indicates a possible price point where option sellers might benefit the most due to expiring contracts.
For SPY, total gamma exposure is at 3.62e+3, suggesting a modest level of sensitivity to underlying price changes, while total delta exposure of 7.42e+4 indicates a substantial directional bias among traders. This combined data hints at potential volatility as we approach expiration.
On the other hand, QQQ shows a max pain at $758.00, with higher total gamma exposure of 7.30e+3 and significant total delta exposure of 3.91e+5. This reflects a stronger reaction to price fluctuations, signaling increased trader sentiment.
With both ETFs showing notable dealer positioning, traders should stay alert for potential price movements as expiration approaches, particularly in relation to max pain levels.
Frequently Asked Questions
What is max pain in options trading?
Max pain is the strike price at which the maximum number of options will expire worthless, benefiting option sellers.
How does gamma exposure affect options trading?
Gamma exposure indicates how much delta will change with movements in the underlying asset, impacting traders' strategies by suggesting price sensitivity.
Why is delta exposure important for traders?
Delta exposure measures the potential directional risk in an options portfolio, helping traders understand how price changes in the underlying asset can affect their positions.