Dealer Exposure Map — October 5, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-10-05
SPY shows positive delta exposure while QQQ's negative gamma hints at heightened volatility today.
Report
Market Overview for October 5, 2026
Today's Dealer Exposure Map reveals significant insights for options traders focusing on SPY and QQQ. For SPY, the max pain level is set at $783.00, indicating the price point where the least amount of options expire in-the-money, which could guide trading strategies for the day.
In addition, SPY shows a total gamma exposure of -2.16e+3 and a total delta exposure of 6.40e+3 across 20 contracts. The negative gamma suggests that as SPY’s price moves, hedging by market makers could contribute to increased volatility.
On the other hand, QQQ presents a more complex picture with a max pain at $762.00. Its total gamma exposure stands at -5.31e+4, hinting at potentially aggressive delta-neutral trading strategies by dealers, and a total delta exposure of -1.66e+5 also suggests a strong selling bias.
This divergence in dealer exposures for SPY and QQQ signifies varying levels of potential price movement, which traders should consider when making options trades.
Frequently Asked Questions
What does max pain mean for options trading?
Max pain refers to the strike price where the greatest number of options expire worthless, indicating a potential price target for underlying assets.
How does gamma exposure affect volatility?
Negative gamma exposure can lead to increased volatility as market makers adjust their hedging strategies based on price movements.
What should traders watch for in delta exposure?
Delta exposure indicates the sensitivity of an option's price to changes in the underlying asset's price, guiding traders on potential price movements.