Dealer Exposure Map — October 13, 2026 | Pushing Profits
Category: Dealer Exposure Map | Date: 2026-10-13
SPY and QQQ show significant dealer gamma and delta exposures, suggesting potential volatility as options expiration approaches.
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Market Insights for October 13, 2026
Today’s dealer exposure map reveals some interesting dynamics for options traders, particularly in SPY and QQQ. With a maximum pain level for SPY set at $787.00, options expiration is likely to see significant activity around this price point as market makers adjust their positions.
SPY is currently exhibiting a total gamma exposure of -5.03e+2 and a total delta exposure of -1.44e+5 across 20 contracts. This negative gamma indicates that market makers are likely to hedge by buying or selling the underlying asset as prices fluctuate, increasing volatility.
On the other hand, QQQ shows a maximum pain of $752.00, with a total gamma exposure of -5.52e+4 and a total delta exposure of -1.23e+6 across 20 contracts. Such high negative delta can result in extensive adjustments from dealers, signaling potential price swings as they balance their obligations.
Traders should pay close attention to these levels, as approaching max pain can influence technical setups and lead to opportunities, especially in the current context of heightened volatility.
Frequently Asked Questions
What is dealer gamma exposure?
Dealer gamma exposure refers to the sensitivity of market makers' delta hedges to changes in stock prices; negative gamma indicates increased volatility.
How does max pain affect options trading?
Max pain is the price level where the most options expire worthless, often guiding traders' strategies and influencing market price movements.
Why should I monitor total delta exposure?
Total delta exposure indicates the directional risk of options positions; large negative delta can lead to significant market moves as dealers manage their hedges.