02 / Concepts · SPX, SPY and QQQ GEX
SPX, SPY and QQQ GEX
How gamma exposure differs across SPX, SPY, QQQ and NDX, and how it maps to ES and NQ.
SPX GEX is the gamma exposure of S&P 500 index options, SPY GEX the same for the SPY ETF, and QQQ GEX for the Nasdaq 100 ETF. They describe the same markets from different option books, and the walls and flip they produce do not always agree.
How the books differ#
| Book | Who trades it | What it tends to show |
|---|---|---|
| SPX | Institutions, 0DTE traders | The largest dollar gamma in the US market. The main map for ES |
| SPY | Retail and institutions | Heavy short-dated activity. A second read on the same index |
| NDX | Institutions | Large but thinner than SPX. The index read for NQ |
| QQQ | Retail and institutions | Most of the short-dated Nasdaq activity. Often the better-informed read for NQ |
From index to futures#
ES and NQ futures trade at a different price from SPX and NDX, so a level has to be moved onto the futures price before it lines up on an ES or NQ chart. q-bitf does this for you and lets you choose the index or the ETF book. See Futures and cash prices.
Which one to watch#
- ES traders: SPX first; check SPY when the two disagree.
- NQ traders: try both NDX and QQQ. On many days QQQ carries most of the short-dated positioning.
- When books agree on a wall, it is a stronger level than either alone.
q-bitf shows GEX for SPX, NDX, SPY, QQQ, IWM and GLD, the ES, NQ and GC futures, and most optionable US stocks.
Questions#
What is SPX GEX?#
The gamma exposure of S&P 500 index options: how much hedging dealers must do as the index moves, strike by strike. It is the main positioning map for ES traders.
Should I use SPX or SPY GEX for ES?#
Start with SPX, which carries the most dollar gamma, and check SPY when the two disagree. A wall both books agree on is stronger.
What is QQQ GEX?#
The gamma exposure of the QQQ ETF's options. For NQ traders it often holds more of the short-dated positioning than NDX.