# 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](https://q-bitf.com/docs/concepts/futures-and-cash).

## 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.