Now / ES
ES gamma levels
close of Wednesday, September 30, 2026 · the market is closed
ES (ESZ26) is 45.45 points below the zero-gamma flip at 7,755.46, the SPX volume book moved to the future's price by a basis of +58.50. Net gamma on that book is negative: a position, not a forecast.
| ES ESZ26 | SPX | |
| Price | 7,710.01 | 7,651.51 |
| Zero-gamma flip | 7,755.46 | 7,696.96 |
| Call resistance | 7,688.50 | 7,630.00 |
| Put support | 7,708.50 | 7,650.00 |
| Net gamma, volume book | negative |
Basis +58.50 (ES minus SPX, the day's running median at the ES tick) · contract ESZ26 · 15:59 ET.
Open ES in the live terminal, no delay →How the levels are made
The terminal shows ES as a view of the SPX book, not as a symbol of its own. Every SPX level (the zero-gamma flip, call resistance, put support and the strikes) is moved by the day's basis: the future minus the index. The basis is measured from put-call parity on the SPX AM-settled quarterly options, the expiry the future settles on, and it is the day's running median of the collector's passes, rounded to 0.25, the ES tick. No CME data and no futures feed are used. The public reading on this page is the SPX book at its last second at least fifteen minutes old, in the volume book, the one the chart draws.
Against real ES minute prices over 206 sessions, the parity forward's median residual was +0.02 point, and 90% of the stamps were within 0.27 point of the future. The long version, with why parity and what differs between ES and NQ:
how SPX dealer gamma maps onto ES and NQ futures. The day's
basis passes are public at /gex/basis.json and
/gex/basis/<day>.json.
The roll, and the micros
- The front contract. The view follows the front quarterly and switches 8 days before expiry, as traders roll. In the 2 weeks before that the next quarterly is measured too, and the levels API and the integrations can serve either by its dated symbol (for example ESH27). New quarterlies appear by themselves.
- MES. Micro E-mini S&P 500 futures trade at the same prices as ES, so the same levels apply.
What LIVE adds
- No delay. ES is drawn from the SPX engine every second: the same book the terminal rebuilds from the options tape. Open it in the terminal.
- Alerts in Telegram. @FirmTapeBot sends LIVE subscribers an
alert when ES crosses the flip, breaks the call wall or the put support, or the book changes
gamma regime, on a symbol list of their own.
/levels esanswers anyone, fifteen minutes late without LIVE. - Integrations and the levels API. The same ES levels inside NinjaTrader, Sierra Chart,
ATAS, Quantower, Bookmap, MotiveWave, TrendSpider, TradingView and thinkorswim (beta),
or as JSON from the levels API with a read-only
ftpl_token.
The public channel @firmtape posts SPX, ES and NQ three times a session, fifteen minutes late, and the day's summary after the close. LIVE is $49 a month.
Questions
- How are ES gamma levels calculated?
- They are the SPX options book (the volume book the terminal draws) moved by the day's basis: ES minus SPX, measured from put-call parity on the SPX AM-settled quarterly options that expire with the future, taken as the day's running median of the collector's passes and rounded to 0.25, the ES tick. No CME data and no futures feed are used.
- How close is the basis to the real ES price?
- Against real ES minute prices over 206 sessions, the parity forward's median residual was +0.02 point, and 90% of the stamps were within 0.27 point of the future.
- Do the levels work for MES?
- Yes. Micro E-mini S&P 500 futures (MES) trade at the same prices as ES, so the same levels apply.
- Which contract is shown, and what happens at the roll?
- The front quarterly, which switches 8 days before expiry, as traders roll. In the 2 weeks before that the next quarterly is measured too, and the levels API and the integrations can serve either by its dated symbol (for example ESH27). New quarterlies appear by themselves.
- Is this page live?
- No. It is at least 15 minutes behind, the same delay as /now, and outside the session it shows the last close. LIVE draws ES with no delay, sends level alerts in Telegram and puts the levels inside trading platforms.
- Is this a ES futures-options book?
- No. It is the SPX options book at the ES price. CME options on the future are not read.
- Are these trade signals?
- No. They are measurements of dealer positioning. FirmTape publishes no buy or sell signals.
Open ES in the terminal NQ gamma levels
The SPX reading this page moves: /now. Every finished SPX session is free in the archive. Measurements are model output derived from public trade and quote data; they are approximations and can be wrong. Nothing here is investment advice; see the Terms.