The core idea: a brake or an accelerator on ES

One sentence for the whole course

Market makers who sell SPX options hedge by buying or selling ES futures. The way they do it can either slow the market down or speed it up. GEX (gamma exposure) tries to map where, and in which direction, that brake or that accelerator applies.

This course teaches you to read an ES chart equipped with DeepGamma on your own: what each element measures, why price reacts to it, and how to use it when scalping.

The common thread: a real session

The whole course is built on a real session: ES on Friday, October 30, 2026, from 2:31 pm to 4:16 pm (Paris time). Four annotated captures serve as your material:

You will find each one in the lesson that uses it: capture 4 in module 2, capture 3 in module 3, capture 1 in module 4 and capture 2 in module 5. The annotations on the captures are in French; each lesson spells out what they say.

The path

1. Modules 1 and 2, the mechanics: options, Greeks, market maker hedging, long and short gamma regimes.
2. Module 3, the measurement: GEX, the Zero Gamma, the sources, the walls, the SPX to ES conversion.
3. Module 4, the tools: every element of the DeepGamma screen.
4. Module 5, the case study: the October 30 session, phase by phase.
5. Module 6, method and limits, then the glossary.

Conventions

• Prices are in ES points, December 2026 contract (ES-202612).
• Times are in Paris time. On October 30, 2026, the US cash open is at 2:30 pm and the close at 9:00 pm: the United States only switches to winter time on Sunday, November 1.

Reminder: educational content, not investment advice. Futures and options are leveraged products, and the session readings are made with hindsight: they illustrate a method, not a guarantee.