FDAX: order flow on Eurex
A compressed book: FDAX depth versus the ES
Fewer levels, more size per level
The FDAX and the ES carry, per contract, a notional of the same order of magnitude: around 26,400 points, one FDAX is worth about EUR 660,000, one ES around 6,600 points about $330,000, one NQ around 30,000 points about $600,000. It is not the size of the contract that sets the DAX apart, it is how finely the market is sliced.
The ES trades in quarter points, the NQ too, the FDAX in full points. Relative to each index's level, the same economic volume spreads across nearly five times fewer price levels on the DAX than on the Nasdaq. Twenty book levels cover 20 DAX points, against 5 Nasdaq points.
The consequence is twofold, and these are the two most useful facts of the module:
The rest of this lesson is for students
- The benchmark contract: tens of lots, not thousands
- Levels hold all day
It's free: join the Discord, click the Student role, then log in with Discord here to access all courses.
→ Native icebergs and reloads: the Eurex signature