FDAX: order flow on Eurex
SPX gamma context as a filter
Why SPX gamma concerns a DAX trader
The Options flow and GEX course explains how the hedging of SPX options market makers executes on the ES and imposes a regime: a damper when dealers' gamma is positive, an amplifier when it is negative. From 3:30 pm, the DAX follows the ES. It therefore inherits that regime, without having its levels.
That is exactly the NQ's situation described in that course: you transpose the regime, never the walls. An SPX call wall at a given strike has no equivalent in DAX points worth anything. But the fact that the ES is, this afternoon, in a regime where every move is damped or amplified changes everything for the DAX's levels.
The rest of this lesson is for students
- The filter, in two lines
- The DAX has its own options, and it is not the same thing
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→ The Euro Stoxx 50 (FESX) as confirmation