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Options flow and GEX: reading SPX context to trade ES and NQ

Market maker hedging flow, from the strike to your order book

Market makers who sell SPX options hedge in the ES future: their hedging becomes flow in your order book. Greeks, GEX and the gamma flip, call and put walls, positive and negative gamma regimes, 0DTE and opex, then a daily workflow in confluence with the footprint and the heatmap. Gamma is the context, order flow remains the execution.

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What you will be able to do

  • 01Explain why SPX option hedges are executed in ES, and at what scale
  • 02Read a GEX Profile: call wall, put wall, gamma flip, and know what the model does not measure
  • 03Recognize the day's gamma regime and tell whether an absorption has the flow with it or against it
  • 04Plan for 0DTE, the closing pin, opex and the roll in the session plan
  • 05Run the daily workflow in confluence with the heatmap and the footprint, and keep a journal by regime

Who it is for

For those who already read the footprint and the heatmap and want to understand the hedging flow that drives ES and, by correlation, NQ. The NQ and Heatmap courses are the natural prerequisite; no prior knowledge of options is required.

Syllabus

Module 01

1 · Why SPX drives your ES

01The hedging chain: from an SPX option to your order bookFree preview10 min02The scale of the flow: the tail that wags the dogStudents only8 min03On the other side: a player with no opinionStudents only8 min
Module 02

2 · The Greeks that matter to a flow trader

04Delta, or how many ES to holdStudents only9 min05Gamma, or why the hedge has to start overStudents only10 min06Vanna and charm: the two flows you never see comingStudents only10 min07Quiz: the mechanism and the GreeksStudents only4 min
Module 03

3 · GEX and the gamma flip

08GEX: definition, sign convention, and what it is notStudents only10 min09Reading a GEX Profile strike by strikeStudents only10 min10The gamma flip: the level that decides the gameStudents only9 min11The data behind the number: Cboe, OPRA, and the NDX linkStudents only9 min
Module 04

4 · Call walls and put walls

12The call wall and the put wall: a ceiling and a conditional floorStudents only10 min13A gamma wall is not an order book wallStudents only9 min14Quiz: GEX, flip and wallsStudents only3 min
Module 05

5 · The two regimes and your order flow

15Positive gamma: the dampening marketStudents only9 min16Negative gamma: the amplifying marketStudents only9 min17The same absorption in both regimesStudents only11 min18The field test: does the limit reload?Students only9 min19Gamma Bands and Expected Move: the geometry of risk by regimeStudents only9 min20Quiz: the regimes and your order flowStudents only4 min
Module 06

6 · 0DTE, opex and the calendar

210DTE: the gamma that lives and dies inside your sessionStudents only10 min22The closing pin and the wicks that carry no informationStudents only8 min23Opex, expiration unwind and the dates to markStudents only9 min24Option Big Flows: reading a large ticket without turning it into a signalStudents only9 min
Module 07

7 · NQ and the limits of GEX

25On ES the levels, on NQ the regimeStudents only9 min26What GEX cannot doStudents only8 min
Module 08

8 · The daily workflow in confluence

27Before the open: five minutes, three levels, one sentenceStudents only9 min28During the session: GEX, heatmap and footprint in confluenceStudents only11 min29Three cards: two setups and one no-tradeStudents only11 min30In the evening: a journal by regime and a review at twenty tradesStudents only8 min31Final quiz: the complete workflowStudents only5 min
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