index / future level converter
Convert strike prices and major levels between cash indexes, ETFs, and active futures contracts.
The gexbot Level Converter translates strike levels and Greek inflection zones between cash underlying index prices, active futures contracts, and ETFs.
Supported Instrument Pairs
gexbot supports 10 synthetic conversion pairs across two mathematical models:
1. Additive Model (Index Basis Offset)
Calculates the net difference (fair value basis) between the active front-month future and cash index:
Futures Price = Cash Index + Basis Offset| Cash Index | Target Future | Micro Future |
|---|---|---|
| SPX (S&P 500 Index) | ES (E-mini S&P 500) | MES |
| NDX (Nasdaq 100 Index) | NQ (E-mini Nasdaq 100) | MNQ |
| RUT (Russell 2000 Index) | RTY (E-mini Russell 2000) | M2K |
2. Affine Model (ETF to Commodity / Index Future)
Converts ETF strikes to active futures prices using scaling multipliers and basis offsets:
Futures Price = (ETF Strike × Multiplier) + Basis Offset| Source ETF | Target Future | Micro Future | Underlying Asset |
|---|---|---|---|
| SPY | ES | MES | S&P 500 |
| QQQ | NQ | MNQ | Nasdaq 100 |
| IWM | RTY | M2K | Russell 2000 |
| DIA | YM | MYM | Dow Jones Industrial |
| GLD | GC | MGC | Gold |
| SLV | SI | SIL | Silver |
| USO | CL | MCL | Crude Oil |
Web Converter Modes
The web tool (/converter) provides two interface modes:
- Interactive Ladder Table (
#table): Displays a 40-row ladder aligned by futures price with dynamic point increments (configurable slider from 1 to 100, default 5). - Quick Calculators (
#calculators): Bidirectional conversion cards for all 10 supported pairs. Enter any cash, ETF, or futures value to calculate equivalent levels instantly. - Refresh Frequency: Conversion basis updates dynamically every 15 minutes during market hours. Manual refresh includes a 5-minute cooldown.
Practical Application
When gexbot identifies a Major Positive Gamma level on SPX at 5,000, the Converter calculates the corresponding ES futures price (for example 5,025.50) and SPY strike (500.00). Futures and equity traders can place exact orders without manual basis calculations.