Home Blog GEX Levels

How to Convert QQQ and NDX Gamma Levels to NQ

QQQ gamma levels convert to NQ with a ratio. NDX levels convert with the basis. Here are both formulas, when to refresh them, and a worked 5-minute NQ example.

By Hunter (Orion). October 18, 2026. 7 min read.

Short answer: To convert a QQQ gamma level to NQ, multiply it by NQ price divided by QQQ price, using both prices from the same moment. To convert an NDX level, add the basis, which is NQ price minus NDX price. Refresh the ratio or basis during the session and after every quarterly roll.

Two formulas, that is it. The part people get wrong is when to update them and how much precision to expect. That is most of this post.

Why NQ traders borrow QQQ and NDX gamma levels

Most gamma exposure (GEX) levels come from options on QQQ and on the Nasdaq-100 index (NDX). That is where the big options volume sits. NQ is a future on the same Nasdaq-100 index, so the dealer hedging around those options shows up in NQ too.

The problem is the price axis. QQQ trades at a bit less than one fortieth of NDX. In the example below, NDX is about 40.7 times QQQ. NDX and NQ are close, but not the same number, because NQ carries a basis. That basis is why the NQ to QQQ ratio sits a bit higher, around 41. A QQQ call wall at 765 means nothing on an NQ chart until you convert it.

One thing before the math. GEX levels are modeled estimates. They come from open interest and an assumption about who is long and short. Nobody sees actual dealer inventory. Treat converted levels as zones to watch, not lines price has to respect.

Method 1: convert NDX gamma levels to NQ with the basis

NDX and NQ track the same index, so the conversion is an offset.

NQ level = NDX level + (NQ price − NDX price)

The part in brackets is the basis. It exists because NQ is a future. Its price reflects the cost of carry until expiration, mostly interest rates minus the dividends on the index. With rates above the dividend yield, NQ usually trades above NDX.

How to do it:

Pull NQ and NDX prices from the same timestamp.
Subtract to get the basis.
Add the basis to every NDX level you want on the chart.
Round to the nearest 0.25, the NQ tick.

The basis is not fixed. It shrinks as expiration gets closer, moves a little during the day, and jumps when the front contract rolls.

Method 2: convert QQQ gamma levels to NQ with a ratio

QQQ is an ETF that tracks the Nasdaq-100 at a fraction of the price, so the conversion is a multiplier.

NQ level = QQQ level × (NQ price ÷ QQQ price)

How to do it:

Pull NQ and QQQ prices from the same timestamp.
Divide NQ by QQQ to get the ratio. Lately it has been around 41.
Multiply each QQQ level by the ratio.
Round to the nearest 0.25.

Because the ratio uses the NQ price directly, the basis is already baked in. You do not add it again.

The catch is scale. A 0.10 move in QQQ is about 4 NQ points. QQQ strikes near the money are 1 point apart, so converted QQQ strikes land about 41 NQ points apart. A QQQ wall is a coarse zone on NQ, not a precise price.

NDX vs QQQ: which chain to use for NQ

Both describe the same index, but they are different books of options with different traders in them.

	NDX method	QQQ method
Formula	NDX level + basis	QQQ level × (NQ ÷ QQQ)
What you track	The basis	The ratio
Precision on NQ	Finer, strikes are closer in NQ terms	Coarse, about 41 NQ points per QQQ strike
Main risk	Stale basis, especially after a roll	Stale ratio, and quote noise multiplied by 41
Who trades it	Larger, index-sized options	Heavy retail and short-dated volume

The two methods will not give the exact same level. They are built from different open interest. I treat a spot where a converted NDX level and a converted QQQ level land close together as more interesting than either one alone.

When to refresh the conversion

A stale conversion puts every level in the wrong place by the same amount. Refresh it:

At the cash open. Pre-market ratios and basis drift.
A few times during the session. It moves slowly, but it moves.
After every quarterly roll. NQ rolls to a new contract in March, June, September, and December. The new contract has more time to expiration, so the basis is bigger. Re-measure it on day one.
Whenever your levels source updates. If the levels refresh, your ratio or basis should be from the same moment.

Also check how old your levels are. Some GEX sources publish on a delay. If the levels are delayed, use prices from the same delayed timestamp, not the live price.

Example on the 5-minute NQ chart

This walk-through is illustrative. The prices and levels are hypothetical and round so the math is easy to follow. It shows how the conversion works, not a trade anyone took.

Snapshot at 9:45 ET. NQ is 31,100.00. QQQ is 758.50. NDX is 30,875.00.
Work out the numbers. Ratio = 31,100.00 ÷ 758.50 = 41.002. Basis = 31,100.00 − 30,875.00 = 225.00.
Convert the QQQ levels. A QQQ call wall at 765 becomes 765 × 41.002 = 31,366.51, rounded to 31,366.50. A QQQ put wall at 750 becomes 30,751.48, rounded to 30,751.50.
Convert the NDX levels. An NDX call wall at 31,000 becomes 31,000 + 225.00 = 31,225.00. An NDX gamma flip at 30,800 becomes 30,800 + 225.00 = 31,025.00.
Draw them on the 5-minute NQ chart. I draw each one as a zone a few points wide, not a single line. Now the chart has 30,751.50, 31,025.00, 31,225.00 and 31,366.50 marked, with price at 31,100.00 sitting between the converted flip and the NDX call wall.
Refresh at 11:30 ET. NQ is 31,180.00, QQQ is 760.40, NDX is 30,953.50. The ratio is now 41.005 and the basis is 226.50. The QQQ 765 wall moves to 31,368.50. The NDX levels move up 1.50 points. Small drift, but it adds up over a day and it jumps at the roll.

What I would watch from here is how price behaves on the 5-minute as it gets near each zone. Does it slow down and rotate, or close straight through? The level tells you where to pay attention. Price action tells you what is actually happening there.

Common mistakes

Mixing timestamps. Levels from one time and prices from another put everything off by the same amount.
Adding the basis to a QQQ conversion. The ratio already includes it.
Forgetting the roll. The old basis is wrong the day the contract changes.
Treating QQQ levels as exact. One QQQ strike is about 41 NQ points.
Using delayed levels with live prices. Match the delay.
Reading the levels as a forecast. They are modeled positioning. Price can and does run through them.

FAQ

What is the QQQ to NQ ratio right now?

Divide the current NQ price by the current QQQ price. It has been around 41 lately, but do not hardcode it. It drifts during the day and changes as the futures basis changes.

Do I add the basis when converting QQQ levels?

No. The ratio uses the NQ price, so the basis is already in it. You only add the basis when converting NDX levels.

Are converted gamma levels as good as native NQ gamma levels?

They measure something a little different. Options on the NQ future exist, but many of the NQ gamma levels published online are built from NDX or QQQ options and moved onto the NQ price axis. That is a reasonable proxy because it is the same index, but it is still an estimate.

How often should I update the conversion?

At the open, a few times during the session, every time your levels refresh, and always after the quarterly roll.

Where Zero-G fits

If you would rather not do this by hand, Titan is Zero-G's GEX market map for dealer pressure and gamma levels. Titan Pro includes a futures gamma map for ES, NQ, YM, and RTY. It converts index and ETF gamma onto the futures price axis for you, so the levels sit on the NQ chart you trade. The CME E-mini futures snapshots in Titan are delayed 15 minutes, so match that delay when you compare to price.

Titan is sold on titangex.com. There is a free Preview with sample tickers SOFI and RBLX, and futures data is part of Pro. Current Pro pricing is on the Titan pricing page. Titan is market context. You still make every decision and manage your own risk.