SPY and ES relate to the S&P 500; QQQ and NQ relate to the Nasdaq-100. Their prices, contracts, sessions and participants differ.

Prism displays ETF prices and ETF option exposure. It does not convert ETF walls into futures levels. ETF options and futures options have different underlyings and specifications.

Sources: Cboe: Exchange Traded Products and Stock Options; CME Group: Options Gamma — The Greeks.

REAL SESSION · HISTORICAL CASE STUDY

A put-wall breakdown under review

Follow IWM’s $290.00 test through completed candles.

IWM · Sep 11, 20261-minute source bars15-minute delayed model source
Full-session retrospectiveCompleted through 4:00 PM ETModel first recorded at 3:08 AM ET.
Full-session view
3:55 PM ET–4:00 PM ETO 288.93H 289.13L 288.82C 288.92
IWM, 2026-09-11. 5-minute historical candles completed by 4:00 PM ET. Visible 9:30 AM ET to 4:00 PM ET. Later source minutes are hidden.288.45289.28290.11290.93291.76Put wall: $290.00 · Native primary display · first recorded 3:08 AM ETPut wall 290.009:30 AM ET12:45 PM ET4:00 PM ET
Put wall
Outside the price range shown: Call wall $295.00; Gamma flip · ≤1 DTE $296.62; Gamma flip · ≤7 DTE $298.66.
Review the historical session
390 / 390
MOMENTS TO INSPECT

Choose a checkpoint for 1-minute detail. Later prices stay hidden.

HOW TO USE WHAT WAS VISIBLE

Invalidation came first. The later decline changes nothing.

Historical review. Plans are hypothetical; fills, delivered signals and a trading edge are not proved.

Context
Preopen walls: call $295.00, put $290.00. Price started above the put wall. The 15-minute-delayed model was stale; alerts were suppressed. Pause until model timing and a fresh broker quote are verified. No order was authorized.
Wait for
Wait for a completed five-minute close below $290.00 after its first touch. 09:45–09:49 did not qualify; 09:50–09:54 closed $289.80, known at 09:55 ET.
Execution
Hypothetical sell-limit reference: $289.80 after 09:55; no fill assumed. Verify quote, spread, borrow and order acceptance. Size ≤ floor(risk budget / $0.43), capped by buying power and borrow, with costs reserved. No order was submitted.
Invalidation
Stop reference $290.23: $0.01 above the completed $290.22 high. Reference risk is $0.43 per share. A $290.00 reclaim challenges the idea; do not move the stop to rescue it.
Management
1R target: $289.37. Check which reference is reached first. If both occur inside one minute, OHLC cannot establish order. Stops can slip; fills need broker evidence.
What followed

$290.00 was reclaimed by 09:57. The $290.23 stop reference was observed at 09:58, before the $289.37 target at 10:09. Keep the invalidation-first result. No fills or P&L are claimed.

Source, timestamps & selection
Candles
Databento XNAS.ITCH · venue OHLCV, not consolidated SIP volume. These are venue bars, not a consolidated market tape.
Model source
Tradier sandbox · original archived native model. Source delay: 900 seconds.
Model built
2026-09-11T07:04:09.845438+00:00
First recorded
2026-09-11T07:08:32.318429+00:00
Open interest timestamp
Unknown. No point-in-time open-interest clock was supplied.
Evidence limit
A local producer cycle recorded this model before the cash open. The producer log is mutable and has no independently sealed receipt. The first and selected records report stale=true and alerts_suppressed=true; no enabled alert, trader broadcast or execution is proved. Exact OI availability is unknown. The chart uses a different price provider. Bar-end times are the earliest theoretical observation times after a minute closes, not proven client delivery times.
Why this day
Four editorial examples selected after reviewing all 12 SPY/QQQ/IWM sessions from September 8–11, 2026. Hindsight selection is explicit. Untouched levels, recrossings and the invalidation-first case remain visible; no hit rate or predictive performance is claimed.

The producer record is mutable. “First recorded” describes the recorded archive; it is not proof that a trader received the same levels at that instant.

Archive fingerprints
  • resource-case-study-census.jsonaf9379d9eb6802044356957fd6cf9a96b203eb57bddafd844c2d56ebf679de85
  • cycles.parquetcb31c638974f19aea8cd9bc5b0bc0366f088e49ed69369d72f131823138b742f
  • contracts-IWM.parquet340667d74bf8ce223b2a4ee192a08c7b78d981cdb383c845c87eeff0dad87350
  • IWM-preview.json43aef114869281bc4be35467b81039be01d145ba4cede00454136a9160c7f15a
Explore the concept with a simplified model
CHOOSE AN INSTRUMENT

Related markets. Separate price scales.

Select an ETF to see its related index-futures family and which prices belong on each screen.

Instrument relationship diagram · no price conversion
S&P 500 familyPRISM · ETF OPTIONS CONTEXTSEPARATE FUTURES PLATFORMSPYESETF share-price levelsFutures contract pricesRELATED INDEX CONTEXT · DISTINCT INSTRUMENTS AND UNITS
ETF options context

SPY context beside a ES workflow.

SPY options and ES futures relate to the S&P 500 family. A wall calculated from SPY options stays a SPY share-price reference. ES uses its own futures price, contract month and market data.

ETF level unitsUSD per SPY share
Futures quote unitsES index points

No numerical conversion is implied. Futures-native option exposure requires that future’s own option population, pricing inputs and contract specifications.

Use two price scales

Keep Prism as the ETF context screen. Execute and manage risk on the correct instrument’s own platform.

  • SPY context beside ES.
  • QQQ context beside NQ.
  • Use the traded instrument’s native price and contract size.

When you need futures options

A futures-native strike book or settlement-aligned calculation requires futures-options data. ETF analytics cannot supply it.

Sources and editorial notes

Read the primary references and editorial policy

Published by GEXfreak. Prism by GEXfreak is the product described in these guides. Definitions reference the primary sources below; examples and tool-selection checklists are GEXfreak’s own illustrations. This is product education, not independent investment research.

These sources explain options mechanics and data. They do not endorse Prism or validate the predictive value of its levels. Undated pages are marked below; the checked date is when the source was reviewed.

For the product’s calculation and data boundaries, read Prism’s methodology.

All resources
IWMSep 11, 2026Historical
One wall. Repeated tests.
Put wall 290.00
IWM, 2026-09-11. 1-minute historical candles completed by 4:00 PM ET. Visible 9:35 AM ET to 10:15 AM ET. Later source minutes are hidden.9:35 AM9:55 AM10:15 AM
1m closes · XNAS · recorded model
Blog · 2 min read

A field guide to GEX levels

QQQSep 11, 2026Historical
XNAS prices · Tradier model
Model built 3:03 AM ETFirst recorded 3:08 AM ET
QQQ, 2026-09-11. 15-minute historical candles completed by 4:00 PM ET. Visible 9:30 AM ET to 4:00 PM ET. Later source minutes are hidden.9:30 AM12:45 PM4:00 PM
15m model delay · OI time unknown
Blog · 2 min read

Choose an options data tool

QQQSep 11, 2026Historical
Two horizons. One session.
Flip ≤1 DTE 716.60Flip ≤7 DTE 718.05
QQQ, 2026-09-11. 15-minute historical candles completed by 4:00 PM ET. Visible 9:30 AM ET to 4:00 PM ET. Later source minutes are hidden.9:30 AM12:45 PM4:00 PM
15m closes · XNAS · recorded model
Blog · 2 min read

Choose your expiry window

Blog · 5 min read

How SPX and SPY gamma exposure differ

Keep the instruments clear.

Inspect ETF levels beside your futures-native chart.

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