OPEN-SOURCE SCRIPT
MenthorQ Levels Conversion
Levels Conversion helps traders accurately overlay price levels from spot/index ETFs and indices (like SPX, SPY, QQQ, NDX) onto futures charts (like ES, NQ, etc.).
Because futures and spot/index prices don’t trade at the same price, your levels will be misaligned if you plot them directly. Futures typically trade at a spread or ratio versus their related index/ETF. This indicator solves that by calculating the conversion ratio automatically, so your levels stay aligned on the futures chart.
How it works
This script calculates the ratio between Asset A and Asset B and applies it to convert levels from one instrument to the other (for example, SPX → ES, QQQ → NQ).
Ratio options (3 modes)
You can choose one of three ratio sources:
✅ T1 Ratio (Morning Snapshot)
Select a specific time to “lock” the ratio.
Default: 10:00 AM ET (morning session snapshot)
✅ T2 Ratio (Afternoon Snapshot)
Select a second time to “lock” the ratio.
Default: 3:30 PM ET (afternoon snapshot)
✅ Last Price Ratio (Live)
Uses the last traded price of both assets to compute the ratio.
Note: To refresh the “Last Price” baseline, simply remove and re-add the indicator.
Learn more about Levels Conversions: menthorq.com/guide/levels-conversion/
Common levels conversions
Some popular use-cases include:
- SPX Gamma Levels → ES
- SPY Gamma Levels → ES
- QQQ Gamma Levels → NQ
- NDX Gamma Levels → NQ
- SPX Intraday Gamma Levels → ES
- QQQ Intraday Gamma Levels → NQ
- SPX Swing Trading Levels → ES
- QQQ Swing Trading Levels → NQ
- GLD Levels → GC
- DIA Levels → YM
- USO Levels → CL
- NVDA / MAG7 Levels → QQQ
Because futures and spot/index prices don’t trade at the same price, your levels will be misaligned if you plot them directly. Futures typically trade at a spread or ratio versus their related index/ETF. This indicator solves that by calculating the conversion ratio automatically, so your levels stay aligned on the futures chart.
How it works
This script calculates the ratio between Asset A and Asset B and applies it to convert levels from one instrument to the other (for example, SPX → ES, QQQ → NQ).
Ratio options (3 modes)
You can choose one of three ratio sources:
✅ T1 Ratio (Morning Snapshot)
Select a specific time to “lock” the ratio.
Default: 10:00 AM ET (morning session snapshot)
✅ T2 Ratio (Afternoon Snapshot)
Select a second time to “lock” the ratio.
Default: 3:30 PM ET (afternoon snapshot)
✅ Last Price Ratio (Live)
Uses the last traded price of both assets to compute the ratio.
Note: To refresh the “Last Price” baseline, simply remove and re-add the indicator.
Learn more about Levels Conversions: menthorq.com/guide/levels-conversion/
Common levels conversions
Some popular use-cases include:
- SPX Gamma Levels → ES
- SPY Gamma Levels → ES
- QQQ Gamma Levels → NQ
- NDX Gamma Levels → NQ
- SPX Intraday Gamma Levels → ES
- QQQ Intraday Gamma Levels → NQ
- SPX Swing Trading Levels → ES
- QQQ Swing Trading Levels → NQ
- GLD Levels → GC
- DIA Levels → YM
- USO Levels → CL
- NVDA / MAG7 Levels → QQQ
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.