ES (E-mini S&P 500)
ES is the ticker of the E-mini S&P 500 futures contract listed on CME Globex, a cash-settled contract on the S&P 500 index that expires on a quarterly cycle. It trades on one central limit order book, which is why its footprint, cumulative delta and DOM are reproducible from any feed entitled to the exchange data.
Senzoukria · Glossary · Updated September 2026
Contract basics
ES is quoted in S&P 500 index points and moves in a minimum increment published on the CME contract specification, together with the multiplier that converts points into dollars. The contract is listed for the quarterly months and the nearest one, the front month, carries most of the volume until the roll. Because the contract is a claim on a future index level, its price differs from the cash index by the basis, which reflects financing minus expected dividends and shrinks toward expiry.
Sessions and data
- ES trades on CME Globex nearly around the clock from Sunday evening to Friday afternoon, Chicago time, with a daily maintenance break; the session open used by session-based indicators is 17:00 CT.
- Exchange data for ES is billed by the data source and the exchange, separately from any software subscription.
- What your feed carries (live trades, depth, historical trades, historical depth) is set per account and per plant; a successful login does not prove all four.
GEX levels on ES
Published gamma exposure levels are computed on an options underlying such as SPX or SPY, not on the ES contract. Placing one on an ES chart is a transposition: the level is converted to the index scale, shifted by the measured basis, then rounded to the ES tick. The resulting line is a modelled quantity, not resting size in the ES book, so the footprint and the DOM remain the only record of what actually trades there.
In Senzoukria
The guided tour presents Rithmic Direct as the connection for "ES, NQ and the other CME contracts", with paper and live plants kept separate and a market-data entitlement required on the plant you use. ES is picked in the chart workspace "Symbol" field, and the heatmap workspace asks you to "Choose the heatmap contract" before drawing depth. The GEX view is conditional on an options source being configured: a futures connection alone does not produce gamma exposure. Session indicators such as "Session Open" and "Session CVD" reset at the CME session open rather than at midnight.
Common mistakes
- Reading an SPX or SPY level directly on ES without applying the basis.
- Comparing daily volume between a continuous series and a single contract month.
- Treating a gamma line as a bid or an offer in the ladder.
Related
- GEX on ES and NQ futures
- Rithmic footprint software
- Front-month contract
- Session CVD indicator
- Index futures
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Frequently asked questions
- Is ES the same as the S&P 500 index?
- No. ES is a futures contract on the index, quoted at a price that differs from the cash index by the basis and that expires on a quarterly date. The index itself is a calculated value that cannot be traded directly. Order flow is observed on the contract, because that is where the executions and the order book exist.
- Which ES contract should be on my chart?
- The front month, meaning the nearest quarterly expiry that still carries most of the volume. Around the roll, the next contract takes over and charts should follow it. A chart left on the expiring contract shows a thinning book and a tape that no longer represents the active market.
- Does a futures feed give me GEX on ES?
- No. Gamma exposure is derived from an options chain, which is a different source with its own entitlement and, in most cases, its own fee. A futures connection provides the chart and the tape; the GEX view requires an options source to be configured in addition.