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