# What is the SpotGamma Implied 5-Day Move?

The SpotGamma Implied 5 Day Move is a proprietary estimate of how much the SPX index may move over the next 5 sessions. You can easily determine the expected range for the 5-day move by adding or subtracting the value of the 5-day move from the current S&P reference price. The 5-day move is the expected movement over a larger timescale and will always be larger than the 1-day move.

**Why does the SpotGamma Implied 5 Day Move matter?**

Our gamma derived estimate provides a valuable 5 day estimate of SPX movement.

**How to use the SpotGamma Implied 5 Day Move?**

To calculate the estimated range for the next 5 days, ± the SpotGamma Implied 5 day Move from the SPX cash price. This is our estimated 1 standard deviation range over the next 5 days.

Subscribers can locate each day's Implied 5 Day Move in the Daily Founder's Notes.