In terms of risk on/off how do we interpret different Vol Triggers for SPY/SPX and QQQ/NDX? For long holders of stocks we generally consider an index/etf to be “risk off” when its price is below the Vol Trigger level. Related articles How is SG for SPX negative but positive for SPY? What are Zero Gamma Levels? What is Equity Hub™? Is negative call gamma bullish? Do the NDX PX and NQ PX values also incorporate the QQQ gamma into the levels? Or is it just based on NDX gamma?