Futures are a different animal, so we’ve built in a feature to help you understand your delta exposure by providing traders a different point of view: ETF delta equivalency to futures. When enabled, this feature displays the future’s delta equivalent to its respective ETF.
The ETF equivalent delta value displays in place of the “Net Delta” column of futures positions. When enabled, your Positions tab Net Delta column displays like this:
At the end of this article, you can find a table that has the delta equivalents, or share equivalents, of each futures contract that has a respective ETF.
Let’s do an example with this feature turned on. If you are short 1 /ES (E-mini S&P 500) futures contract, then the ETF equivalent delta would be -500∆ (or 500 short shares of SPY) since that is the ETF equivalent of one short /ES future. When this feature is disabled, the delta will be -50∆, instead of -500∆.
You may toggle this feature on or off by heading to the desktop platform Settings menu. You may access the Settings menu by clicking on the gear icon located throughout the platform. Once inside the Settings menu, head to the “Accounts” module and select the “Accounts” tab above. To disable it, uncheck the box next to “Show Futures Delta Using Equivalent ETF/Stock Symbol.” The screenshot below illustrates this feature location.
The ETF delta equivalent value displays within the symbol detail area of the Active Trader interface. To learn more about Active Trader, then please click here. The screenshot below illustrates where you can find his metric.
|ETF Equivalent Delta Value (1 delta = 1 share)|
|/ES||E-mini S&P 500||SPY||500|
|/NQ||E-mini Nasdaq 100||QQQ||800|
|/RTY||E-mini Russell 2000||IWM||500|
|/YM||E-mini Dow ($5)||DIA||500|
|/ZB||30-Year U.S. Treasury Bond||TLT||1200|
|/ZF||5-Year U.S. Treasury Note Futures||IEI||1000|
|/ZN||10-Year U.S. Treasury Note Futures||IEF||1200|
|/ZT||2-Year Treasury Note||SHY||1300|