1) Homework time! 2) The ratio of the QQQQ to the NDX is 1 to 40. The NQ has a multiplier of 20. Therefore, you need 800 shares of QQQQ to "hedge" one contract of NQ (ignoring dividends and carrying costs). 3) A 10-cent per share move in the QQQQ produces an $80 fluctuation. 4 To produce an $80 fluctuation in the NQ, that would be, $80 divide by $20 per "handle", a 4 handle move, i.e. from 1840.00 to 1844.00. You say "points", I say "handles".