PwC future b-adj: last week's closing price after a roll
PwC future b-adj stands for previous week close, future, back-adjusted: last week's closing price of the main future — for example ES or FDAX — expressed in the prices of the new contract after a quarterly roll. When the roll falls in the new week, last week's closing price is a price of the old contract. Basics then draws it twice: as it traded (PwC future) and in the new contract's prices (b-adj). This page explains when the b-adj line appears, what it shows and how to read the two versions together.
On this page
Mon 18:00 · roll to December
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- 1Friday 11 September, 17:00 — ES's last price of the week: 7,660.75 in the September contract, 7,728.50 on this back-adjusted chart.
- 2Monday 14 September, 18:00 — ES1! switches from the September to the December contract. Basics now draws last week's closing price twice: 7,660.75 as traded (PwC future) and 7,728.50 in December prices (PwC future b-adj).
- 3Tuesday evening 15 to Wednesday morning 16 September — the dips stop between 7,658.75 and 7,663.50, around PwC future: the old contract's closing price works as a floor, until the sharp drop at 15:00 on the 16th.
- 4Wednesday 16 September, 15:00 — one sharp drop goes through it, to 7,575, and ES is back above the line that evening.
- 5Wednesday 16 September, 22:00 — the next dip stops at 7,659.75, one point under PwC future, and ES climbs to 7,722 by Thursday morning.
- 6Friday 18 September, 03:00 — the high, 7,739.25, is ten points above PwC future b-adj (7,728.50 — by chance also last week's high as traded); ES falls back to 7,675.
Part of Basics
Free TradingView indicator with all session, week and month levels for index, futures and CFD charts.
Install Basics (free) →What the b-adj line shows
Index futures expire every quarter. Around expiry TradingView's continuous chart — ES1!, NQ1!, FDAX1! — switches to the next contract, which trades at a different price, usually a little higher (the cash-future difference of three more months). In the example above, ES's December contract traded 67.75 points above the September contract.
If the switch happens after last week ended, last week's closing price is a price of the old contract. PwC future shows it as it traded; PwC future b-adj shows it shifted by that gap, so in the new contract's prices. Both are fixed values.
When it appears
Only while the two versions differ: from the moment of the roll until the end of that week. In September 2026 that was from Monday 14 September, 18:00 New York time, until Friday for ES, NQ and YM, and only Friday 18 September for FDAX. The rest of the quarter the b-adj line is not drawn.
Which line counts?
Both can. The normal line is a price that really traded, in the old contract; the b-adj line is where that same level sits in the new contract's prices. Traders who look at an unadjusted chart see the first, traders on a back-adjusted chart see the second, so in the days after a roll price often reacts to one of them — and sometimes to both, as from 15 to 18 September in the chart above. Read the space between the two lines as a zone rather than two separate prices.
One thing to keep in mind on a back-adjusted chart (TradingView's B-ADJ button on): candles from before the roll are shifted to the new contract's prices, so they line up with the b-adj lines. With B-ADJ off they line up with the normal lines. The lines themselves don't move with the button. More on this in back-adjusted levels explained.
How Basics shows it
The b-adj line appears on every supported chart, like PwC future: on futures (main, mini, micro, nano) as it is, on CFD and index charts converted with the current cash-future difference.
| Default look | Pink, dotted, width 2 — the colour and width of PwC future |
|---|---|
| Label on the chart | PwC future b-adj (renamable) |
| Switched on by default | No |
| Value | Last week's closing price of the main future, from the back-adjusted contract series |
| Price on your chart | Futures (main, mini, micro, nano): the main future's price as it is. CFD and index charts: converted with the current cash-future difference |
| Where the line starts | Where PwC future starts: when the new futures week begins |
| Timeframes | Charts from 1 minute up to the daily chart, on seconds charts too, unless the level needs more history than the chart loads; not on weekly or monthly charts |
| Markets | Nasdaq-100, S&P 500, Dow, Russell 2000, DAX, FTSE 100 and AEX — all tickers |
The same level on other instruments
Click a chart to enlarge it.
Why don't I see the line?
- There was no roll recently.The b-adj line only appears while it differs from the normal line: from the roll until the end of that week. The rest of the quarter the two are the same, and only the normal line is drawn.
- It is switched off.The b-adj lines are off by default. Check the box under Futures levels and the master switch Show all objects in 'Futures levels' group in the indicator settings.
- You are on a weekly or monthly chart.The line is drawn on charts from 1 minute up to the daily chart.
- Price is far away from it.Lines are hidden while the level is more than 5 % from the current price, so they don't squeeze the chart. You can change this under General → Level visibility range.
- Your ticker is not recognised.See the supported tickers — and if yours is missing, let me know: requests are very welcome.
What you can change
In the indicator settings (the gear icon next to Basics on your chart), under Futures levels:
| Show / hide | PwC future b-adj checkbox, off by default · Futures levels |
|---|---|
| Label text | Default PwC future b-adj |
| Colour and width | The same as the normal line; the b-adj line is always dotted |
| When it appears | Only while it differs from the normal line — right after a quarterly roll |
| Label size, line end, visibility range | Shared with all lines · General |
Charts and defaults on this page: Basics v11.72.8 · updated 21 October 2026.
Frequently asked questions
What does b-adj mean?
Back-adjusted: the level comes from TradingView's back-adjusted contract series, in which older prices are shifted by the gap between the old and the new contract.
Why are there two lines for last week's closing price?
When the main future switches to the next contract after last week ended, last week's closing price is a price of the old contract. PwC future shows it as it traded; PwC future b-adj shows it in the new contract's prices.
When is PwC future b-adj drawn?
Only while it differs from PwC future: from the roll until the end of that week.
Which one should I use?
Watch both: price can react to either, as the examples on this page show.
Does the chart's B-ADJ button move the lines?
No. Both lines are fixed values. The button only shifts the candles from before the roll.
Related levels
See PwC future b-adj on your own chart
Basics is free on TradingView. Switch on PwC future b-adj under Futures levels, and in the next roll week you see last week's closing price in both contracts.