> For the complete documentation index, see [llms.txt](https://docs.wingmantracker.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.wingmantracker.com/wingman-concepts/all-metrics-and-terms/underlying.md).

# Underlying

The stock or future that an instrument belongs to (SPY, /ES, etc). An Underlying can group together multiple Positions.

![JNJ is an Underlying that is housing 2 Positions](/files/-Lo3K1ROb14dPHSKmlOe)