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This is such a great question that I bet would save small traders as myself, a lot of heartaches and busting. And I am trying to answer:
From the below video, it depends on the options "DELTA" (greek) but in round numbers you could say 1 ES = 5 SPY (ATM?) Options. Since, SPX is (10x) SPY, could we say that 1 SPX Option = 2 ES ...?
Considering that when you buy and Option you pay Premium and it loses value as time passes, I am seriously considering Selling SPY OTM options as my new sole trading instrument.
