What a futures contracts calculator does
A futures contract is a standardized agreement to buy or sell an asset at a set price on a future date, traded on an exchange such as CME Group. Every contract is defined by a few specifications, and almost every number a futures trader cares about (profit, loss, risk, margin, exposure) comes from applying those specifications to a price move. This calculator does that arithmetic for you in three ways: it works out profit and loss on a trade, it estimates margin, notional value and leverage for a position, and it turns your risk limit into a position size.
Choose a contract from the preset list and the tick size and tick value fill in automatically. Or pick Custom and enter your own, which is useful for products that aren't in the list. Every input is labeled, prices are per contract, and each result states the position direction it assumes, so you can always see exactly what was calculated.
Contract specifications: tick size, tick value and point value
Three related figures describe how a contract's price turns into money:
- Tick size is the smallest price increment the contract can move.
- Point value, also called the contract multiplier, is the dollar value of a full 1.00 move in price per contract.
- Tick value is what one tick is worth in dollars per contract, and it equals tick size multiplied by point value.
These differ by product because each contract is sized differently and priced in different units. The E-mini S&P 500 (ES) is $50 times the index, so a 0.25-point tick is worth $12.50. Its micro version, the Micro E-mini S&P 500 (MES), is one-tenth the size at $5 per point, so a tick is $1.25. Crude oil (CL) is quoted in dollars per barrel with a contract covering 1,000 barrels, so a $0.01 tick is worth $10. Because point value is always tick value divided by tick size, this calculator derives it for you and never lets the three figures contradict each other.
Popular U.S. futures contracts and their specifications
The presets in this calculator cover six widely traded CME Group products. Exchanges can revise contract specifications, so confirm the current figures on the exchange's contract page before trading.
| Contract | Symbol | Tick size | Tick value | Point value |
|---|---|---|---|---|
| E-mini S&P 500 | ES | 0.25 index points | $12.50 | $50 |
| Micro E-mini S&P 500 | MES | 0.25 index points | $1.25 | $5 |
| E-mini Nasdaq-100 | NQ | 0.25 index points | $5.00 | $20 |
| Micro E-mini Nasdaq-100 | MNQ | 0.25 index points | $0.50 | $2 |
| WTI Crude Oil (NYMEX) | CL | $0.01 per barrel | $10.00 | $1,000 |
| Gold (COMEX) | GC | $0.10 per troy oz | $10.00 | $100 |
Each micro contract is exactly one-tenth of its E-mini counterpart, which is why ten MES contracts move the same dollar amount as one ES contract. Crude oil covers 1,000 barrels and gold covers 100 troy ounces per contract, which is where their point values come from.
How to calculate futures profit and loss
The Profit & Loss tab needs the contract, the direction of your position, the entry and exit prices, and the number of contracts. The core calculation is:
P&L = price move × point value × contracts, where the price move is exit − entry for a long position and entry − exit for a short one.
Because tick value is tick size times point value, the same answer comes from counting ticks: P&L = ticks moved × tick value × contracts. The calculator shows the result in all three units (dollars, points and ticks), since many traders think about stops, targets and results in ticks rather than dollars. A long position gains when price rises; a short position gains when price falls. The same 65-point move in the E-mini S&P 500 is 260 ticks, which is worth $3,250 per contract: a gain for a long position and an equal loss for a short one. On a Micro E-mini S&P 500 contract the same move is worth $325.
Gross P&L, fees and net results
Gross P&L is the price move converted to dollars. Net P&L is what you keep after trading costs. Costs are charged per contract on each side of a trade, so a round trip pays them twice, on entry and again on exit. Enter your all-in cost per contract per side (commission plus exchange, clearing and regulatory fees) and the calculator applies net P&L = gross P&L − (fee per side × 2 × contracts). Fees reduce a profit or deepen a loss, and because a trade has to cover its costs before it shows a gain, they weigh most on small moves and high contract counts.
Margin, performance bonds and leverage
Futures margin is different from margin on stocks. It is not a loan against the purchase price. It is a good-faith deposit, which CME Group calls a performance bond, held to make sure you can meet the obligations of the contract. It is typically a small percentage of the contract's full value, which is what makes futures leveraged.
Two levels matter. Initial margin is what is required to open a position. Maintenance margin is the minimum you must keep in the account while it is open. The exchange sets its own requirements, and your broker may set higher ones, so the figure you actually face can be more than the exchange's. Requirements also change with market volatility, which is why this calculator does not hard-code margin per product: you enter the current figure from your broker or the CME Group margin page. With those numbers, the Margin & Exposure tab multiplies by your contract count to give total initial and maintenance margin.
Notional value and leverage
Notional value is the full size of the exposure you control, not the deposit you post. It equals futures price × point value × contracts. With the S&P 500 at 2,750, one E-mini S&P 500 contract has a notional value of 2,750 × $50 = $137,500, while one Micro E-mini S&P 500 contract at the same level is $13,750. Leverage relates the two figures: leverage = notional value ÷ initial margin. A high ratio means small price moves produce large gains or losses relative to the money you have posted, so leverage magnifies losses as much as gains.
Mark-to-market, unrealized and realized P&L
Futures positions are marked to market every day. At each daily settlement the clearing house compares the settlement price with the prior one and moves the difference in cash between accounts. So gains and losses are settled daily in cash rather than waiting until you close the trade, which is why an adverse move can reduce your account balance long before you exit. A profit or loss on an open position is unrealized. It becomes realized when you close the position. To see unrealized P&L in this calculator, enter the current market price as the exit price.
When a margin call happens
If mark-to-market losses push your account equity below the maintenance margin level, you may receive a margin call requiring you to add funds to bring the account back up to the initial margin level. If you cannot or do not, your position may be reduced or liquidated. Add your account equity in the Margin & Exposure tab and the calculator estimates how far price can move against you before equity reaches the maintenance level: cushion in points = (equity − total maintenance margin) ÷ (point value × contracts). It then shows the approximate margin-call price, below your price for a long position and above it for a short one. This is an estimate. It assumes account equity changes only with this position and that maintenance margin stays constant, and real margin requirements can change at any time.
Position sizing and risk per trade
Position sizing answers the question: how many contracts can I trade without risking more than I intend to lose? The Position Size & Risk tab starts from your account balance, the percentage you are willing to risk on one trade, and your stop-loss distance in ticks. The steps are:
- Dollar risk budget = account balance × risk percentage.
- Risk per contract = stop distance in ticks × tick value, plus round-trip fees.
- Contracts = risk budget ÷ risk per contract, rounded down.
Rounding down guarantees the planned risk never exceeds your budget. For example, a $50,000 account risking 1% has a $500 budget. With a 20-tick stop on crude oil, each contract risks $200, so the answer is 2 contracts (a total risk of $400), not 3. If your budget is too small to afford even one contract at that stop distance, the calculator says so and suggests a smaller contract, a tighter stop, or a larger account. Add an optional profit target in ticks and it also reports the risk/reward ratio. Stops can slip in fast markets, so an actual loss can exceed the planned risk.
Daily price limits and contract expiration
Exchanges set price limits that cap how far some futures can move within a session. For U.S. equity index futures such as ES and NQ, these are tiered downside limits at 7%, 13% and 20% that are coordinated with the circuit breakers in the stock market. Limits vary by product and can change, and a fast, gapping market can carry price through a stop, so check the exchange's current rules for the contract you trade.
Every contract also has a contract month and an expiration date, and each has its own symbol. The equity index contracts covered here expire quarterly in March, June, September and December and are cash-settled at expiration, while some commodity contracts, such as WTI crude oil and gold, can be physically delivered if held to expiration. Traders who don't want delivery close or roll their positions before then. This calculator works with a single price you enter, so it does not model rolling from one contract month to the next.
Worked examples
Profit and loss. You buy 2 E-mini S&P 500 contracts at 5,000.00 and sell at 5,010.25. The move is 10.25 points, or 41 ticks. Gross P&L = 41 × $12.50 × 2 = $1,025. With $2.50 per contract per side in fees, round-trip fees are $2.50 × 2 × 2 = $10, so net P&L is $1,015.
Margin and margin-call price. You hold 1 long ES contract at 5,000 with $12,000 initial and $11,000 maintenance margin and $15,000 of account equity. Notional value is 5,000 × $50 = $250,000, for leverage of about 20.8x. Your equity is $4,000 above the maintenance level, which is 80 points of cushion, so the approximate margin-call price is 4,920.
Position size. A $25,000 account risks 1% ($250) on a Micro E-mini S&P 500 trade with a 40-tick stop. Each contract risks 40 × $1.25 = $50, so the size is $250 ÷ $50 = 5 contracts. Enter each set of numbers above to check the results.
Assumptions and limitations
This calculator uses the tick size and tick value you select or enter and applies them to the prices you provide. It does not fetch live prices, and preset specifications reflect published CME Group contract terms that the exchange can revise. Margin is always an estimate built from the numbers you enter, because exchange and broker requirements differ by account and change with volatility, and it should never be read as a guaranteed margin level. Results are calculated per contract at the position direction you choose, ignore slippage, taxes and financing differences, and assume fees are the same on both sides of the trade. Nothing here is a recommendation to buy or sell, and futures trading involves substantial risk of loss. Treat the output as a planning and checking tool, and confirm every figure with your broker before you trade.