i What this calculator does
Quick answer: A futures tick value is the tick size times the contract multiplier: $12.50 on the E-mini S&P 500, $5 on the E-mini Nasdaq-100, $10 on crude oil and gold, and one tenth of that on the micros. With the default inputs the calculator returns profit or loss: $495.00.
Every futures contract has a fixed multiplier and a minimum price increment, the tick, and together they set what each move is worth. One E-mini S&P 500 contract is $50 times the index, moves in 0.25-point ticks and so gains or loses $12.50 a tick; the Micro E-mini is a tenth of that. Get the tick value wrong and a sensible stop becomes a large loss. This calculator holds the CME specifications for the most traded equity index, energy, metal, currency, Treasury and bitcoin contracts, and works out profit and loss, notional exposure, margin and the number of contracts your risk allows.
Margin varies by broker and changes with volatility, so enter your broker’s figure or use the estimate as a percentage of notional. The difference between futures and CFDs on the same markets is covered in CFD against futures.
This calculator is for educational purposes only. Results are estimates and may vary depending on market conditions, spreads, commissions, platform settings, and exchange rates. It should not be considered financial advice.
Common results
What the calculator returns for each contract at its sample price, with a 40-tick target, a 20-tick stop, one contract, $2.50 commission a side, a $25,000 account and 1% risk per trade.
| Contract | Tick value | Profit or loss | Contracts for your risk |
|---|---|---|---|
| ES | $12.50 | $495.00 | 0 |
| MES | $1.25 | $45.00 | 8 |
| NQ | $5.00 | $195.00 | 2 |
| MNQ | $0.50 | $15.00 | 16 |
| CL | $10.00 | $395.00 | 1 |
| GC | $10.00 | $395.00 | 1 |
Figures used in this calculator
The exchange specifications this calculator relies on. Prices are samples to replace with the current market, and margins change with volatility, so use your broker’s figure where you have it.
- Contract specifications: Multipliers and tick sizes for ES, NQ, YM, RTY, CL, GC, SI, 6E, ZN and BTC and their micro contracts. Source: CME Group contract specifications (verified 29 October 2026).
Why micros changed futures trading
Before the micro contracts, the smallest position on the S&P 500 was an E-mini worth over $300,000 at today’s prices, which made risk-based sizing impossible for small accounts. Micro contracts, a tenth of the size, let a trader with $10,000 risk 1% on a reasonable stop. If the calculator shows zero contracts for your risk on the full-size contract, switch to the micro and the number of contracts becomes meaningful.
Margin is not the risk
Exchange initial margin is the deposit needed to hold one contract overnight, set by the exchange and raised in volatile markets; many brokers offer much lower day-trading margins. Neither tells you what you can lose: that is set by the stop distance in ticks times the tick value. A low day-trading margin with a wide stop is how small accounts are wiped out, which is why the calculator sizes positions from risk, not margin. Spot against futures pricing explains why the futures price differs from the index you see quoted.
Contract months and rollover
Futures expire. Equity index contracts roll quarterly in March, June, September and December, while crude oil rolls monthly. Volume moves to the next contract about a week before expiry, so check which month you are trading and roll before the old contract thins out. Prop firms that fund futures traders apply their own daily loss and drawdown rules on top of these numbers, as the prop firm challenge calculator shows.
Spotted an outdated figure? If a rate, limit or formula in this calculator no longer matches its source, email us the page and the source. A material correction is dated on the Updates Log.
Frequently asked questions
How much is one point on the ES?
$50 per contract, so a 0.25 tick is $12.50. On the Micro E-mini S&P 500 (MES) one point is $5 and a tick $1.25.
How much is a tick on NQ?
The E-mini Nasdaq-100 is $20 a point and moves in 0.25 ticks, so a tick is $5. The micro (MNQ) is $2 a point and $0.50 a tick.
What is the tick value of crude oil futures?
CL is 1,000 barrels and moves in $0.01 ticks, so a tick is $10. The micro (MCL) is 100 barrels, $1 a tick.
How much money do I need to trade futures?
Enough that one contract’s risk, the stop in ticks times the tick value, is a small share of the account. With micros that can be a few thousand dollars; with full-size contracts it is usually tens of thousands.
Is futures margin the most I can lose?
No. Margin is a deposit. Losses depend on how far the price moves and can exceed the margin, especially when markets gap.
Are futures cheaper than CFDs?
For active traders on liquid contracts they often are: commissions are fixed, spreads are tight and there is no overnight financing, because the cost of carry is built into the futures price.
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