Futures Calculator

Multiply the price move by the contract multiplier and the number of contracts, with the sign set by direction. Long: (exit − entry) × multiplier × contracts. Short: (entry − exit) × multiplier × contracts. Then subtract the round-turn fee for each contract. Two ES contracts bought at 5,000 and sold at 5,050 make 50 × $50 × 2 = $5,000 gross, $4,991 net of $4.50 fees.

A tick is the smallest price step a contract can move, and tick value is what one tick is worth per contract: tick size × multiplier. ES ticks are 0.25 points × $50 = $12.50; MES 0.25 × $5 = $1.25; NQ 0.25 × $20 = $5.00; CL $0.01 × 1,000 barrels = $10.00. A 10-tick move against one ES contract costs $125; on MES it costs $12.50.

Initial margin is the deposit required to open a futures position; maintenance margin is the lower level of equity you must keep while it is open. Both are set by the clearing house as minimums, brokers can require more, and both change often. If losses take your equity below maintenance, you get a margin call to top the account back up to the initial level.

Your broker asks you to deposit enough cash to bring the account back to the initial margin. If you do not, or if the market moves fast, the broker can close some or all of the position at the prevailing price to stop the account going negative — and you remain responsible for any deficit. The calculator's margin-call price shows the adverse price at which equity reaches maintenance.

Stock margin under Regulation T requires a 50% deposit, about 2× leverage, and FINRA Rule 4210 allows pattern day traders up to 4× intraday buying power. Futures margin is a performance bond of only a small percentage of the contract's notional value, so leverage of 10× to 20× or more is common: one ES contract at 5,000 controls $250,000. Every 1% move in the index is then a double-digit percentage of the margin.

Micro E-mini contracts (MES on the S&P 500, MNQ on the Nasdaq-100) are one-tenth the size of the standard E-mini: $5 a point instead of $50 for the S&P, $2 instead of $20 for the Nasdaq-100, with margins set at a similar fraction. They track the same index, so they let a smaller account trade the same market in finer position sizes.

Regulated futures contracts are Section 1256 contracts: open positions are marked to market at year end, and gains and losses are treated as 60% long-term and 40% short-term capital gain or loss however long the contract was held (26 U.S.C. §1256; IRS Publication 550). That blend usually means a lower tax rate than short-term stock trading. They are reported on Form 6781.

Financial futures such as ES and NQ are cash-settled: at expiration the account is credited or debited against the final settlement price. Physical commodity futures such as crude oil and gold call for delivery of the commodity, so retail brokers require you to close or roll the position before the first notice or last trading day, depending on the contract.

Enough to cover the margin and the loss you plan to accept, with room to spare. Margin is only a deposit, not the most you can lose, and brokers set their own day-trading margins. A common rule is to risk no more than 1–2% of the account on one trade: a 20-tick stop on MES is 20 × $1.25 = $25, which suits a $1,250–$2,500 account; on ES the same stop is $250 and suits $12,500–$25,000.

Futures expire — ES and NQ quarterly in March, June, September and December, crude oil monthly — so a position you want to keep must be moved to the next contract month by closing the expiring contract and opening the next, often as one calendar-spread order. Equity index volume moves to the next month around eight days before expiration; for physically delivered contracts, roll before your broker's deadline.

No. The $25,000 minimum equity for pattern day traders is part of FINRA Rule 4210 and applies to stock and options margin accounts; futures are regulated by the CFTC under a separate margin system. You can day trade futures with a smaller account, but one ES point is $50 a contract, so a $2,000 account can lose a large share of its value on one ordinary move. Size the account to the dollar value of your stop.

A round turn is one complete trade — entering and exiting one contract — and futures fees are quoted per round turn or per side (half a round turn). The all-in figure bundles the broker commission, exchange and clearing fees and the NFA assessment. At $4.50 a round turn, five contracts cost $22.50 whatever the outcome — 18 ticks of MES movement at $1.25 a tick. Net P&L subtracts it once per contract.