Futures Contracts Calculator
Enter your futures contract, trade direction, entry and exit prices, and number of contracts to instantly see your profit or loss in dollars, the number of ticks moved, the total point value, and your return on initial margin. Switch between long and short, choose from 12 popular contracts including E-mini S&P 500, Crude Oil, and Gold, or enter your own custom tick and point values.
How futures contract P&L is calculated
The profit or loss on a futures trade depends on three things: how many points the price moved in your favor, the point value of the specific contract, and the number of contracts you held. The formula is: P/L = Point Value x Points Moved x Number of Contracts Points moved in your favor is the exit price minus the entry price for a long position, and the entry price minus the exit price for a short position. Point value is the dollar gain or loss for each one-point move in the underlying price: for the E-mini S&P 500 that is $50, for Crude Oil it is $1,000. Tick value is simply the point value multiplied by the tick size (the minimum price increment), so for the E-mini S&P 500 each 0.25-point tick is worth $12.50.
Long vs. short positions
A long position profits when the price rises. You buy a contract, and if the price moves up by 10 points on the E-mini S&P 500 your gain is 10 x $50 = $500 per contract. A short position profits when the price falls: you agree to sell at the current price, and if the price drops you buy back at the lower price and pocket the difference. Exchanges mark to market daily, crediting winning accounts and debiting losing ones, so your unrealized gain or loss accumulates tick by tick throughout the trading session.
Margin and leverage
Futures require only a fraction of the contract value as initial margin, typically 3 to 12 percent depending on volatility and the broker. This creates substantial leverage: a trader posting $12,000 initial margin on one E-mini S&P 500 contract controls roughly $250,000 of index exposure (at index level 5,000). A 1% move in the S&P 500 produces a $2,500 gain or loss, a 20.8% return or loss on the margin posted. The return on margin field in this calculator shows this amplification directly. Brokers also set a maintenance margin level; if your account drops below it you receive a margin call and must deposit more funds or close positions.
Futures contract month codes
Every futures contract has an expiration month encoded in its ticker symbol. The standard month codes are: F = January, G = February, H = March, J = April, K = May, M = June, N = July, Q = August, U = September, V = October, X = November, Z = December. For example, ESH26 is the E-mini S&P 500 contract expiring in March 2026. Most traders roll to the next contract before expiration to avoid delivery or cash settlement.
Popular futures contract specifications
| Contract | Exchange | Tick size | Tick value | Point value | Contract size |
|---|---|---|---|---|---|
| E-mini S&P 500 (ES) | CME | 0.25 pts | $12.50 | $50 | $50 x index |
| Micro E-mini S&P 500 (MES) | CME | 0.25 pts | $1.25 | $5 | $5 x index |
| E-mini NASDAQ-100 (NQ) | CME | 0.25 pts | $5.00 | $20 | $20 x index |
| Micro E-mini NASDAQ-100 (MNQ) | CME | 0.25 pts | $0.50 | $2 | $2 x index |
| E-mini Dow Jones (YM) | CBOT | 1 pt | $5.00 | $5 | $5 x DJIA |
| E-mini Russell 2000 (RTY) | CME | 0.10 pts | $5.00 | $50 | $50 x index |
| Crude Oil WTI (CL) | NYMEX | $0.01/bbl | $10.00 | $1,000 | 1,000 barrels |
| Natural Gas (NG) | NYMEX | $0.001 | $10.00 | $10,000 | 10,000 MMBtu |
| Gold (GC) | COMEX | $0.10/oz | $10.00 | $100 | 100 troy oz |
| Silver (SI) | COMEX | $0.005/oz | $25.00 | $5,000 | 5,000 troy oz |
| Corn (ZC) | CBOT | 0.25 cents | $12.50 | $50 | 5,000 bushels |
| Wheat (ZW) | CBOT | 0.25 cents | $12.50 | $50 | 5,000 bushels |
Representative specifications as of mid-2026. Margin requirements change; confirm with your broker.
Frequently asked questions
What is the difference between tick value and point value?
A tick is the minimum price increment a futures contract can move. Tick value is the dollar gain or loss for that smallest possible move. A point is one full index or commodity unit of movement. Point value is the dollar gain or loss for a one-point move. For the E-mini S&P 500, one tick = 0.25 points, so tick value ($12.50) = point value ($50) x tick size (0.25). This calculator shows both so you can think in whichever unit is more intuitive.
How do I calculate futures profit for a short position?
For a short position, you profit when the price falls. The points in your favor = entry price - exit price (the reverse of a long). Multiply those points by the contract's point value and the number of contracts: P/L = Point Value x (Entry - Exit) x Contracts. If you shorted one E-mini S&P 500 at 5,050 and covered at 5,000, your gain is $50 x 50 points x 1 = $2,500. The calculator handles the direction automatically when you select Short.
What is return on margin and why does it matter?
Return on margin (ROM) expresses your profit or loss as a percentage of the initial margin posted, not the full notional contract value. Because futures require only a small margin deposit, even modest price moves produce large ROM figures. A $500 gain on $12,000 of margin is a 4.2% ROM. This also means losses are amplified in the same way. ROM helps you compare futures performance to other leveraged and unleveraged investments on a like-for-like basis.
What is a Micro futures contract?
Micro futures contracts are one-tenth the size of their standard counterparts. The Micro E-mini S&P 500 (MES) has a point value of $5, versus $50 for the full E-mini (ES). Micro contracts let smaller accounts trade the same markets with proportionally less capital at risk per contract. They are ideal for learning futures trading, testing strategies, or fine-tuning position sizes. This calculator includes MES, MNQ, and other micro contracts in its preset list.
How are futures contracts settled?
Most equity-index futures like the E-mini S&P 500 are cash settled: at expiration, gains or losses are calculated based on the final settlement price and credited or debited in cash, with no physical delivery. Commodity futures such as Crude Oil can require physical delivery of the underlying commodity, though the vast majority of retail and professional traders close or roll their positions before expiration to avoid this. The settlement method is specified in the contract specifications published by the exchange.