Futures calculator
Translate contract size, multiplier and margin into real exposure: what each tick is worth and the total notional value.
By the TradingCalculator.Pro team · Updated on · About us
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Formula
Tick value = Contract size × Tick sizeHow it works
In futures the unit is not the pip: it is the tick, the minimum price increment, and what that increment is worth is set by the contract, not by you. Tick value is contract size times tick size, and everything else follows from there.
There is one confusion that costs whole accounts: a futures multiplier is the CONTRACT SIZE, not leverage. The E-mini S&P 500 has a multiplier of 50 because each index point is worth $50 in that contract. Feeding that 50 into a leverage calculation multiplies the result fiftyfold and turns a normal position into a panic number.
What you get
- Tick and point value
- Initial and maintenance margin
- Real notional exposure
Worked example
E-mini S&P 500 (ES): $50 multiplier per point, 0.25-point tick. Long at 5,480.00 with the stop at 5,471.50. Risk available: $600.
- Tick value: $50 × 0.25 = $12.50.
- Distance to the stop: 5,480.00 − 5,471.50 = 8.50 points, i.e. 34 ticks.
- Risk per contract: 34 ticks × $12.50 = $425.
- Contracts = $600 ÷ $425 = 1.41.
1 contract, risking $425 of the $600 available.
Futures are lumpy: there is no such thing as 1.41. Either you risk $425 with one or $850 with two, and there is nothing in between. On a small account that is the real reason the micro E-mini (MES, $5 multiplier) exists: the same stop costs $42.50 per contract and you can actually size properly.
How to use it
- Enter your inputs: the terms of the formula (capital, risk, prices and stop).
- The calculator applies the formula and returns the result in your instrument's units.
- Check the breakdown before trading: anything that cannot be computed is shown empty, never as zero.
Frequently asked questions
What is a tick worth on the E-mini S&P 500?
$12.50, which is the contract size ($50 per point) times the tick size (0.25 points). On the micro E-mini (MES) the multiplier is $5 and the tick is worth $1.25 — a tenth as much, with the same tick size.
Is a futures multiplier the same as leverage?
No: it is the contract size. The ES multiplier of 50 means one index point moves $50 in that contract, just as a forex lot is 100,000 units. Leverage is a different division — notional over capital — and mixing them multiplies the result fiftyfold.
What is the notional value of a futures contract?
Price times multiplier. With the S&P 500 at 5,480, one ES contract is 5,480 × 50 = $274,000 of exposure, opened on an intraday margin of a few thousand. That gap between exposure and margin is why sizing in futures does not tolerate approximations.
What is the difference between initial and maintenance margin?
Initial is what you need to open; maintenance is the minimum you must keep to avoid a call. If equity falls below maintenance, the broker requires you to top back up to initial, not to maintenance: the gap between the two is what you have to wire, and it usually surprises people.
How do you size in futures when only one contract fits?
By adjusting the stop or switching contract, never by raising the risk. If one ES contract risks $425 and your 1% is $200, the trade does not fit: the micro (MES) risks $42.50 on the same stop and allows four contracts. Forcing the ES there is risking 2.1% while calling it 1%.
Why is intraday margin so much lower than overnight margin?
Because the broker takes on less risk from a position that closes before the session ends. Intraday margin on the E-mini can be a few hundred dollars against the several thousand of the exchange-set overnight margin. Do not size using the intraday figure and then hold the position: at the cut-off the broker demands full margin and closes whatever does not cover it.