Futures Contract Calculator & Month Code Detector

Free interactive tools to calculate futures P&L, tick value, and margin. Instantly detect month codes from any symbol and build contract codes for CME, NYMEX, and COMEX futures.

Futures Month Codes

Standard CME / CBOT / NYMEX / COMEX month letter reference.

Contract Specifications

Tick size, tick value, and point value for popular CME Group futures.

Futures Contract Calculator

Calculate profit/loss, ticks, margin required, and ROI for any CME futures trade. Select a contract, enter entry and exit prices, quantity, and margin per contract.

Example: Buying 1 ES contract at 5000.00 and selling at 5010.00 yields +10 points × $50/point = +$500 (20 ticks × $12.50 = $500).

Futures Month Detector

Paste any futures symbol and instantly decode the root, month, and year. Examples:

• ESH25 = ES (E-mini S&P 500) + H (March) + 2025
• NQZ4 = NQ (E-mini Nasdaq-100) + Z (December) + 2024
• CLM2026 = CL (Crude Oil) + M (June) + 2026

Futures Month Calculator

Build a futures symbol from root, month, and year. For example, root ES + March + 2025 produces ESH25.

Futures Rollover Guide

Futures contracts expire on a fixed schedule. Most traders roll from the expiring front month to the next active contract before expiration to avoid delivery obligations and maintain liquidity.

Energy contracts like Crude Oil (CL) and Natural Gas (NG) expire earlier in the preceding month, so traders often roll two to three weeks before the listed expiration. Always check the official CME Group calendar for exact dates.

Frequently Asked Questions

Everything you need to know about futures contract codes, tick values, and month notation.

What is a futures contract calculator?

A futures contract calculator is a tool that computes profit and loss, tick value, and margin requirements for futures trades based on entry price, exit price, quantity, and contract specifications.

How do you calculate profit on a futures contract?

Profit equals (exit price minus entry price) multiplied by the dollar value per point, multiplied by the number of contracts. For short trades, reverse the subtraction order.

What are futures month codes?

Futures month codes are single-letter abbreviations used in futures symbols to represent contract expiration months. For example, H = March and Z = December.

What is the month code for March futures?

The month code for March futures is H.

What is the month code for December futures?

The month code for December futures is Z.

What does the symbol ESH25 mean?

ESH25 breaks down into ES (E-mini S&P 500), H (March expiration), and 25 (year 2025). It is the March 2025 E-mini S&P 500 futures contract.

How do I read a futures contract symbol?

A futures symbol typically consists of a root code (e.g., ES for E-mini S&P 500), a month letter (e.g., H for March), and a year digit or digits (e.g., 5 or 25 for 2025).

What is the tick size of ES futures?

The E-mini S&P 500 (ES) has a tick size of 0.25 index points, worth $12.50 per tick.

What is the tick size of NQ futures?

The E-mini Nasdaq-100 (NQ) has a tick size of 0.25 index points, worth $5.00 per tick.

What is the tick size of MNQ futures?

The Micro E-mini Nasdaq-100 (MNQ) has a tick size of 0.25 index points, worth $0.50 per tick.

What is the tick size of MES futures?

The Micro E-mini S&P 500 (MES) has a tick size of 0.25 index points, worth $1.25 per tick.

What is the tick size of CL crude oil futures?

Crude Oil (CL) futures trade in increments of $0.01 per barrel, with each tick worth $10.00.

What is the tick size of GC gold futures?

Gold (GC) futures trade in increments of $0.10 per troy ounce, with each tick worth $10.00.

What is the tick size of MGC micro gold futures?

Micro Gold (MGC) futures trade in increments of $0.10 per troy ounce, with each tick worth $1.00.

What is the tick size of NG natural gas futures?

Natural Gas (NG) futures trade in increments of $0.001 per MMBtu, with each tick worth $10.00.

What is the tick size of ZB 30-Year Treasury Bond futures?

30-Year T-Bond (ZB) futures trade in increments of 1/32 of a point, with each tick worth $31.25.

What is the tick size of ZN 10-Year Treasury Note futures?

10-Year T-Note (ZN) futures trade in increments of 1/64 of a point, with each tick worth $15.625.

How much is one ES point worth?

One point in ES futures is worth $50. A move from 5000.00 to 5001.00 on one contract equals $50 in profit or loss.

How much is one NQ point worth?

One point in NQ futures is worth $20. A move from 18000.00 to 18001.00 on one contract equals $20 in profit or loss.

How do I calculate the number of ticks in a futures move?

Divide the price change by the tick size. For ES, a 5-point move equals 20 ticks because 5 / 0.25 = 20.

What is a futures rollover?

A rollover is the process of closing a position in an expiring contract and reopening it in the next front-month contract to maintain continuous exposure.

When do futures contracts expire?

Expiration dates vary by product. Equity index futures like ES and NQ typically expire on the third Friday of the contract month. Energy and commodity futures have their own exchange-defined expiration schedules.

What is the front month in futures trading?

The front month is the nearest contract expiration with the highest trading volume and liquidity. Most active traders focus on the front month.

How do I detect the expiration month from a futures symbol?

Extract the month letter from the symbol and match it to the standard month code table. For example, the H in ESH25 indicates March.

What does the root code represent in a futures symbol?

The root code identifies the underlying product. Examples: ES = E-mini S&P 500, NQ = E-mini Nasdaq-100, CL = Crude Oil, GC = Gold.

Why do futures symbols use single letters for months?

Single-letter month codes provide a compact, standardized notation that has been used for decades on trading floors and continues in electronic trading.

What is the difference between GC and MGC futures?

GC is the standard 100-ounce gold contract, while MGC is the micro 10-ounce gold contract. MGC has 1/10th the tick value and margin requirements.

What is the difference between ES and MES futures?

ES is the standard E-mini S&P 500 contract, while MES is the micro version. MES is 1/10th the size of ES, with a tick value of $1.25 versus $12.50.

What is the difference between NQ and MNQ futures?

NQ is the standard E-mini Nasdaq-100 contract, while MNQ is the micro version. MNQ is 1/10th the size of NQ, with a tick value of $0.50 versus $5.00.

How do I calculate margin requirements for a futures trade?

Multiply the initial margin per contract (set by the exchange and your broker) by the number of contracts. Margin varies by product and market volatility.

What is initial margin in futures?

Initial margin is the minimum account balance required to open a futures position. It is set by the exchange and enforced by your broker.

What is maintenance margin in futures?

Maintenance margin is the minimum account balance required to keep a futures position open. If your account drops below this level, you receive a margin call.

How do I calculate risk per trade in futures?

Subtract your stop-loss price from your entry price, convert the difference to ticks, multiply by the tick value, then multiply by the number of contracts.

What is a tick in futures trading?

A tick is the minimum price increment that a futures contract can move. Each tick has a specific dollar value known as the tick value.

How many ticks are in one point of ES?

There are 4 ticks in one point of ES because the tick size is 0.25 and 1 / 0.25 = 4.

How many ticks are in one point of CL?

There are 100 ticks in one point (dollar) of CL because the tick size is $0.01 and 1 / 0.01 = 100.

What is contract notional value in futures?

Notional value is the total underlying value represented by a futures contract. It is calculated as contract price multiplied by the point value or contract multiplier.

How do I use a futures month calculator?

Enter the contract root, select the expiration month and year, and the calculator returns the full futures symbol (e.g., ES + March + 2025 = ESH25).

Can futures symbols have two-digit years?

Yes. Many platforms display futures years with one or two digits. For example, 2025 may appear as 5 or 25. Always verify which format your broker uses.

What is the continuous contract symbol?

A continuous contract (e.g., ES1! on TradingView) stitches together front-month contracts to create an unbroken price history for analysis without expiration gaps.

Why do futures prices differ from spot prices?

Futures prices include the cost of carry, which accounts for interest rates, dividends, storage costs, and time until expiration. This difference is called basis.

What is the basis in futures trading?

Basis is the difference between the spot price of an asset and the futures price of that asset. It can be positive or negative depending on market conditions.

How do I convert a futures price to P&L?

Calculate the price difference, multiply by the point value of the contract, then multiply by the number of contracts and contract direction (long or short).

What is the dollar value of one ES point?

One point in ES futures is worth $50. A move from 5000.00 to 5001.00 on one contract equals $50 in profit or loss.

What is the dollar value of one NQ point?

One point in NQ futures is worth $20. A move from 18000.00 to 18001.00 on one contract equals $20 in profit or loss.

What is the dollar value of one CL point?

One point (one dollar) in CL futures is worth $1,000 because each cent is $10 and there are 100 cents in a dollar.

What is the dollar value of one GC point?

One point (one dollar) in GC futures is worth $100 because each dime is $10 and there are 10 dimes in a dollar.

How do prop firm traders use futures contract calculators?

Prop firm traders use contract calculators to size positions within daily loss limits, verify tick values for risk management, and plan bracket orders before execution.

What is the best futures contract for beginners?

Micro contracts like MES and MNQ are popular for beginners because they offer 1/10th the risk and margin of standard E-mini contracts while tracking the same underlying indices.

How do I know which futures contract month to trade?

Most traders trade the front month because it has the tightest bid-ask spreads and highest volume. Check your platform for the contract with the highest open interest.

What happens if I hold a futures contract to expiration?

Depending on the product, the contract may cash-settle to an index value or require physical delivery. Most speculators close or roll positions before expiration.

What is the last trading day for ES futures?

The last trading day for E-mini S&P 500 futures is typically the third Friday of the contract month, trading until 9:30 AM ET.

What is the last trading day for NQ futures?

The last trading day for E-mini Nasdaq-100 futures is typically the third Friday of the contract month, trading until 9:30 AM ET.

What is the last trading day for CL crude oil futures?

Crude Oil (CL) futures typically expire three business days before the 25th calendar day of the month prior to the contract month.

How do I roll over a futures contract?

To roll over, close your position in the expiring contract and simultaneously open the same position in the next contract month. Many brokers offer a single rollover order.

What is the difference between volume and open interest in futures?

Volume is the number of contracts traded during a session. Open interest is the total number of outstanding contracts that have not been closed or delivered.

Why do some months skip letters in the month code sequence?

Certain letters were omitted to avoid confusion with numbers or other symbols. The sequence runs F, G, H, J, K, M, N, Q, U, V, X, Z.

What does the letter Z mean in futures?

The letter Z is the month code for December in futures contract symbols.

What does the letter U mean in futures?

The letter U is the month code for September in futures contract symbols.

What does the letter H mean in futures?

The letter H is the month code for March in futures contract symbols.

How do I quickly memorize futures month codes?

Use the mnemonic: January Fires, Go Home, Jump Kick, Make Noise, Quietly Use Vases, X-Ray Zebras. The first letters map to F, G, H, J, K, M, N, Q, U, V, X, Z.

What is a futures contract specification?

A contract specification defines the terms of a futures contract, including tick size, tick value, trading hours, expiration date, and settlement method.

Where can I find official futures contract specifications?

Official specifications are published by the exchange (CME Group, ICE, NYMEX) and are available on their websites under contract specifications.

Do all futures brokers use the same symbols?

Most U.S. brokers use the same standard CME symbols, but some international platforms or charting software may use slightly different formats. Always verify with your broker.

What is the CME Globex ticker for E-mini S&P 500?

The CME Globex ticker for the E-mini S&P 500 is ES.

What is the CME Globex ticker for E-mini Nasdaq-100?

The CME Globex ticker for the E-mini Nasdaq-100 is NQ.

What is the CME Globex ticker for Micro E-mini S&P 500?

The CME Globex ticker for the Micro E-mini S&P 500 is MES.

What is the CME Globex ticker for Micro E-mini Nasdaq-100?

The CME Globex ticker for the Micro E-mini Nasdaq-100 is MNQ.

What is the NYMEX ticker for Crude Oil?

The NYMEX ticker for West Texas Intermediate Crude Oil is CL.

What is the COMEX ticker for Gold?

The COMEX ticker for Gold is GC, and the micro version is MGC.

How does leverage work in futures trading?

Futures allow traders to control a large notional value with a relatively small margin deposit. This magnifies both gains and losses relative to the capital committed.

What is the minimum price fluctuation in futures?

The minimum price fluctuation is another term for tick size. It is the smallest price change a contract can make, such as 0.25 for ES or 0.01 for CL.

How do I calculate breakeven on a futures trade?

For a long position, add commission and fees per contract (converted to price terms) to the entry price. For a short position, subtract them.

What is slippage in futures trading?

Slippage is the difference between the expected price of a trade and the actual executed price. It is common in fast-moving or low-liquidity markets.

How do I calculate position size for futures?

Divide your maximum risk per trade by the risk per contract (stop distance in ticks multiplied by tick value). Round down to the nearest whole contract.