Contract reference · Pre-trade verification
Futures Contract Specifications: How to Read Every Field
A futures symbol is shorthand for a complete rule set: what one contract represents, how price is quoted, the smallest legal increment, how the position settles and when trading ends. Read those terms before treating the chart as tradable.
What a specification actually does
The contract defines the exposure; the chart only displays its price
Two futures can track the same underlying market and still have different multipliers, tick values, expiration rules or settlement methods. A trader who copies a stop distance from one product into another without translating the specification has changed the dollar risk—even when both charts look identical.
The annotated specification
Ten fields answer ten different operational questions
Product code
Identifies the product family on the exchange and often differs from a data vendor’s continuous-chart symbol.
Contract unit or multiplier
States the amount of commodity, currency or index exposure represented by one contract.
Price quotation
Defines the unit in which the market is displayed: index points, dollars per barrel, USD per EUR, thirty-seconds of par and more.
Minimum price fluctuation
Gives the smallest permitted increment for the named instrument. Outrights, spreads and options may use different increments.
Tick value
Translates one minimum increment into money for one contract. It follows from tick size and contract unit.
Listed months
Defines which expirations the exchange makes available and how far forward the listing schedule extends.
Trading hours
States the exchange session, maintenance breaks and any product-specific windows. Holidays can override the normal schedule.
Termination of trading
Explains the last trading day and time, often through a product-specific business-day calculation.
Settlement method
Specifies financial settlement or the delivery process, including the final price or delivery instrument.
Rulebook chapter
Contains the controlling legal terms, including grades, locations, price limits, position rules and settlement details.
Read one contract from left to right
An ES specification becomes a dollar relationship
- Product
- E-mini S&P 500 futures
- Globex code
- ES
- Contract multiplier
- $50 × S&P 500 Index
- Outright tick
- 0.25 index points
- Tick value
- $12.50 per contract
- Settlement
- Financial
Proof of the tick value
0.25 points × $50A 10-point move is 40 ticks. For one ES contract, 40 × $12.50 = $500 before costs.
This does not establish the current lead month, hours, margin or final trading date. Those must be read from the current product page, calendar, notices and account rules.
Verified examples, not a universal lookup table
Similar names can hide important contract differences
Values below cover named outright CME Group futures and were checked August 17, 2026. Options, calendar spreads and special price ranges can use different increments.
| Contract | Code | Contract unit | Outright tick | Tick value | Final settlement |
|---|---|---|---|---|---|
| E-mini S&P 500 | ES | $50 × index | 0.25 index points | $12.50 | Financial |
| Micro E-mini S&P 500 | MES | $5 × index | 0.25 index points | $1.25 | Financial |
| WTI Crude Oil | CL | 1,000 barrels | $0.01 per barrel | $10.00 | Physical |
| Micro WTI Crude Oil | MCL | 100 barrels | $0.01 per barrel | $1.00 | Financial |
| Gold | GC | 100 troy ounces | $0.10 per ounce | $10.00 | Physical |
| Micro Gold | MGC | 10 troy ounces | $0.10 per ounce | $1.00 | Physical |
| Euro FX | 6E | 125,000 euros | 0.00005 USD per EUR | $6.25 | Physical |
| Micro EUR/USD | M6E | 12,500 euros | 0.0001 USD per EUR | $1.25 | Physical |
MES is one tenth the ES multiplier and keeps the same outright tick size. M6E is one tenth the 6E contract unit but uses a different outright tick increment. MCL is financially settled while benchmark CL is physically settled.
The outright future, calendar spread, option premium and block-trade convention can each have their own minimum increment. Copy the row for the exact thing being ordered.
The life-cycle fields
Listing, last trade and settlement answer separate questions
Listed contract month
The exchange has opened that maturity for trading. A listing does not mean it currently has useful liquidity.
Last trading day
The exchange rule sets the final trading time. The broker may require an earlier exit.
Final settlement
The remaining obligation is closed through a financial calculation or a delivery process.
Use the standard month-code alphabet—F, G, H, J, K, M, N, Q, U, V, X and Z—to decode the month, then confirm how the platform appends the year. A continuous symbol is a research or display construct; an order must route to a listed contract.
Use the full expiration and roll guide for month codes, liquidity migration, delivery, broker cutoffs and continuous charts →Four numbers that should never be merged
Notional value, margin, tick value and stop risk are different
Notional value
Current futures price × contract unit or multiplier. It changes with price and describes the economic exposure represented.
Margin
The amount required to support the position. Exchange and broker requirements can change, and intraday terms can differ from overnight terms.
Tick value
Minimum price increment × contract unit. It is fixed by the named specification until that specification changes.
Stop risk
Stop distance in ticks × tick value × contracts, plus estimated commissions and slippage. A stop is not guaranteed to fill at its trigger price.
Source hierarchy
When two pages disagree, move closer to the controlling rule
- 1
Exchange rulebook and product chapter
Controlling contract terms, definitions, delivery standards and formal procedures.
- 2
Current product specification and expiration calendar
Operational summary, current listings and product-specific dates.
- 3
Exchange notices and holiday advisories
Changes, launches, delistings, temporary schedules and implementation dates.
- 4
Broker or account-provider rules
Earlier liquidations, delivery restrictions, margin, permissions and symbol mapping for that account.
- 5
Platform and third-party reference tables
Useful for workflow, but verify any conflict against the sources above.
A printable order-ticket check
Complete this card for the exact contract month
Product name, root and exchange
Month code and year
Contract unit or multiplier
Quote unit and valid tick
Dollar value per outright tick
Trading hours and maintenance break
Last trade, notice and settlement dates
Financial or physical settlement
Broker cutoff and account permission
Stop ticks, total dollars and cost allowance
Official references
Sources, verification date and scope
The general definitions and eight comparison rows were checked August 17, 2026. The table deliberately omits current margin estimates and exact expiration dates because those are dynamic and contract-month specific.
- CFTC: Basics of Futures TradingContract obligations, delivery, cash settlement and offsetting positions.
- CME Group: E-mini S&P 500 Contract SpecificationsES contract multiplier, tick and settlement resources.
- CME Group: Micro E-mini S&P 500 SpecificationsMES multiplier and minimum tick.
- CME Group: WTI Crude Oil Contract SpecificationsCL unit and physical-settlement resources.
- CME Group: Micro WTI Crude Oil FAQMCL versus CL unit, tick and settlement comparison.
- CME Group: Gold Contract SpecificationsGC product and delivery resources.
- CME Group: Micro Metals SpecificationsMGC unit, tick and settlement.
- CME Group: FX Product Guide6E and M6E units, outright increments, codes and settlement.
- CME Group: Contract Month CodesOfficial F-through-Z month mapping.
- CME Group: Expiration CalendarCurrent product-specific last-trade and settlement dates.
This is general education, not individualized trading, investment, legal, tax, delivery or brokerage advice. Futures are leveraged and can produce losses beyond the amount deposited. Exchange rules and broker requirements can change; verify the exact current contract and account terms before placing or holding a position.