A futures profit calculator computes contract P&L using the three variables that distinguish futures from equities: tick size, tick value, and contract multiplier. Enter your entry, exit, and contract count above to get gross and net P&L instantly — including commission deduction.
How to Use
| Input | What to Enter | Example |
|---|---|---|
| Contract Symbol | Select the futures product from the dropdown | ES |
| Entry Price | Your fill price at trade entry | 5,210.00 |
| Exit Price | Your exit price or profit target | 5,220.00 |
| Number of Contracts | Total contracts in the position | 3 |
| Commission Per Contract | Round-trip cost (entry + exit) for one contract | $4.50 |
The calculator outputs gross P&L, total commissions, and net P&L. Use it before entry to verify that a trade’s reward justifies its risk — not just after the trade to reconcile your account.
Formula Explained
Gross P&L = (Exit Price − Entry Price) × Contract Multiplier × Number of Contracts
Net P&L = Gross P&L − (Commission Per Contract × Number of Contracts)
Contract Multiplier is the dollar value assigned to each full point of price movement. This is the variable that trips up traders coming from equities. A $10 move in a stock with 100 shares = $1,000. A 10-point move in ES = 10 × $50 × contracts. The multiplier is fixed by the exchange and does not change.
Tick Size vs. Tick Value: The tick size is the smallest increment the contract can move. The tick value is what that increment is worth in dollars. For ES, tick size = 0.25 points and tick value = $12.50. Four ticks = one point = $50. Knowing this distinction matters when your stop is expressed in ticks rather than points.
The table below covers the major contracts. Micro contracts launched in May 2019 on the CME and allow exposure at exactly 1/10th the notional of the standard contract.
| Contract | Multiplier | Tick Size | Tick Value |
|---|---|---|---|
| ES (E-mini S&P 500) | $50/point | 0.25 pts | $12.50 |
| MES (Micro E-mini S&P) | $5/point | 0.25 pts | $1.25 |
| NQ (E-mini Nasdaq-100) | $20/point | 0.25 pts | $5.00 |
| MNQ (Micro E-mini Nasdaq) | $2/point | 0.25 pts | $0.50 |
| CL (WTI Crude Oil) | $1,000/point | $0.01 | $10.00 |
| GC (Gold) | $100/point | $0.10 | $10.00 |
| ZB (30-Year T-Bond) | $1,000/point | 1/32 pt | $31.25 |
Example Calculations
Scenario 1: ES Long Trade — Pre-Trade Planning
A trader buys 3 ES contracts at 5,210.00, targeting 5,220.00 with a stop at 5,205.00.
- Target P&L: (5,220 − 5,210) × $50 × 3 = 10 × $50 × 3 = $1,500 gross
- Risk: (5,210 − 5,205) × $50 × 3 = 5 × $50 × 3 = $750
- Commissions: $4.50 × 3 contracts = $13.50
- Net profit at target: $1,500 − $13.50 = $1,486.50
- Risk/reward: $750 risk for $1,486.50 reward = 1.98R
This trade falls just short of a 2R minimum. A trader can either widen the target by one tick (to 5,220.25) or reduce the position to 2 contracts to improve the ratio — both decisions the calculator surfaces instantly before entry.
Scenario 2: NQ Short — Stopped Out
A trader shorts 2 NQ contracts at 18,400.00 with a stop at 18,440.00.
- Loss if stopped: (18,440 − 18,400) × $20 × 2 = 40 × $20 × 2 = −$1,600 gross
- Commissions: $4.50 × 2 = $9.00
- Net loss: −$1,609.00
That 40-point stop on NQ equals 160 ticks × $5/tick × 2 contracts. Expressed in ticks first, then converted, makes the risk concrete before the trade is placed.
Scenario 3: MES Scalp — Micro Contract Sizing
A new futures trader uses 5 MES contracts to limit exposure while learning ES dynamics.
- Entry: 5,210.00 | Exit: 5,214.00 | Move: 4 points
- Gross P&L: 4 × $5 × 5 = $100
- Commissions: $1.50 × 5 = $7.50
- Net P&L: $92.50
The same 4-point move on 1 standard ES contract produces $200 gross — double the MES position on half the contracts. MES lets traders calibrate size precisely without rounding to the nearest full ES contract.
Reverse Calculation: Position Sizing From Dollar Risk
The calculator’s most powerful pre-trade use is working backwards. If your maximum risk on a trade is $500 on ES:
- Identify your stop distance in ticks: 8 ticks = 2 points
- Dollar risk per contract: 8 ticks × $12.50 = $100/contract
- Max contracts: $500 ÷ $100 = 5 contracts
This approach keeps every trade within a fixed dollar risk, regardless of where the stop must be placed. Use the position size calculator alongside this tool when working from a percentage-of-account risk model.
When to Use This Calculator
- Before entry: Confirm that your target-to-stop ratio meets your minimum R threshold (typically 1.5R or 2R) before placing the order.
- Sizing new contracts: When trading a symbol for the first time, verify the tick value and multiplier — CL and ZB specs are frequently misremembered by equity traders.
- Commission-adjusted targets: On scalps with small point moves, commissions can consume 20-40% of gross profit. Net P&L changes the decision.
- Micro vs. standard comparison: Decide whether to trade MES or ES based on dollar risk per contract at your specific stop distance.
- Trade journaling: Record gross P&L, commissions, and net P&L separately to identify whether poor performance stems from trade selection or cost drag.
Related Tools
- Futures Margin Calculator — Calculate initial and maintenance margin requirements before sizing a position.
- Risk/Reward Calculator — Convert your entry, stop, and target into an R-ratio to filter trades before they’re placed.
- R-Multiple Calculator — Track actual versus planned R across your trade history to identify execution edge.
- Stop Loss Calculator — Back-calculate stop distance from a fixed dollar risk amount per trade.
Frequently Asked Questions
How do you calculate profit on a futures contract?
Futures profit equals (Exit Price − Entry Price) × Contract Multiplier × Number of Contracts. For ES, the multiplier is $50 per point. A 10-point gain on 3 contracts = $1,500 gross. Subtract round-trip commissions — typically $4.00–$5.00 per contract — to arrive at net P&L.
What is the contract multiplier for ES futures?
The ES (E-mini S&P 500) contract multiplier is $50 per point, as specified by the CME Group. Its minimum tick is 0.25 points, making each tick worth $12.50. The Micro E-mini S&P (MES) uses a $5 multiplier with a $1.25 tick value — exactly 1/10th of ES.
How much is one tick worth in futures trading?
Tick value varies by contract and exchange. ES ticks are worth $12.50 each, NQ ticks are $5.00, CL (crude oil) ticks are $10.00, GC (gold) ticks are $10.00, and ZB (30-Year T-Bond) ticks are $31.25. Always confirm the current contract spec on the exchange website before trading a new product.
How do commissions affect futures P&L?
At $4.50 round-trip per contract, trading 10 ES contracts costs $45 in commissions on every trade. For a 4-tick scalp ($50 gross per contract, $500 for 10 contracts), commissions consume 9% of gross profit. On smaller positions or tighter scalps, the commission percentage rises sharply — a 1-tick ES scalp ($12.50/contract) is immediately unprofitable after commissions alone.
What is the difference between tick size and tick value in futures?
Tick size is the minimum price increment a futures contract can move (0.25 points for ES). Tick value is the dollar amount that one tick represents ($12.50 for ES). These are related but not interchangeable: CL has a tick size of $0.01 and a tick value of $10, because the contract covers 1,000 barrels — so a one-cent move is worth $10 in dollar terms.
