Futures price
The contract quote. By itself it does not show how much economic exposure you have.
Guides
Futures guide
A Future is a standardized contract. Monetary movement depends on price, multiplier, number of contracts and Long or Short direction.
Four data points to understand
Multiplier
Converts one price point of movement into monetary value per contract.
Minimum tick and tick value
Minimum tick is the smallest price increment defined by the contract. Tick value equals tick size × multiplier.
Notional
Notional equals price × multiplier × contracts. It is the modelled economic exposure and can be far larger than deposited margin.
Long and Short
A Long gains as price rises and loses as it falls; a Short does the opposite. P/L depends on price movement multiplied by multiplier and contracts.
Open toolRisk and position sizing
The tool combines entry, stop, point value and commissions to find how many contracts fit the risk budget.
Open toolMargin and leverage
Margin is collateral required to maintain the position. It is not the contract price, not cash borrowed into the account and not the maximum loss.
Open toolFutures spread
Two Long/Short legs are evaluated together. The result comes from each leg’s P/L and costs, not merely the displayed price difference.
Open toolRollover
Rolling means closing the expiring contract and opening another. The quote difference between expiries is not automatically profit or loss.
Open toolHedging
Contract count can be estimated by comparing exposure to hedge with contract notional and an optional beta/hedge ratio. Rounding and basis risk often leave residual exposure.
Open toolBasis and fair value
Basis compares Futures with Spot. Fair value is a theoretical estimate using Spot, time and carry: it is not a forecast of the Futures price at expiration.
Open toolFORM REFERENCE
Every field explained
Each block matches one tool. Every field explains what it represents and what value belongs there. Prices and commissions stay separate so calculations remain readable and verifiable.
Long / Short Futures
Open toolDirection
Position direction: Long benefits from a rise; Short benefits from a fall.
Currency
Currency in which the tool expresses prices, costs and results.
Entry price
Futures contract price when the position is opened.
Exit price
Futures contract price at which you assume the position is closed.
Contracts
Number of contracts. It must be a whole number and scales economic exposure, covered units and often commissions.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Minimum tick
Minimum price increment defined by the contract. Multiplied by the multiplier, it gives the monetary value of one tick.
Simplified tax on profit (%)
Tax percentage used by the simplified model on positive results. Enter the percentage number, for example 26 for 26%.
Opening commission
Total commission to open the Futures position.
Closing commission
Total commission to close the Futures position.
Futures risk and position sizing
Open toolCurrency
Currency in which the tool expresses prices, costs and results.
Entry price
Futures contract price when the position is opened.
Stop price
Price at which you plan to exit to limit loss. It is a simulation price: a real stop may fill worse after gaps or slippage.
Maximum risk budget
Maximum amount you want to risk between entry and stop, including the round-trip commissions you entered.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Minimum tick
Minimum price increment defined by the contract. Multiplied by the multiplier, it gives the monetary value of one tick.
Round-trip commission per contract
Combined opening + closing cost for one contract. The tool multiplies it by the contract count.
Futures margin and leverage
Open toolCurrency
Currency in which the tool expresses prices, costs and results.
Futures price
Futures contract quote used in the calculation. It is not the same as the capital required as margin.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Contracts
Number of contracts. It must be a whole number and scales economic exposure, covered units and often commissions.
Available capital
Available capital you want to compare with margin, notional exposure and leverage.
Initial margin per contract
Initial margin required for one contract according to the broker or exchange. Enter a real quoted requirement rather than estimating it as a percentage of notional.
Maintenance margin per contract
Maintenance margin per contract below which the position may require more capital or become subject to broker rules.
Total round-trip commission
Combined opening + closing cost for the entire Futures position being analysed.
Futures Spread
Open toolLeg direction
Long or Short direction of one Futures spread leg.
Opening price
Opening price of one spread leg.
Closing price
Assumed closing price of one spread leg.
Contracts
Number of contracts. It must be a whole number and scales economic exposure, covered units and often commissions.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Currency
Currency in which the tool expresses prices, costs and results.
Leg A round-trip commission
Total round-trip cost of leg A of the Futures spread.
Leg B round-trip commission
Total round-trip cost of leg B of the Futures spread.
Futures Rollover
Open toolDirection
Position direction: Long benefits from a rise; Short benefits from a fall.
Currency
Currency in which the tool expresses prices, costs and results.
Old-contract entry price
Price at which the Futures contract being rolled was originally opened.
Old-contract closing price
Price at which you assume the old contract is closed during the rollover.
New-contract opening price
Price at which you assume the later-expiration contract is opened.
Contracts
Number of contracts. It must be a whole number and scales economic exposure, covered units and often commissions.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Old Futures closing commission
Commission for closing the old contract during rollover.
New Futures opening commission
Commission for opening the new contract during rollover.
Futures Hedge
Open toolExisting exposure direction
Direction of the exposure you want to hedge. The Futures hedge is set in the opposite direction.
Currency
Currency in which the tool expresses prices, costs and results.
Monetary exposure value
Monetary value of the exposure you want to reduce or hedge with Futures.
Beta / hedge ratio
Factor adjusting the exposure to the behaviour of the Futures hedge. A value of 1 means one-to-one notional hedging in the model.
Futures price used for hedge
Futures contract quote used in the calculation. It is not the same as the capital required as margin.
Contract multiplier
Contract multiplier converting one price point of movement into monetary value per contract.
Opening commission per contract
Opening commission per contract used in the hedge; multiplied by the rounded contract count.
Basis and Fair Value
Open toolCurrency
Currency in which the tool expresses prices, costs and results.
Spot price
Current Spot price of the underlying to compare with the Futures quote.
Futures price
Futures contract quote used in the calculation. It is not the same as the capital required as margin.
Days to expiration
Number of days remaining to contract expiration, used in carry and fair-value calculations.
Annual rate (%)
Annual percentage rate used in the carry model. It is a theoretical input and should be consistent with the currency and horizon.
Annual underlying yield/carry (%)
Annual percentage yield attributed to the underlying in the model, such as dividend yield or another applicable carry component.