Futures Position Size Calculator (ES, NQ, CL, GC, Micros)
Futures position sizing is different from stocks because each contract represents a fixed dollar move per point. Enter your account size, risk per trade, stop distance in points, and the contract's dollar multiplier — we calculate how many contracts you can trade without exceeding your risk budget. Defaults to ES (E-mini S&P 500) at $50/point.
Results
Contracts to trade
1
Round down — never exceed your risk budget. If 0, the stop is too wide for your account at this multiplier.
Actual dollar risk
$250.00
Slightly less than max-risk because we floor contracts to whole numbers.
Max allowed risk
$250.00
Your account-size × risk%. Actual risk is below this.
Risk per contract
$250.00
Stop distance × multiplier. The exposure of one contract.
Position notional
$290,000.00
Entry × multiplier × contracts — the full contract value (NOT margin requirement).
Results update live as you change inputs. This calculator runs entirely in your browser — your numbers are never sent to a server.
Worked example (ES on a $25k account)
You have a $25,000 account, willing to risk 1% ($250) per trade, trading ES (E-mini S&P, $50/point) with a 5-point stop. Risk per contract = 5 × $50 = $250 — which exactly matches your max risk. So you trade 1 contract. If you wanted to trade 2 contracts at this risk budget, you'd need either a 2.5-point stop OR a $50k account. This is why most beginner futures traders use the micros (MES at $5/point) — same strategy at 1/10th the dollar risk per contract.
Frequently asked questions
What's a futures contract multiplier?
The contract multiplier is the dollar value of a 1.00 point move in the underlying. ES (E-mini S&P) = $50, meaning if ES moves from 5800 to 5801, one long contract makes $50. Multipliers are set by the exchange and never change for a given contract. Check the CME/NYMEX product specs page for any contract you trade.
Should I trade ES or MES as a beginner?
Start with MES (Micro E-mini S&P). It's the same product as ES but at 1/10th the contract size ($5/point vs $50/point). A 10-point stop on MES risks $50; on ES it risks $500. Beginners who jump straight to ES with under $25k typically blow up on a single bad day. MES lets you practice the strategy with manageable dollar amounts.
How much account do I need to trade futures?
Technically you can open a futures account with as little as $500-1,000 if you only trade micros and use day-trade margin. Realistically, for ES day-trading you want at least $10,000; for swing trading $25,000+. The PDT rule doesn't apply to futures (you can day-trade with any account size), which is part of their appeal vs stocks.
Does this calculator account for futures margin?
No — the calculator sizes by risk, not by margin. Margin (the deposit required to hold a contract) is set by your broker and varies: ES intraday margin is often $500-1,000, overnight $13,200. Always confirm you have enough excess margin to hold the position. Risk-based sizing is what keeps you in the game; margin-based sizing is what gets people blown up.
What's the difference between points and ticks?
A point is a 1.00 move in the underlying (ES from 5800 to 5801). A tick is the minimum price increment, which is smaller. ES ticks in 0.25 (so 1 point = 4 ticks, each tick = $12.50 on a full ES, $1.25 on MES). When this calculator says 'stop distance in points,' enter the points — we'll handle the math.
Can I use this for forex or options?
Not directly. Forex uses pip values and lot sizes (use our forex position size calculator). Options use contract premium and delta — much more complex sizing. This calculator is built specifically for futures with fixed point multipliers (equity index, energy, metals, treasuries, ag).