MarketsBench
Beginner3 steps · 12 min of reading

Futures Essentials: Ticks, Contracts and Margin

Three steps through the numbers behind a futures trade: what a tick is worth, how micros compare to e-minis, and how initial and maintenance margin work.

New to trading? Work through Trading Foundations first — this path assumes you can already size a position from a stop.

What you’ll be able to do

  • Convert any futures stop distance into dollars before entry
  • Choose between a micro and an e-mini from account size, not preference
  • Read initial, maintenance and day-trading margin as three different numbers
  • Know the price at which a position triggers a margin call

The path

  1. Step 1: Futures Tick Value Explained: ES, NQ and the Micros

    Futures · 4 min read

    Price a tick and a point on any contract you trade.

    Practice

    Price one ES contract, then switch the symbol to MES and compare the tick values.

    Open the Futures Contract calculator →

  2. Step 2: Micro vs Mini Futures: Which Should You Trade?

    Futures · 4 min read

    Pick the contract whose tick value your risk budget can actually absorb.

    Practice

    Run a 40-point move on 3 MNQ, then the same move on 1 NQ (multiplier 20).

    Open the Futures Contract calculator →

  3. Step 3: Futures Margin: Initial, Maintenance and Day Rates

    Futures · 4 min read

    Separate the margin posted at entry from the equity that triggers a call.

    Practice

    Find the level at which a single index contract on a $5,000 account gets called.

    Open the Margin Call calculator →

Start with step 1

The steps build on each other — the position sizing in step three depends on the stop placement in step two.

Read: Futures Tick Value Explained: ES, NQ and the Micros →

Other paths