How to Calculate Futures Profit and Loss: ES, NQ, RTY, CL, and GC Examples

A 10-point move in ES, NQ, and RTY puts three different dollar amounts in your account, and that's why new futures traders miscalculate risk. Each contract has its own tick size and point value, set by the exchange. Know both before you size a position, because a stop distance that looks small on one chart can be a large dollar loss on another.

The Core Formula

P&L = (Exit Price - Entry Price) x Point Value x Number of Contracts. For a short position, flip the subtraction: (Entry Price - Exit Price). Point value is the dollar value of one full point (or one unit of the underlying) per contract. Tick value is the point value times the tick size. Confirm contract specifications on the CME Group product pages before you rely on any table, including this one, because specs can change.

Quick Reference

ES and MES

ES moves in 0.25-point ticks worth $12.50, so four ticks make one point at $50. If you buy 1 ES at 5,000 and sell at 5,020, that's 20 points x $50 = $1,000. The same trade on 1 MES is 20 x $5 = $100. A stop two points below a 5,000 long entry (8 ticks, at 4,998) risks 2 x $50 = $100 on ES, or $10 on MES.

NQ and MNQ

NQ also ticks at 0.25, but each tick is $5 and each point is $20. Buy 1 NQ at 18,000 and sell at 18,050: 50 x $20 = $1,000. A short from 18,050 covered at 18,030 is 20 x $20 = $400. On MNQ, a 5-point stop below an 18,000 long (17,995) costs 5 x $2 = $10.

The comparison people get wrong: a 50-point NQ move and a 20-point ES move are both $1,000 per contract. NQ's larger point numbers don't make it more profitable. Compare dollars per contract, not points.

RTY and M2K

RTY ticks at 0.10 points worth $5, so a full point is ten ticks and $50. That's the same point value as ES but a smaller tick. Buy 1 RTY at 2,100 and sell at 2,130: 30 x $50 = $1,500. On M2K the same move is 30 x $5 = $150.

CL and MCL

CL covers 1,000 barrels, so each $0.01 tick is $10 and a $1 move is 100 ticks or $1,000. Buy 1 CL at $75.00 and sell at $75.80: 0.80 x $1,000 = $800. On MCL, a $0.30 stop below a $75.00 long ($74.70) risks 0.30 x $100 = $30. Crude can move quickly around scheduled inventory reports and other news, so a stop distance sized for a quiet session can be far too small. Size to the worst plausible stop fill, not the planned one.

GC and MGC

GC covers 100 troy ounces, so each $0.10 tick is $10 and a $1 move is $100. Buy 1 GC at $2,000 and sell at $2,020: 20 x $100 = $2,000. On MGC, a $5 stop below a $2,000 long ($1,995) risks 5 x $10 = $50.

Add Costs Before You Call It a Trade

Commissions and fees come off every round turn, and they vary by broker, product, and exchange fees, so use your own statement rather than a typical figure. A hypothetical example: assume $5.00 round turn on ES and $1.00 on MES. A 4-tick ES stop risks $50, so the all-in cost is $55. A 4-tick MES stop risks $5, so it's $6. That $1 is 20% of the MES risk, which is why very tight stops on micros get expensive relative to the trade.

Then add slippage. A stop order becomes a market order when triggered, and it can fill worse than the stop price, especially in fast markets. If a hypothetical 8-tick ES stop fills 2 ticks worse, the loss is 10 ticks x $12.50 = $125, not $100. Margin is collateral your broker holds, not a cap on what you can lose, so don't confuse the margin requirement with your risk.

A Habit That Catches Mistakes

Before every trade, convert the stop distance into dollars for the contract and quantity you're about to send, then compare it to your per-trade risk limit. Check the number against the platform's P&L display on your first live fill. In NinjaTrader 8, the Trade Performance report is a good place to confirm that logged results match your math. Use the position sizing guide to turn these tick values into contract counts, and the edge calculator to see how costs change your expectancy.