How to Calculate Profit and Loss on Futures Trades (ES, NQ, and More)

One of the most important things to internalize before trading futures live is the exact dollar value of each price movement. A 1-point move on ES is not the same as a 1-point move on NQ, and confusing them is a fast path to unexpected losses. This guide breaks down the P&L math for every major futures contract you'll encounter as a retail trader.

The Core Formula

P&L = (Exit Price − Entry Price) × Point Value × Number of Contracts

For a long position, you profit when exit price > entry price. For a short position, you profit when exit price < entry price.

ES Futures (E-mini S&P 500)

• Tick size: 0.25 points
• Tick value: $12.50 per tick
• Point value: $50 per point (4 ticks × $12.50)
• Contract multiplier: $50

Example: You buy 1 ES contract at 5,200.00 and sell at 5,208.00.

Profit = (5,208.00 − 5,200.00) × $50 × 1 = 8 × $50 = $400

Alternatively: 8 points = 32 ticks × $12.50 = $400

For the MES (Micro E-mini S&P 500): tick value is $1.25, point value is $5. Everything is 1/10th of ES.

NQ Futures (E-mini NASDAQ-100)

• Tick size: 0.25 points
• Tick value: $5.00 per tick
• Point value: $20 per point (4 ticks × $5.00)
• Contract multiplier: $20

Example: You buy 1 NQ contract at 18,000.00 and sell at 18,025.00.

Profit = (18,025.00 − 18,000.00) × $20 × 1 = 25 × $20 = $500

For the MNQ (Micro E-mini NASDAQ-100): tick value is $0.50, point value is $2. Everything is 1/10th of NQ.

RTY Futures (E-mini Russell 2000)

• Tick size: 0.10 points
• Tick value: $5.00 per tick
• Point value: $50 per point (10 ticks × $5.00)

Example: Short 1 RTY at 2,100.00, cover at 2,095.00.

Profit = (2,100.00 − 2,095.00) × $50 × 1 = 5 × $50 = $250

CL Futures (Crude Oil)

• Tick size: $0.01 per barrel
• Tick value: $10.00 per tick
• Point value: $1,000 per $1 move (1,000 barrels per contract)

Example: Buy 1 CL contract at $78.00, sell at $78.50.

Profit = ($78.50 − $78.00) × $1,000 × 1 = $0.50 × $1,000 = $500

Note: CL is highly leveraged — a $1 move = $1,000 per contract. This makes crude oil significantly more volatile in dollar terms than equity index futures for most retail account sizes.

GC Futures (Gold)

• Tick size: $0.10 per troy ounce
• Tick value: $10.00 per tick
• Point value: $100 per $1 move (100 troy ounces per contract)

Example: Buy 1 GC contract at $2,300.00, sell at $2,310.00.

Profit = ($2,310.00 − $2,300.00) × $100 × 1 = $10 × $100 = $1,000

Quick Reference: Point Values by Contract

• ES: $50/point ($12.50/tick) | Micro MES: $5/point ($1.25/tick)
• NQ: $20/point ($5.00/tick) | Micro MNQ: $2/point ($0.50/tick)
• RTY: $50/point ($5.00/tick) | Micro M2K: $5/point ($0.50/tick)
• YM (Dow): $5/point ($5.00/tick) | Micro MYM: $0.50/point ($0.50/tick)
• CL: $1,000/$1 move ($10/tick)
• GC: $100/$1 move ($10/tick)

Why This Matters for Risk Management

Knowing point values is the foundation of position sizing. If your account is $25,000 and you want to risk no more than 1% ($250) per trade on ES, and your stop is 5 points ($250 for 1 contract), then 1 contract is your maximum size for that setup. If the stop is 10 points ($500 for 1 contract), then 1 contract exceeds your 1% risk rule — you'd need to either use MES or skip the trade.

The same position sizing discipline applied to NQ: a 10-point NQ stop = $200 per contract. With a $250 budget per trade, you could trade 1 full NQ contract with a 10-point stop.

Related Reading

• Futures Margin Requirements — How much capital you need to hold open futures positions
• Position Sizing Guide — How to use point values to size positions correctly for your account
• ES vs NQ Comparison — How the different point values affect volatility and trading style for each contract

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