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How to calculate position size for futures
Position size answers one question: how many contracts can I trade so that, if my stop is hit, I lose no more than I planned?
The formula
Contracts = risk per trade ($) ÷ (stop distance in ticks × tick value), rounded down.
Worked example: You'll risk $200 on an MES trade with a 10-point stop. MES ticks are 0.25 points, so 10 points = 40 ticks. At $1.25 per tick, one contract risks 40 × $1.25 = $50. $200 ÷ $50 = 4 MES contracts. The same stop on ES ($12.50/tick) risks $500 per contract, so $200 isn't enough for even one.
Tick values (from CME contract specs)
| Symbol | Contract | Size | Tick | Tick value | Per 1.0 point | Source |
|---|---|---|---|---|---|---|
| MES | Micro E-mini S&P 500 | $5 × S&P 500 Index | 0.25 | $1.25 | $5.00 | CME spec |
| MNQ | Micro E-mini Nasdaq-100 | $2 × Nasdaq-100 Index | 0.25 | $0.50 | $2.00 | CME spec |
| ES | E-mini S&P 500 | $50 × S&P 500 Index | 0.25 | $12.50 | $50.00 | CME spec |
| NQ | E-mini Nasdaq-100 | $20 × Nasdaq-100 Index | 0.25 | $5.00 | $20.00 | CME spec |
| CL | Crude Oil (WTI) | 1,000 barrels | 0.01 | $10.00 | $1000.00 | CME spec |
| GC | Gold | 100 troy ounces | 0.1 | $10.00 | $100.00 | CME spec |
| MGC | Micro Gold | 10 troy ounces | 0.1 | $1.00 | $10.00 | CME spec |
Prop-firm adjustments
- Size against your drawdown and daily loss limit, not your nominal account size. A "$50K" account's real risk budget is its max loss limit.
- Respect the firm's max contracts / scaling plan (e.g. Topstep's Express Funded scaling plan — Topstep help).
- Watch the consistency rule: oversizing to hit a big day can push your target up.
- Commissions and slippage aren't in the formula; leave a buffer.
Skip the math: use our position size calculator.
Last updated Nov 2026. Prop-firm rules change often; every claim links to the firm's own page so you can re-check before you trade. Not investment advice.
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