> ## Documentation Index
> Fetch the complete documentation index at: https://docs.askfutures.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Contract specs

> How to read tick size, tick value, point value, margin, session hours, and roll rules — with a worked stop example.

Every futures market has a handful of fixed specs that decide how much each price
move is worth, how much capital it ties up, and when it trades. You don't have to
memorize them — **you can ask AskFutures for any symbol's specs at any time** —
but knowing how to read them makes your stops, targets, and position sizing far
more intuitive.

<Tip>
  In chat, just ask: *"What are the contract specs for crude oil?"* or *"How much
  is one tick on MES?"* AskFutures pulls the numbers for any
  [supported symbol](/reference/supported-symbols).
</Tip>

## The specs that matter

<AccordionGroup>
  <Accordion title="Tick size — the smallest price move" icon="ruler">
    The minimum increment a price can move. The E-mini S\&P 500 (`ES`) moves in
    `0.25` increments; crude oil (`CL`) in `0.01`; gold (`GC`) in `0.10`. Prices
    only ever land on multiples of the tick size.
  </Accordion>

  <Accordion title="Tick value — what one tick is worth" icon="coins">
    The dollar value of a single tick, per contract. One `ES` tick is **$12.50**;
            one `CL` tick is **$10**; one `MES` tick is **\$1.25**. This is the smallest
    amount your P\&L can change on one contract.
  </Accordion>

  <Accordion title="Full point value — what a whole point is worth" icon="calculator">
    The dollar value of a **1.00 move** in price, per contract. It's simply:

    ```text point value theme={null}
    Point value = Tick value ÷ Tick size
    ```

    For `ES`: `$12.50 ÷ 0.25 = $50` per point. For `CL`: `$10 ÷ 0.01 = $1,000`
    per point. This is the number you use to translate a dollar stop into a price
    distance (see the worked example below).
  </Accordion>

  <Accordion title="Initial & maintenance margin" icon="building-columns">
    **Initial margin** is the capital your broker requires to open one contract;
    **maintenance margin** is the lower level you must stay above to keep it open.
    Margins are set by the exchange and brokers and change with volatility — treat
    the figures as indicative, not live quotes. (Backtests don't enforce margin
    calls; margin tells you what a position would tie up in the real world.)
  </Accordion>

  <Accordion title="Session hours" icon="clock">
    CME futures trade **nearly 23 hours a day**, Sunday evening through Friday
    afternoon. The "session" listed for each contract is the **regular (day)
    session** — the core liquid hours. By default, day-trading strategies enter
    during the regular session and close positions at end of day; you can change
    the trading window in chat.
  </Accordion>

  <Accordion title="Roll & expiration" icon="rotate">
    Each contract expires; trading then moves ("rolls") to the next listed month.
    AskFutures backtests on **back-adjusted continuous contracts**, so it stitches
    expiring months into one smooth multi-year history and rolls a set number of
    days ahead of each expiration. You get a single clean price series per market
    without managing roll dates yourself.
  </Accordion>
</AccordionGroup>

## The key relationship

The one formula worth remembering ties the three price specs together:

```text point value theme={null}
Tick value = Tick size × Point value

   ⇒  Point value = Tick value ÷ Tick size
```

Everything else — converting a dollar stop to ticks, or a price move to P\&L —
falls out of the point value.

## A worked example: turning a "\$500 stop" into a price distance

Say you want a **\$500 stop** on one contract of the E-mini S\&P 500 (`ES`).

<Steps>
  <Step title="Start from the point value">
    `ES` is worth \*\*$50 per point** (`$12.50 tick value ÷ 0.25 tick size\`).
  </Step>

  <Step title="Divide the dollar stop by the point value">
    `$500 ÷ $50 per point = 10 points`. Your stop sits **10 points** away from
    entry.
  </Step>

  <Step title="Convert to ticks if you like">
    `10 points ÷ 0.25 tick size = 40 ticks` — the same distance expressed in the
    smallest increments.
  </Step>

  <Step title="Read it as a price">
    If you go long at `5,000.00`, a \$500 stop is at `4,990.00` (10 points below).
  </Step>
</Steps>

The same \$500 stop is a **different price distance** on every market, because the
point value differs:

| Market                        | Point value     | \$500 stop =  |
| ----------------------------- | --------------- | ------------- |
| `ES` (E-mini S\&P 500)        | \$50 / point    | 10.00 points  |
| `MES` (Micro E-mini S\&P 500) | \$5 / point     | 100.00 points |
| `CL` (Crude Oil)              | \$1,000 / point | 0.50 points   |
| `GC` (Gold)                   | \$100 / point   | 5.00 points   |

<Note>
  This is exactly the math AskFutures does for you. When you say *"stop at \$500"*,
  it converts the dollar amount into the right price distance for the symbol — so
  the same idea sizes correctly whether you trade the full-size or the micro. You
  can also specify stops directly in **ticks, points, or percent** instead of
  dollars.
</Note>

## How specs flow into your results

Tick value and point value are what turn a price move into dollars in your
backtest. The simulator also subtracts modeled trading costs — **1 tick of
slippage** plus commission (**$1/side** micro, **$2.50/side** full-size) by
default — so reported P\&L is net of those.

<Warning>
  Backtest results are **hypothetical and simulated** — no real trades were
  placed, and results may differ from live trading. Past performance does not
  guarantee future results. Always test before you trade.
</Warning>

See [Is the backtest real?](/concepts/is-the-backtest-real) for the full picture
of what the engine models.

## Next steps

<CardGroup cols={2}>
  <Card title="Supported symbols" icon="table-list" href="/reference/supported-symbols">
    The full CME Group universe, grouped by asset class.
  </Card>

  <Card title="Risk & trade management" icon="shield-halved" href="/concepts/risk-and-trade-management">
    Stops, targets, trailing stops, and end-of-day exits.
  </Card>

  <Card title="What a strategy is made of" icon="diagram-project" href="/concepts/strategies">
    Markets, entries, exits, filters, and parameters.
  </Card>

  <Card title="Is the backtest real?" icon="shield-check" href="/concepts/is-the-backtest-real">
    How costs and prices become trustworthy numbers.
  </Card>
</CardGroup>