Use tick value with its quote increment
For a long position, gross P&L = (exit − entry) / tick size × tick value × contracts. Reverse the price movement for a short. Tick value is USD per minimum price increment; it is not automatically USD per one whole price point.
With the ES preset, a move from 5,800 to 5,801 is four ticks. One contract earns USD 50 gross. Its entry notional is 5,800 × 50 = USD 290,000. That is neither the margin deposit nor a maximum loss. See the CME E-mini specifications for the 0.25-point, USD 12.50 outright tick.
Keep prices and units consistent
Select a preset, enter the two prices in the contract quote units, choose direction and enter whole contracts. Custom requires a constant tick increment and USD tick value. Switching contracts clears prices so an index level is not silently reused as an FX quote.
NQ has USD 20 per index point, so a hypothetical price of 19,500 represents USD 390,000 per contract. CL at USD 76 per barrel represents USD 76,000 for 1,000 barrels; GC at USD 2,050 per troy ounce represents USD 205,000 for 100 ounces. These are arithmetic examples, not current quotes.
The Swiss franc future uses 6S, with a 0.00005 increment worth USD 6.25. It is distinct from silver SI. The 6E euro future is also distinct from equity-index ES. A preset identifies the contract family; confirm the exact expiry and current outright specification.
Convert Treasury fractions before entry
The ZB Treasury bond future has a 1/32-point outright tick worth USD 31.25. A displayed quote of 132-16 converts to 132.5 decimal points. A move to 132-17 is 0.03125 points and USD 31.25 per contract. This calculation does not determine a deliverable bond invoice, conversion factor or accrued interest.
Gross P&L is only one part of the trade
The result excludes commissions, exchange and clearing fees, bid/ask spreads, funding, taxes and execution slippage. Subtract actual costs in the settlement currency. This model assumes a linear payoff and a constant tick value; it is unsuitable for inverse or quanto contracts and does not validate tick-grid execution.
For unchanged size and prices, changing margin does not change price P&L. It changes the amount of posted collateral and therefore the return-on-margin denominator. The margin scenario calculator accepts a per-contract requirement supplied by you; neither page fetches broker limits or guarantees stop execution.
Price movement as a percentage of entry is unavailable for zero or negative entry prices. Absolute P&L still works for such scenarios, but a signed negative notional would not be a useful capital denominator. Avoid treating a single target-price result as an expected return or a complete risk assessment.
Questions about the calculation
How is gross futures P&L calculated?
Signed ticks = (exit − entry) / tick size, reversed for a short position. Gross P&L = signed ticks × USD tick value × whole contract count. Fees, funding, slippage and taxes are excluded.
What does the notional figure mean?
For the linear model, entry-price notional is entry × (tick value / tick size) × contracts. It is shown only for a positive entry price. It is not the margin deposit, capital at risk, or the invoice amount for delivery of a Treasury future.
Does leverage change P&L for an unchanged position?
No. For the same contract, count and entry/exit prices, price P&L is unchanged. A different margin deposit changes return on margin, not gross price P&L. This calculator does not input or compute a broker margin requirement.
How should I enter a Treasury bond futures quote?
Enter decimal points. A quote of 132-16 means 132 + 16/32 = 132.5, not 132.16. The ZB preset uses a 1/32-point outright tick worth USD 31.25. Delivery invoices, accrued interest and conversion factors are not modeled.
Can Custom model any futures contract?
Only a linear payoff with a constant positive tick size and USD tick value. Enter both from the contract specification in matching quote units. Inverse, quanto, variable tick schedules and nonlinear payoffs need another model.
Why can a zero or negative price show P&L but no percentage?
Absolute linear price P&L can be calculated at nonpositive prices. A percentage based on a nonpositive entry price would be misleading, so that percentage and entry notional remain unavailable. The model does not verify that a scenario is executable.