Guides
The mechanics behind every contract page
Short, practical explanations of the numbers you see on each FuturesSpecs page – written for traders who want to understand them, not memorize them.
Calendar
Futures Roll Dates Explained: When and Why to Roll
Why futures positions must be rolled, how roll dates differ between stock index, Treasury, energy and commodity futures, and how to roll without surprises.
Calendar
First Notice Day vs. Last Trading Day
What first notice day, first position day and last trading day mean, which contracts have them, and why long traders must be out before delivery starts.
Contract math
Tick Value and Point Value: How Futures Profit and Loss Is Calculated
Tick size, tick value, point value and multiplier explained with worked examples for ES, crude oil, gold, corn, Euro FX and Treasury futures quoted in 32nds.
Risk
Futures Margin Explained: Initial, Maintenance and Day-Trading Margin
What exchange margin is, how it differs from broker day-trading margin, why long and short margins can differ, and how much leverage a futures contract really carries.
Contracts
Micro vs. E-mini Futures: Which Contract Size Fits?
How Micro futures compare with their full-size siblings – tick values, margins, expiry differences and when the smaller contract is the better choice.
Positioning
How to Read the COT Report: Net Positions, COT Index and Movement Index
The CFTC Commitments of Traders report in plain English: trader groups, net positions, the COT Index, the Movement Index, WILLCO – and what the data cannot tell you.