Contract Specifications & Margins – Futures Trading Made Clear

Explore contract size, tick value, trading hours, and up-to-date margin requirements for key metals, energies, equity indices, and crypto futures.
Gold (GC)
Multiplier: 100 troy oz

Tick: $0.10 → $10 per contract

Initial Margin: $22,000

Maintenance Margin: $20,000

Crude Oil (CL)
Multiplier: 1,000 barrels

Tick: $0.01 → $10 per contract

Initial Margin: $4,785

Maintenance Margin: $4,350

Copper (HG)
Multiplier: 25,000 lbs

Tick: $0.0005 → $12.50 per contract

Initial Margin: $9,900

Maintenance Margin: $9,000

Understanding Margin: What You Need to Know

Initial Margin: The amount required to open a position, as set by the exchange and subject to adjustments.
Maintenance Margin: The minimum equity you must maintain to avoid a margin call.

Always check current margins via your FCM—these values are updated frequently.

Why Specs & Margins Matter

Precision in Position Sizing:
Knowing tick values ensures you can accurately manage risk per dollar.
Risk Management:
Proper margin calculation prevents unexpected liquidations in volatile markets.
Strategic Clarity:
Understanding contract cycles and timing helps you plan roll schedules and entry/exit points.

Resources

How Margins Are Calculated

Learn how initial and maintenance margins are determined, why they fluctuate, and how they impact your available trading capital.

Tick Size & Contract Value Explained

A clear breakdown of how tick size and contract value work together to define the minimum price movement and notional value of futures contracts.

Margin Requirements and Variation
Explore how margin requirements are adjusted across markets and how daily variation margin ensures proper account balance management.
Testimonial

Client Stories

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Chairman & CEO, EMC Capital Management

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Trend Channel

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“Wisdom Trading exceeds expectations year after year. Their vast experience and knowledge of the global futures markets will save you time and money when it comes to execution, rolls and research. The entire staff puts a great deal of effort into the relationship and I am truly appreciative of all they have done for me.”

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Portfolio Manager, IL

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Frequently Asked Questions

Margins can change due to market volatility and liquidity shifts. Exchanges like CME adjust requirements dynamically to reflect real-time risk, while your FCM may also modify “house margins” to maintain prudent risk coverage. Intraday or overnight volatility spikes can trigger higher margin thresholds.

  • Tick size is the smallest possible price movement for a contract (e.g., $0.10 for Gold).

  • Point value is the dollar amount per full point of movement.
    Understanding both helps you calculate risk per trade and determine position sizing accurately.

Yes. Micro and mini contracts are smaller in notional value, so their margin requirements are proportionally lower. For example, Micro E-mini contracts typically require about one-tenth of the margin of a standard E-mini. This structure allows traders to scale into positions more flexibly.

  • Initial Margin is the amount required to open a position — a good-faith deposit set by the exchange.

  • Maintenance Margin is the minimum balance required to keep that position open. Falling below this level may trigger a margin call, requiring funds to restore your account to the initial level.

You can review current margin levels through your clearing FCM’s daily statements or directly on the CME Group’s Margin Portal. Wisdom Trading monitors exchange updates closely and can provide guidance on how changing margin levels may affect your strategy allocations.

While the exchange sets base margin requirements, brokers may apply additional “house margins” based on their internal risk controls, client leverage policies, or volatility conditions. These add-ons protect both the client and the broker from outsized losses.

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