SPYEQUITY
—NO QUOTE
Equities
Futures
% r
% q

Futures Outright Calculator

How this strategy works →
AssistantPRO
Type a trade in plain English. A fine-tuned model returns the symbol, structure, expiry and size — never a strike or a price.
RECORDED EXAMPLE1/3
“bull call spread on NVDA, 30 days, 2 contracts”
NVDAEQUITYBull Call Spread30d2×
Not a live answer. Captured from api.optionsandfuturescalculator.com on 2026-08-11 and replayed here — the assistant did not run just now. Type your own above and press Parse for a real one.
Trained on ES and NQ futures only — commodity roots are refused, not guessed.A bare futures directive (“Long NQ, 45 days”) often returns no parameters.Exercise style and averaging come from a keyword scan of your words.
Strategy47
Single-leg calls and puts are free
Spreads, straddles, condors, butterflies and futures spreads need Pro. 7 days free, then $9.99/month or $99/year.
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Ticket
Averaging
Debit · 1 × 100—
Position · 0 legs
No legsSelect strikes from the option chain to build a position.
Exercise & Averaging
Exercise
Dividend yield is not modelled on this tree (drift is r − σ²/2). The strategy panel prices with a dividend yield; this panel does not.
Averaging
No resultPick a strike with a live quote to price the tree.
Saved
Nothing saved yetBuild a position, name it, and it will be here next time.
Probability Distribution
No distribution yetThe curve needs a live spot, an implied volatility off the option chain, and a real expiry. Add priced legs to draw it.
P&L matrixprice × date
price–
No grid yetAdd priced legs to compute P&L across price and date.
P&L surfaceprice × date × profit
Surface offTurn on 3D to see the position as a height field.
Option Chain
Outcome
No resultRun a calculation to see outcome, probability and Greeks.

One futures contract, long or short. There is no premium, no strike and no decay — the payoff is a straight line through the entry price — so everything about the position comes from contract size and leverage. An E-mini S&P contract carries index exposure of fifty times the index level on margin worth a small fraction of that, and the same arithmetic runs in both directions with nothing to soften it. Losses are not bounded by what was posted, and variation margin settles in cash daily. Set the contract and the move here, then read what a single point is worth before deciding how many to hold.

The full Futures Outright guide, worked example and FAQs →

The simplest futures order there is: one contract, one side, no strike and no expiry decision beyond which delivery month to hold. The real decision is the roll — most participants close the position before first notice date and open the same size in the next active month, and the cost of that roll is set by the calendar spread between the two months, not by anything on this ticket. Check the contract's tick size and point value before sizing; they vary by product and are not the same across the futures listed here.

Sizing and account notes

Position size in futures is naturally set by the number of contracts, and one contract is already a large notional exposure on most index and commodity products — sizing by 'how many contracts feels comparable to my usual stock position' routinely produces far more leverage than intended. Daily variation margin means a losing position generates real cash calls before the trade thesis has had time to play out, so the account needs spare cash beyond the initial margin, not merely the initial margin itself. Stop orders on futures execute continuously through the overnight session, unlike many equity accounts' day-session-only stops.

Common mistake. The common mistake is sizing contracts by how a position 'feels' relative to an equity account rather than by the actual notional and point value, which is routinely far larger than it appears.

At a glance

Legs
1
Market view
Directional — leveraged, linear
Opened for
Margin
What bounds the profit
Uncapped, marked to market daily
What bounds the loss
Bounded by zero (long); unlimited (short)

The order ticket, from the worked example

#ActionInstrumentStrike
1BuyES future5800

Payoff at expiry, across a price grid

Computed from the same strikes and net premium as the worked example above — not a simulation, the closed-form payoff evaluated at each price.

ES at expiryP&L
5600-$10000.00
5700-$5000.00
5800$0.00
5900$5000.00
6000$10000.00
6100$15000.00

How this compares with related strategies

StrategyMarket viewOpened forLegs vs. this one
Futures SpreadRelative value — non-directionalMargin+1
Futures Calendar SpreadTerm structure — non-directionalMargin+1
Covered Futures CallNeutral to mildly bullish — futures incomeMargin+1
Futures Basis TradeArbitrage — carry captureMargin+1