Retail traders using a stock or options account with under $25,000 face the
Pattern Day Trader (PDT) rule — a FINRA rule that limits accounts below
the threshold to three round-trip day trades per rolling five-day period.
Futures accounts are exempt. Because futures are regulated by the CFTC,
not FINRA, the PDT rule simply doesn't apply — you can day-trade micro futures contracts
as often as you like regardless of account size.
MicroFutures is an education app designed to close the knowledge gap. Use the flashcard
drills to memorize contract specs, margin requirements, tick sizes, and rollover schedules.
Use the bundled calculators to work through real trade scenarios before you place an order.
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Master micro contracts (MES, MNQ, MGC, MCL)
Spaced-repetition flashcards covering contract specs, tick sizes, trading hours, margin rates, and rollover dates for the four most-traded micro futures.
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Drill with spaced repetition
Cards you answer correctly appear less often; cards you miss reappear sooner. The Leitner system adapts to your weak spots so review time is never wasted.
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Tick-value + P&L + margin tools
Instant calculators for tick value, realized and unrealized P&L, initial and overnight margin, and rollover cost — all bundled in one tab.
Getting Started with Micro Futures Trading
Micro futures are 1/10th the size of standard E-mini futures contracts. CME Group introduced them in 2019 to give retail traders access to equity-index and commodity futures markets without the capital requirements of full-size contracts.
Key advantage over stocks and options: Futures accounts are regulated by the CFTC under the Commodity Exchange Act — not by FINRA, which governs equities. This means the Pattern Day Trader (PDT) rule, which caps day trades to three per five-day window for equity accounts under $25,000, does not apply to futures accounts. You can day-trade micro futures as frequently as you choose regardless of your account balance.
Micro Futures Contract Specifications
Understanding contract specs is the foundation of futures trading. Each contract has a fixed tick size and tick value — knowing these before you trade prevents costly math errors.
| Symbol |
Underlying |
Tick Size |
Tick Value |
Multiplier |
| MES |
Micro E-mini S&P 500 |
0.25 points |
$1.25 / tick |
$5 × index |
| MNQ |
Micro E-mini Nasdaq-100 |
0.25 points |
$0.50 / tick |
$2 × index |
| MGC |
Micro Gold |
$0.10 / troy oz |
$1.00 / tick |
10 oz × price |
| MCL |
Micro WTI Crude Oil |
$0.01 / barrel |
$1.00 / tick |
100 bbl × price |
How to Calculate Tick Value
Tick value is the dollar change in your P&L when price moves one tick. For MES: if the S&P 500 moves from 5,200.00 to 5,200.25 (one tick), your one-contract position gains or loses $1.25. A 10-tick move ($2.50 of index movement) is worth $12.50 per MES contract.
How to Calculate P&L on a Futures Trade
P&L = (Exit Price − Entry Price) × Multiplier × Number of Contracts
Example — long 2 MES contracts, bought at 5,200.00, sold at 5,210.00 (10 points, 40 ticks):
P&L = (5,210 − 5,200) × $5 × 2 = $100
Subtract commissions (typically $0.35–$0.50 per side per contract at most retail brokers) and you net roughly $98.60 on the round trip.
Margin Requirements for Micro Futures
Futures margin is a performance bond, not a loan — it's a good-faith deposit held by your broker and the exchange to cover potential daily losses. Micro futures margin is set by CME Group and typically runs 3–8% of the full contract value.
- Initial margin — the minimum deposit required to open a position. CME publishes these; your broker may require more.
- Maintenance margin — the minimum balance you must maintain while the position is open. Falling below triggers a margin call.
- Day-trading margin — many brokers offer intraday margin at 25–50% of the initial requirement for positions closed before 4:00 PM ET. This varies by broker and is not set by CME.
Rollover: What It Is and When to Do It
Futures contracts expire on a set schedule (typically quarterly: March, June, September, December). As expiration approaches, open interest migrates from the expiring "front month" contract to the next-nearest "back month." The rollover window is roughly 5–10 trading days before expiration — this is when volume in the front month drops and liquidity in the back month peaks.
If you hold a micro futures position through expiration without rolling, your broker will either cash-settle the contract or close the position at expiration. Most retail traders roll before expiration to avoid thin liquidity and potential slippage.
Roll cost = difference in price between front and back month × multiplier. For equity-index futures like MES, the back month typically trades at a slight premium to the front month (reflecting interest costs minus expected dividends).
The PDT Rule Does Not Apply to Futures
The Pattern Day Trader rule (FINRA Rule 4210) applies to margin accounts holding securities — stocks, ETFs, and equity options. Futures contracts are not securities; they are exchange-traded derivatives governed by the Commodity Futures Trading Commission (CFTC) under the Commodity Exchange Act.
Because futures fall outside FINRA's jurisdiction:
- There is no $25,000 minimum account balance requirement for futures day traders.
- There is no limit on the number of round-trip day trades you can execute per week.
- Micro futures brokers (NinjaTrader, Tradovate, Ironbeam, Phillip Capital, etc.) enforce their own minimum deposit requirements — often $400–$1,000 for micro contracts — but this is a broker policy, not a regulatory mandate.
This is one of the primary structural advantages that draws active traders to the futures market.
Why Use MicroFutures?
There's no shortage of futures education content online, but most of it is either too generic (covers all futures, not micro-specific) or too advanced (assumes prior derivatives experience). MicroFutures focuses specifically on the four most-accessible micro contracts for retail traders and uses spaced repetition — the same technique behind Anki and Duolingo — to make the knowledge stick.
The bundled calculators close the loop between study and practice. Before placing a trade, you should be able to answer: what is this contract's tick value, how much margin do I need, and what is my P&L target and max loss in dollar terms? MicroFutures gives you a one-tab environment to work through those numbers.