Learn Micro Futures

Six long-form guides covering everything you need to trade CME micro futures (MES, MNQ, MGC, MCL). Each guide pairs with a flashcard deck.

Published guides

• Module 5 · PDT Rule

  Does the PDT Rule Apply to Futures? (No — Here’s Why)

  Why FINRA’s $25k Pattern Day Trader rule doesn’t touch futures accounts, with concrete examples for small-account traders.

Coming soon

• Module 1 · Fundamentals

  What Are Micro Futures? A Plain-English Explanation

  What “micro” means, why CME launched them in 2019, and how MES/MNQ/MGC/MCL compare to their full-size siblings.

• Module 2 · Contract Specs

  MES, MNQ, MGC, MCL Contract Specifications — The Complete Reference

  Tick sizes, tick values, multipliers, trading hours, exchange listings, and last-trading-day rules for the four most-traded micros.

• Module 3 · Tick Math

  How to Calculate Tick Value and P&L on a Futures Trade

  The formula every futures trader memorizes, with worked dollar examples for each micro contract.

• Module 4 · Margin

  Micro Futures Margin Requirements Explained

  Initial vs maintenance vs intraday margin, the SPAN model, and how broker margins differ from exchange margins.

• Module 6 · Rollover

  When and How to Roll Micro Futures Contracts

  Quarterly expiration schedules, the rollover window, open-interest migration, and the contango pattern in equity-index futures.