Futures Trade Copier:
Contract Sizes, Tick Values and Setup Checks

A futures trade copier must handle the destination contract's size, price increment and allowed order quantity. Copying the same number of contracts is not necessarily copying the same exposure. Check the exact instrument and contract month on both sides before testing any sizing rule.

This guide uses exchange specifications checked on September 19, 2026 and hypothetical arithmetic examples. It does not establish support for a particular TradeCopier connection or automatic conversion between the contracts shown.

Tick size, tick value and notional exposure are different

A tick is a permitted price increment for the order being considered. For the linear, USD-quoted outright futures below, calculate the dollar value of one tick by multiplying that increment by the contract multiplier. Notional value is a separate calculation that uses the current contract price.

• Tick value per contract: tick size × contract multiplier.
• Price-move profit or loss before costs: signed price change × contract multiplier × contract quantity.
• Notional exposure: contract price × contract multiplier × contract quantity.

Do not multiply tick value by the current market price again. These formulas should not be copied without checking the quotation convention for other products, spreads or options. Margin is also separate: it is not the tick value or the full notional amount.

Four contract examples from exchange sources

For MCL, $0.01 × 100 = $1 per tick. For CL, $0.01 × 1,000 = $10. MCL's tick value is one tenth of CL's, not one half. The linked source contains historical margin figures; those figures are not current margin quotes and are not used here.

Worked example: ES and MES do not copy one for one

Consider a hypothetical adverse move of four index points, excluding commissions and slippage. One ES contract changes by 4 × $50 = $200. One MES contract changes by 4 × $5 = $20. Ten MES contracts give the same $200 sensitivity to that specified move.

This is arithmetic, not a recommended position size. It does not mean ten MES contracts have identical costs, liquidity, margin requirements or fills to one ES contract. Nor does it mean your copier supports that instrument conversion. Confirm the destination product, contract month and allowed quantity before testing.

Conversion in the other direction introduces another question: a request corresponding to a fraction of an ES contract cannot simply be assumed executable. Decide and test whether the system rejects, rounds or otherwise handles a quantity that the destination does not permit. Unexplained rounding is a reason to stop the test and investigate.

Mapping a name is not validating an instrument

A symbol mapping says which destination name to use. It does not, by itself, prove the same contract month, unit size, settlement terms or market exposure. A familiar label can also refer to a broker CFD rather than an exchange-traded future.

Maintain a mapping record with source and destination identifiers, venue, expiry, quantity unit, multiplier, minimum increment and the date checked. Review the symbol-mapping feature alongside sizing and order configuration; verify the combination with support rather than assuming an automatic cross-contract conversion.

Why a copied futures order may fail or differ

The table is a diagnostic sequence, not a claim about how often each cause occurs. Use the recorded error for the affected account. There is no single conversion ratio between unrelated products such as equity-index and energy futures.

A demo-order checklist before live copying

1. Confirm suitability: verify the account permissions, platform direction and supported order types.
2. Record specifications: compare product identifiers, expiry, contract size, quantity boundaries and tick increment.
3. Set a deliberate size: calculate the expected destination quantity and exposure, then document rounding or rejection rules.
4. Test the order lifecycle: where supported, observe an entry, protection-order change, partial close, cancellation and full close.
5. Test a boundary: inspect a session break or deliberate disconnection in a demo environment without assuming replay behavior.
6. Reconcile records: compare actual broker orders and positions with activity logs. Resolve unexplained differences before increasing exposure.

Use the futures trading-hours guide and the exchange calendar for session checks. Review TradeCopier's Forex and Futures page for product context. Software controls do not remove trading risk or guarantee a price, fill or financial result.