Futures markets
Explore the wide variety of U.S. futures markets available for trading at Schwab.
Futures and futures options trading is provided by Charles Schwab Futures and Forex LLC.
What are futures markets?
Futures markets are where traders buy and sell standardized contracts—typically through regulated exchanges—to speculate on price movements or hedge risk. These contracts vary in size, giving traders flexibility in how much capital they commit, including smaller contract sizes like micro futures. Some markets focus on sectors like agriculture, while others cover asset classes such as crypto. If you're looking for exposure with lower upfront capital, futures options may be worth exploring.
Micros
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| Micro E-mini S&P 500 | /MES | Yes | US$5 | 0.25 = US$1.25 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini Russell 2000 | /M2K | No | US$5 | 0.10 = US$0.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini DOW | /MYM | No | US$0.50 | 1.00 = US$0.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini Nasdaq-100 | /MNQ | Yes | US$2 | 0.25 = US$0.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Nikkei | /MNK | No | US$0.50 | 5.00 = US$2.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Gold | /MGC | No | US$10 | 0.10 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Silver | /SIL | No | US$1,000 | 0.005 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Copper | /MHG | No | US$2,500 | 0.0005 = US$1.25 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro WTI Crude Oil | /MCL | Yes | US$100 | 0.01 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Natural Gas | /MNG | Yes | US$1,000 | 0.001 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Corn | /MZC | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Wheat | /MZW | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean | /MZS | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Oil | /MZL | No | US$60 | 0.02 = US$1.20 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Meal | /MZM | No | US$10 | 0.20 = US$2.00 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro EUR/USD | /M6E | No | US$12,500 | 0.0001 = US$1.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro AUD/USD | /M6A | No | US$10,000 | 0.0001 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro CAD/USD | /MCD | No | US$10,000 | 0.0001 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro GBP/USD | /M6B | No | US$6,250 | 0.0001 = US$0.625 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro CHF/USD | /MSF | No | US$12,500 | 0.0001 = US$1.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro 10 Yr. Yield | /10Y | No | US$1,000 | 0.001 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
Stock Indices
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| E-mini S&P 500 | /ES | Yes | US$50 | 0.25 = US$12.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini S&P 500 | /MES | Yes | US$5 | 0.25 = US$1.25 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Nasdaq | /NQ | Yes | US$20 | 0.25 = US$5.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini Nasdaq-100 | /MNQ | Yes | US$2 | 0.25 = US$0.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Russell 2000 | /RTY | Yes | US$50 | 0.10 = US$5.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini Russell 2000 | /M2K | No | US$5 | 0.10 = US$0.50 | Cash | 6 p.m. U.S.ET Sunday to 5 p.m. Friday |
| Mini Dow Jones | /YM | No | US$5 | 1.00 = US$5.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro E-mini DOW | /MYM | No | US$0.50 | 1.00 = US$0.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| CBOE Volatility Index (VIX) | /VX | No | US$1,000 | 0.05 = US$50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Mini CBOE Volatility Index | /VXM | No | US$100 | 0.01 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Nikkei 225 (CME) | /NKD | No | US$5 | 5.00 = US$25.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Nikkei | /MNK | No | US$0.50 | 5.00 = US$2.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini S&P Mid-Cap 400 | /EMD | No | US$100 | 0.10 = US$10.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| MSCI Emerging Markets Index (ICE)3 | /MME | No | US$50 | 0.10 = US$5.00 | Cash | Market opens 6 p.m. U.S. ET Sunday | Trading 8 p.m. U.S. ET Sunday to 6 p.m. Friday |
Metals
| Symbol | Options tradable on thinkorswim®2 | Multiplier | Minimum tick size | Settlement | Trading days/hours3 | |
|---|---|---|---|---|---|---|
| Gold | /GC | Yes | US$100 | 0.10 = US$10.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Silver | /SI | Yes | US$5,000 | 0.005 = US$25.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Copper | /HG | Yes | US$25,000 | 0.0005 = US$12.50 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Gold | /MGC | Yes | US$10 | 0.10 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Silver | /SIL | No | US$1,000 | 0.0005 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Copper | /MHG | No | US$2,500 | 0.0005 = US$1.25 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Mini Gold | /QO | No | US$50 | 0.25 = US$12.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Mini Silver | /QI | No | US$2,500 | 0.0125 = US$31.25 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Platinum | /PL | No | US$50 | 0.10 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Palladium | /PA | No | US$100 | 0.50 = US$50.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
Energy
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| Crude Oil | /CL | Yes | US$1,000 | 0.01 = US$10.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Crude Oil | /QM | No | US$500 | 0.025 = US$12.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro WTI Crude Oil | /MCL | Yes | US$100 | 0.01 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Brent Crude Oil | /BZ | No | US$1,000 | 0.01 = US$10.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Natural Gas | /NG | Yes | US$10,000 | 0.001 = US$10.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Natural Gas | /QG | No | US$2,500 | 0.005 = US$12.50 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro Natural Gas | /MNG | Yes | US$1,000 | 0.001 = US$1 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| RBOB Gasoline | /RB | No | US$42,000 | 0.0001 = US$4.20 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Heating Oil | /HO | No | US$42,000 | 0.0001 = US$4.20 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
Agriculture
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| Corn | /ZC | Yes | US$50 | 0.25 = US$12.50 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Corn | /XC | No | US$10 | 0.125 = US$1.25 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Corn | /MZC | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean | /ZS | Yes | US$50 | 0.25 = US$12.50 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Soybean | /XK | No | US$10 | 0.125 = US$1.25 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean | /MZS | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean Meal | /ZM | Yes | US$100 | 0.10 = US$10.00 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Meal | /MZM | No | US$10 | 0.20 = US$2.00 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Soybean Oil | /ZL | Yes | US$600 | 0.01 = US$6.00 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Soybean Oil | /MZL | No | US$60 | 0.02 = US$1.20 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Wheat | /ZW | Yes | US$50 | 0.25 = US$12.50 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| E-mini Wheat | /XW | No | US$10 | 0.125 = US$1.25 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Micro Wheat | /MZW | No | US$5 | 0.50 = US$2.50 | Cash | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| KC Hard Red Winter Wheat | /KE | No | US$50 | 0.25 = US$12.50 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Minneapolis Wheat | /MWE | No | US$50 | 0.25 = US$12.50 | Cash | 8 p.m. U.S. ET Sunday to 2:45 p.m. Friday |
| Live Cattle | /LE | Yes | US$400 | 0.025 = US$10.00 | Physical | 9:30 a.m. U.S. ET Monday to 2:05 p.m. Friday |
| Feeder Cattle | /GF | Yes | US$500 | 0.025 = US$12.50 | Cash | 9:30 a.m. U.S. ET Monday to 2:05 p.m. Friday |
| Lean Hog | /HE | Yes | US$400 | 0.025 = US$10.00 | Cash | 9:30 a.m. U.S. ET Monday to 2:05 p.m. Friday |
| Rough Rice | /ZR | No | US$2,000 | 0.005 = US$10.00 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Oats | /ZO | No | US$50 | 0.25 = US$12.50 | Physical | 8 p.m. U.S. ET Sunday to 8:45 a.m. Friday and 9:30 a.m. Monday to 2:20 p.m. Friday |
| Milk | /DC | No | US$2,000 | 0.01 = US$20.00 | Cash | 6 p.m. U.S. ET Sunday to 2:55 p.m. Friday |
| Bloomberg Commodity Index | /AW | No | US$100 | 0.10 = US$10.00 | Cash | 9:15 a.m. U.S. ET Monday to 2:30 p.m. Friday |
Currency
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| Euro FX | /6E | Yes | US$125,000 | 0.00005 = US$6.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Euro FX | /E7 | No | US$62,500 | 0.0001 = US$6.35 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Australian Dollar | /6A | Yes | US$100,000 | 0.00005 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Canadian Dollar | /6C | Yes | US$100,000 | 0.00005 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| British Pound | /6B | Yes | US$62,500 | 0.0001 = US$6.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Japanese Yen | /6J | Yes | US$12,500,000 | 0.0000005 = US$6.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| E-mini Japanese Yen | /J7 | No | US$6,250,000 | 0.000001=US$6.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Swiss Franc | /6S | No | US$125,000 | 0.00005 = US$6.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro EUR/USD | /M6E | No | US$12,500 | 0.0001 = US$1.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro AUD/USD | /M6A | No | US$10,000 | 0.0001 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro CAD/USD | /MCD | No | US$10,000 | 0.0001 = US$1.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro GBP/USD | /M6B | No | US$6,250 | 0.0001 = US$0.625 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro CHF/USD | /MSF | No | US$12,500 | 0.0001 = US$1.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| New Zealand Dollar | /6N | No | US$100,000 | 0.00005 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Mexican Peso | /6M | No | US$500,000 | 0.00001 = US$5.00 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Brazilian Real | /6L | No | US$100,000 | 0.00005 = US$5.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| South African Rand | /6Z | No | US$500,000 | 0.000025 = US$12.50 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| U.S. Dollar Index1 | /DX | No | US$1,000 | 0.005 = US$5.00 | Physical | Market opens 6 p.m. U.S. ET Sunday | Trading 8 p.m. U.S. ET Sunday to 5 p.m. Friday |
Interest Rates
| Symbol | Options tradable on thinkorswim®1 | Multiplier | Minimum tick size | Settlement | Trading days/hours2 | |
|---|---|---|---|---|---|---|
| U.S. 30-Year Bond | /ZB | Yes | US$1,000 | 01 or 1/32 = US$31.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| U.S. 10-Year Note | /ZN | Yes | US$1,000 | 005 or ½ of 1/32 = US$15.625 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| U.S. 5-Year Note | /ZF | Yes | US$1,000 | 002 or ¼ of 1/32 = US$7.8125 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| U.S. 2-Year Note | /ZT | Yes | US$2,000 | 001 or ⅛ of 1/32 = US$7.8125 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Ultra Bond | /UB | No | US$1,000 | 01 or 1/32 = US$31.25 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Ultra 10-Year T-Note | /TN | No | US$1,000 | 0.005 or ½ of 1/32 = US$15.625 | Physical | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Micro 10-Year Yield | /10Y | No | US$1,000 | 0.001 = US$1.00 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
| Fed Funds | /ZQ | No | US$4,167 | 0.005 = US$20.835 | Cash | 6 p.m. U.S. ET Sunday to 5 p.m. Friday |
What are futures options?
Futures options let you place option trades on a variety of futures markets, including metals, micros, agriculture, and more. Depending on your outlook and goals, you can pursue directional trades, market-neutral strategies, or hedge existing positions.
They may also offer a way to manage risk or diversify with smaller initial capital. Reminder: futures options can result in substantial losses and aren't suitable for all investors.
Futures trading FAQs
Index futures are standardized contracts that let traders speculate on or hedge against the future movement of major U.S. stock market indices, like the S&P 500 or the Nasdaq. Each contract represents an agreement to buy or sell the index at a set price on a specific future date. Like other futures contracts, they trade on regulated exchanges and can help manage market exposure or express a directional view.
Index futures are short-term contracts used to trade on the direction of a market index. Index funds are long-term investments designed to track an index's overall performance.
Futures options give traders the right, but not the obligation, to buy or sell a futures contract at a set price before a certain date. They combine elements of both futures and options, offering flexibility and defined risk. But like all derivatives, they come with unique risks and aren't right for everyone. Make sure you understand how they work before trading.
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