Futures Contracts and Expiration — /ES and /NQ
- Contract Basics: Each futures contract represents a standardized amount of the underlying asset:
- /ES: E-mini S&P 500, $50 × S&P 500 index.
- /NQ: E-mini Nasdaq 100, $20 × Nasdaq 100 index.
- Expiration: Futures contracts have fixed expiration months, usually March, June, September, and December for equity index futures. Near the expiration date, traders must either:
- Close the position (sell/buy back the contract), or
- Roll over to the next month’s contract.
- Contract Symbols: Futures use a combination of root symbol + month code + year to identify contracts:
- Month codes:
- F = January, G = February, H = March, J = April, K = May, M = June, N = July, Q = August, U = September, V = October, X = November, Z = December
- Example:
/ESU26→ E-mini S&P 500 September 2026 contract/NQH27→ E-mini Nasdaq 100 March 2027 contract
- Month codes:
- New Contracts: Exchanges list new contracts ahead of the next expiration cycle, ensuring liquidity is available for traders throughout the year. Traders generally focus on the “front month” contract, which is the nearest expiration.
/ES and /NQ Contract Symbols — 2026 & 2027
| Month | Month Code | /ES Contract | /NQ Contract |
|---|---|---|---|
| January 2026 | F | /ESF26 | /NQF26 |
| March 2026 | H | /ESH26 | /NQH26 |
| June 2026 | M | /ESM26 | /NQM26 |
| September 2026 | U | /ESU26 | /NQU26 |
| December 2026 | Z | /ESZ26 | /NQZ26 |
| January 2027 | F | /ESF27 | /NQF27 |
| March 2027 | H | /ESH27 | /NQH27 |
| June 2027 | M | /ESM27 | /NQM27 |
| September 2027 | U | /ESU27 | /NQU27 |
| December 2027 | Z | /ESZ27 | /NQZ27 |
Quick Tips for Beginners:
- Always check the front month for highest liquidity.
- Roll positions to the next month before expiration to avoid unwanted delivery.
- Using the correct symbol ensures you trade the intended contract month.