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The Anatomy of a Contract Before you place a single order, you must understand the instrument you are trading. Index futures are standardized agreements, but the specifications vary by exchange and contract. The most liquid contracts in the US market are the E-mini S&P 500 (ES) and the E-mini Nasdaq 100 (NQ). These contracts have a specific multiplier that dictates your dollar exposure. Contract Size and Multiplier For the E-mini S&P 500, the multiplier is $50. This means every point the index moves in your favor represents a $50 profit or loss. If ES rallies from 4500 to 4505, that...