Futures contracts are denoted by specific symbols.
Read below the table for more detail.
| Month | Code |
|---|---|
| January | F |
| February | G |
| March | H |
| April | J |
| May | K |
| June | M |
| July | N |
| August | Q |
| September | U |
| October | V |
| November | X |
| December | Z |
Understanding the notation used for futures contract codes is essential for ensuring you’re charting, watching, and trading the correct instrument.
Viewing (or worse, trading) the wrong contract can have devastating effects.
These codes are generally comprised of one to three letters that signify the product, coupled with extra symbols that denote the month and year of expiration.
The specific structure of a contract code can differ based on the type of asset and the trading platform utilized. Originating in the era of floor trading to encapsulate as much information as possible in a minimal amount of space, these codes have seamlessly transitioned into the digital trading sphere.
Example
To illustrate, consider the E-mini S&P 500 futures contract. On the CME Globex and CME ClearPort, the designation for this product is “ES.” It’s worth noting that the exact codes might vary depending on the trading platform.
Each calendar month expiration has been assigned a single letter code, shown in the table above.
Available contract expiration months may vary by product, but the letter following the contract code always indicates expiration month. The expiration year is indicated following the month as a numeric value.
To illustrate we can build the display code for the E-mini S&P 500 futures contract expiring June 2024.
The first determining factor is trading platform. For this example we will use CME Globex. For that platform, the E-mini S&P contract code is ES. Following ES, we add the expiration month, which for June is is the letter M. Last, we add a 4 for 2024.
So the display code for the E-mini S&P 500 futures contract expiring in June 2024 is: ESM4.
Colloquial shorthand
It is also common to designate futures contract symbols with a leading slash “/” to differentiate from other financial instruments.
In places like social media posts you might see equity (stock) ticker symbols often preceded with a dollar sign “$” (e.g. $AAPL).
Similarly futures contracts can be designated with a leading slash: e.g. /ES.