Todd Mitchell – Learning How to Successfully Trade the E-mini & S&P 500 Markets

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Todd Mitchell – Learning How to Successfully Trade the E-mini & S&P 500 Markets

E-Mini S&P, often abbreviated to “E-mini” (despite the existence of many other) and designated by the commodity ticker symbol ES, is atraded on thes  The of one contract is 50 times the value of thestock index. On September, 15, 2015, the S&P 500 cash index closed at 1,978.09, making each E-mini contract a $98,900 bet.

It was introduced by the on September 9, 1997, after the value of the existing S&P contract (then valued at 500 times the index, or over $500,000 at the time) became too large for many small traders. The E-Mini quickly became the most popular equity index futures contract in the world. The original (“big”) S&P contract was subsequently split 2:1, bringing it to 250 times the index. Hedge funds often prefer trading the E-Mini over the big S&P since the older (“big”) contract still uses the pit trading method, with its inherent delays, versus the all-electronic system for the E-mini. The current average daily implied volume for the E-mini is over $100 billion, far exceeding the combined traded dollar volume of the underlying 500 stocks.

Following the success of this product, the exchange introduced the E-mini NASDAQ-100 contract, at one fifth of the originalindex based contract, and many other “mini” products geared primarily towards small speculators, as opposed to large hedgers.

In June 2005 the exchange introduced a yet smaller product based on the S&P, with the underlying asset being 100 shares of the highly-popular. However, due to the different regulatory requirements, the required for one such contract is almost as high as that for the five times larger E-Mini contract. The product never became popular, with volumes rarely exceeding 10 contracts a day.

The E-Mini contract trades from Sunday to Friday 5:00pm – 4:00pm Chicago Time/with a 15 minute trading halt from 3:15pm to 3:30pm CT. From 4:00pm to 5:00pm there’s a daily maintenance period.