How To Use Futures Market Data for Trading

Definition
Futures market data refers to the real-time information available for each contract, like price, volume, open interest, and more. Understanding this data helps you track market activity, analyze trends, and make smarter trading decisions.

What is futures market data?

When you look at a futures quote, you’re seeing a live snapshot of that contract’s activity. This includes:

• Price: How much the contract is currently worth

• Volume: How many contracts were traded today

• Open interest: How many contracts are still open

• Bid and ask: What buyers and sellers are offering

• Settlement price: Yesterday’s official closing value

• Price change: How the current price compares to the previous close

• Contract month: When the futures contract expires

This data gives you clues about market direction, trader sentiment, and how liquid or active a contract is. In short: it’s the dashboard for every futures trader.

Example: Reading a Futures Quote

Let’s say you’re looking at E-mini S&P 500 Futures (/ES) on MetroTrader. You select the December 2025 contract (shown as /ESZ25) and see this data:

• Last price: 5,774.25
• Bid: 5,773.50 (×21)
• Ask: 5,773.75 (×46)
• Net change: +12.25
• Volume: 591,978
• Previous settlement: 5,762.00

Here’s what it all means:

• 21 contracts are lined up to buy at 5,773.50
• 46 contracts are ready to sell at 5,773.75
• The market is currently up 12.25 points compared to the prior day’s settlement
• Nearly 592,000 contracts have been traded so far today

This data helps you understand current market sentiment, how much activity is taking place, and where buyers and sellers are lining up.

If you wanted to join the action, you could buy at the ask (5,773.75) or place a limit order at the bid and wait to get filled. Knowing how to read this screen gives you more control over your trade decisions.

Price: What is the contract currently trading at?

The most basic piece of market data is the price — the last traded price for a futures contract. It updates in real time and reflects the most recent agreement between a buyer and a seller.

Because futures are leveraged, even small price changes can result in meaningful gains or losses. That’s why it’s important to understand how prices move in ticks and how tick value affects your P&L.

For example, if Micro Crude Oil (/MCL) is trading at $75.38, that means the last contract changed hands at $75.38 per barrel.

Keep in mind: the contract controls 100 barrels, so each $0.01 change equals a $1 move per contract.

Volume: How many contracts traded today?

Volume shows the total number of contracts that have traded so far in the current session.

Higher volume usually means:

• More traders are participating

• Tighter bid-ask spreads (better execution)

• More reliable price action

For retail traders, this matters because thinly traded contracts can have low liquidity, wider spreads, and more slippage.

If you’re trading /MCL and see daily volume of 50,000+ contracts, that’s a sign of a healthy, active market. If it’s under 1,000, you may have trouble entering or exiting at your desired price. A low volume may also indicate that you are not looking at the most actively traded contract month.

Open interest: How many positions are still open?

Open interest tells you how many contracts are currently open (both long and short) and being held overnight — in other words, not yet closed or offset.

It helps you:

• Track where traders are building or reducing positions

• Spot growing interest in specific contract months

• Gauge how much capital is involved in the market

If open interest is rising, it may signal that new money is entering the market, which can support a trend. If it’s falling, it could mean traders are taking profits or closing out positions.

Example:
If /MES (Micro E-mini S&P 500) has 400,000 open interest, that’s how many contracts are currently held by traders across the board, long and short.

Bid and ask: What are traders offering?

The bid is the highest price someone is currently willing to pay.
The ask is the lowest price someone is willing to sell at.

The difference between the two is the spread.

• Tight spreads (like $75.38 bid / $75.39 ask) mean good liquidity and efficient markets

• Wide spreads (like $75.00 bid / $75.20 ask) may mean lower liquidity or higher volatility

As a retail trader, you’ll usually get filled near the ask when buying and near the bid when selling. Understanding the spread helps you avoid overpaying or underselling. Also, just like volume, a wide bid/offer spread may mean that you are not looking at the most actively traded contract month.

Price change: How much has the contract moved?

Futures data also shows you how much the price has changed since the last settlement, often listed as:

• Price Change ($)

• Price Change (%)

This helps you quickly gauge daily market movement.

If /MBT (Micro Bitcoin Futures) is up +$500 on the day, that gives you an instant view of market direction, even before checking a chart.

Remember: prices can move overnight too, since most futures markets are open nearly 24 hours a day.

Settlement price: Yesterday’s official close

The settlement price is the official closing price from the previous trading day, published by the exchange.

It’s important because:

• It’s used to calculate daily gains and losses

• It determines how your account balance is marked to market

• It acts as a reference point for margin and P&L

You may also see the previous close, which is the last traded price, but it’s not always the same as the official settlement. Be sure to check which one you’re looking at.

Contract month: Which expiration are you trading?

Futures contracts are tied to specific expiration months. Each month has its own price, volume, and open interest.

So when you pull up a futures quote, make sure you’re looking at the correct contract month, typically the front month, which is the nearest active contract.

For example:

• /MCLM24 = Micro Crude Oil, June 2024

• /MCLN24 = Micro Crude Oil, July 2024

The June contract may have tighter spreads and more volume, while the July contract might be thin. Knowing which month is “most active” can help you find the best liquidity.

How to use futures market data in your trading

Reading market data isn’t just about watching prices, it’s about making informed decisions. 

Here’s how to put it to use:

• Spot trends: Rising volume + price = momentum

• Avoid illiquid markets: Low volume or wide spreads = caution

• Time your trades: High volume during U.S. hours = tighter execution

• Pick the right contract: Focus on the most active expiration month

• Gauge market sentiment: Is open interest rising or falling?

Even if you’re just getting started, knowing how to read these numbers helps you avoid common mistakes and trade more confidently.

Key takeaway

Futures market data gives you everything you need to know about how a contract is trading right now. Once you understand what each data point means, you can:

• Track real-time activity 
• Choose the best contract to trade 
• Manage your entries and exits more effectively 
• Stay informed and avoid unnecessary risk

You don’t need to memorize everything, just know what to look for and why it matters.

Now that you know how to read futures market data, the next step is learning how to take action. In the next article, we’ll break down the most common order types, like market, limit, and stop orders, and explain when and why to use each one so you can enter and exit trades with more control.

Next lesson: Futures Order Types: The Basics →

Frequently Asked Questions