What to know before sizing CL
CL is the CME light sweet crude (WTI) future. One contract is 1,000 barrels, so a $1 move in the price is $1,000, and each 0.01 tick is $10. This page counts stops in ticks, because quoting a stop of 50 ticks (50 cents, $500 per contract) is how most traders think about crude.
Unlike an index, a commodity future expires. The front month stops trading about three business days before the 25th of the month before delivery, and volume moves to the next month before then, so the chart and the contract you trade must match. Crude also reacts to the weekly US inventory report (usually Wednesday), OPEC decisions and geopolitical news, and trades nearly around the clock. In April 2020 the front month settled below zero, a reminder that a stop sized as a percentage of price assumes the price stays positive.
Watch for
- Roll dates matter more than on index futures. Do not hold the expiring contract into its last days unless you know your broker's rules. Many brokers close or roll retail positions beforehand, and CL can be physically delivered.
- Ticks, not points: at 0.01 a tick, a 50 tick stop is only 50 cents but $500 per contract. It is easy to misjudge the dollar size.
- Inventory reports and OPEC headlines can move crude 1% or more in minutes. Stop slippage in ticks is normal in those moments.
CL contract specifications (example)
| Instrument | WTI crude oil futures (CL) |
|---|---|
| Contract size (example) | 1,000 barrels; tick 0.01 = $10 per contract (Micro WTI MCL: 100 barrels, $1 per tick) |
| Value of 1 tick per 1 contract | $10.00 at the example price |
| Tick size and value | 0.01 = $10.00 per contract |
| Minimum size and step (example) | 1 contract (the micro contract is one tenth) |
| Example price used | 70.00 |
| Currency handling | Priced in USD per barrel, so no conversion is needed. |
Example specification. Brokers differ: confirm the contract size, minimum size and step in your platform's contract specification before you size a real trade.
Worked examples for CL
Every number below is computed with the same formulas as the calculator, at the example prices shown, for a USD account.
Value of one tick at different sizes
At the example price of 70.00, the money value of one tick on CL for a USD account:
Sizing a trade on CL from your risk
Account $50,000, risk 1% ($500), stop 50 ticks. Each tick is worth $10.00 per contract, so the exact size is 500 ÷ (50 × $10.00) = 1 contract. Rounded down to a tradable size that is 1, and the real risk is $500.
Full contract or micro (MCL)?
Same 50 tick stop, 1% risk, at two account sizes. Full contract: $10.00 per tick. MCL: $1.00 per tick.
Dollar risk limit at $10,000 is $100; one full contract risks $500 with this stop.
The math behind the numbers
size = (balance × risk %) ÷ (stop in ticks × value of 1 tick per contract)
round down to a multiple of 1
position value = size × contract × price (converted to USD)Same formulas as the pip value and position size calculators (CL numbers above are examples at the price shown). Rounding down keeps real risk at or below your limit.
To run your own numbers for another currency or contract, use the lot size calculator, the pip value calculator or the position size calculator. How much to risk per trade is a separate question, covered in how much to risk per trade, and the step-by-step is in how to calculate position size.
CL questions
What is the tick value of CL?
One tick is 0.01 (one cent per barrel), which is $10 per contract, since a contract is 1,000 barrels. A full $1 move is 100 ticks, or $1,000. The Micro WTI contract (MCL) is 100 barrels, so $1 per tick.
How many CL contracts can I trade with my account?
Divide your dollar risk by stop ticks × $10 and round down. A 50 tick stop is $500 per contract, so a $10,000 account risking 1% ($100) does not fit one full contract and needs the micro contract.
Can crude oil futures go negative?
Yes. In April 2020 the expiring WTI contract settled below zero. It was an extreme event tied to storage and expiry, but it is why a stop-loss should never be assumed to protect you from every possible price.
How much is one tick worth on CL?
For a USD account, one tick on 1 contract is about $10.00 at the example price of 70.00, and $1.00 on MCL. Brokers differ, so confirm the contract size before you rely on it.
What size should I trade on CL with $50,000?
It depends on your risk and stop, not on the account alone. With 1% risk and a 50 tick stop the example size is 1 contract, which risks $500. Change the stop and the size changes with it. This is arithmetic, not advice.
Know what each tick is worth, then place the stop.
Once you know what a tick on CL is worth, the stop distance sets your risk. These indicators help you find where the stop belongs.
Last updated November 2026. For education only. Not financial advice. Position sizing limits the loss you plan, but stops can slip and losses can exceed the planned amount. Results depend on your inputs and cannot predict future performance.