US30 and NAS100 lot size: how to size index CFD positions

To size an index CFD trade, decide how much money you are prepared to lose, measure your stop-loss distance in index points, and divide: lots = risk ÷ (stop points × value per point per lot). The value per point per lot is set by your broker and differs between providers, so one lot of US30 or NAS100 can be worth $1, $5, $10 or more per point. Get that number from the contract specification, not from a forum or another broker's website.

The quickest way to do this is the position size calculator for indices and other instruments, which lets you enter your broker's value per point. This guide explains what the calculator is doing, works through US30, NAS100 and GER40 examples by hand, and covers the traps that the formula alone does not show: margin, opening gaps, cash versus futures CFDs, and minimum lot sizes.

If index CFDs are new to you, read trading index CFDs for the mechanics, what is a stock index for what US30 and NAS100 actually track, and CFDs on stocks, indices and commodities for how contract terms differ by asset class.

What US30, NAS100 and GER40 mean

These are broker shorthand, not official index names.

• US30 usually refers to a CFD on the Dow Jones Industrial Average, a price-weighted index of 30 large US companies.
• NAS100, sometimes US100 or USTEC, usually refers to the Nasdaq 100, a market-cap-weighted index of 100 of the largest non-financial companies listed on Nasdaq.
• GER40, sometimes DE40, usually refers to the DAX, Germany's main index, which expanded from 30 to 40 companies in 2021.

Other common names include US500 or SPX500 for the S&P 500, UK100 for the FTSE 100 and JPN225 for the Nikkei 225. The naming varies, so check which underlying index and which type of contract a symbol refers to before trading it.

Points, not pips

Currency pairs move in pips, usually the fourth decimal place. Indices move in points: one point is a move of 1.0 in the index level. If NAS100 goes from 21,000.0 to 21,080.0, it has moved 80 points.

There are three common sources of confusion here:

• Decimals. Most platforms quote indices to one or two decimal places, for example 21,000.0 or 42,150.25. A move from 21,000.0 to 21,000.1 is a tenth of a point, not a point.
• "Pips" on indices. Some brokers and traders call index points pips, and a few treat 0.1 as a pip. If someone quotes a stop "in pips" on US30, ask what they mean.
• MetaTrader "points". In MetaTrader, a "point" in fields such as the stop level or the deviation setting means the smallest price increment of that symbol. On an index quoted to two decimals, an 80 index-point stop can appear as 8,000 platform points. When the platform's numbers look a hundred times too large, this is usually why.

For the rest of this guide, a point means 1.0 of the index level.

Value per point per lot: check the contract specification

What one point is worth for one lot is the most important number in index sizing, and it is set by your broker, not by the index.

Common conventions for US indices include $1, $5, $10 and $25 per point per lot. Some providers use a contract size of 1 (one lot equals $1 per point on a dollar-quoted index), others 10 or more. Some quote in "per point" terms directly; others give a contract size, tick size and tick value and leave you to work it out.

On MetaTrader you can find this in the symbol's specification window. The useful fields are:

• Contract size, the multiplier for one lot.
• Tick size, the smallest price change, for example 0.01.
• Tick value, what one tick is worth for one lot, in the account or profit currency.

Value per point per lot = tick value ÷ tick size. For example, a tick size of 0.01 and a tick value of $0.01 means $1 per point per lot; a tick size of 0.1 and a tick value of $1 means $10 per point per lot. If in doubt, open the smallest possible position on a demo account and watch how much the profit and loss changes when the price moves one point.

The practical consequence is simple: lot sizes do not travel. "I trade 1 lot of NAS100" means $1 a point to one trader and $10 a point to another. Copying someone's lot size without checking can make a position ten times bigger than intended.

The formula

Position size for any index CFD is:

Lots = money at risk ÷ (stop distance in points × value per point per lot)

Where:

• Money at risk is the amount you accept losing if the stop is hit, usually a small fixed percentage of the account. Many traders use 0.5% to 2%; the point is to choose a level that a long losing streak would not cripple. See position sizing for the reasoning.
• Stop distance in points is the distance from entry to stop-loss, chosen from the chart and the market's volatility, not from how much you want to trade. Our guide to where to put a stop-loss covers that.
• Value per point per lot comes from the contract specification, converted into your account currency if the index is quoted in another currency.

The answer is then rounded down to the broker's lot step. Rounding up quietly increases the risk.

Worked example 1: US30

Illustrative numbers only. Your account is $10,000 and you risk 1% per trade: $100. US30 is around 42,000 and your stop is 150 points away.

At a broker where one lot is $1 per point:

• Lots = 100 ÷ (150 × 1) = 0.667, rounded down to 0.66 lots (if the step is 0.01).
• Check: 150 points × $1 × 0.66 = $99 at risk.

At a broker where one lot is $10 per point:

• Lots = 100 ÷ (150 × 10) = 0.0667, rounded down to 0.06 lots.
• Check: 150 × $10 × 0.06 = $90 at risk.

Same trade, same risk, sizes that differ by a factor of ten. The second case also shows rounding at work: the correct size of 0.0667 lots falls between steps, so you risk a little less than planned.

Worked example 2: NAS100

Illustrative numbers only. Same $10,000 account and 1% risk, so $100. NAS100 is around 21,000 and your stop is 80 points away.

• At $1 per point per lot: lots = 100 ÷ (80 × 1) = 1.25 lots.
• At $10 per point per lot: lots = 100 ÷ (80 × 10) = 0.125, rounded down to 0.12 lots, risking $96.

Note that an 80-point stop on NAS100 and a 150-point stop on US30 are not the same thing. Indices at different levels and with different volatility need different stop distances. NAS100 has historically tended to move more in percentage terms than the Dow, so a stop that is wide on one may be tight on the other. Size from the stop the chart requires; do not shrink the stop to fit a bigger position.

Worked example 3: GER40 in a USD or GBP account

GER40 is quoted in euros, so the value per point is in euros and has to be converted into your account currency. Illustrative numbers only, including the exchange rates.

Suppose one lot of GER40 is worth 1 euro per point, the index is around 19,000 and your stop is 60 points away.

USD account. Account $10,000, risk 1% = $100. EUR/USD is 1.0800, so 1 euro per point is worth $1.08 per point.

• Lots = 100 ÷ (60 × 1.08) = 1.543, rounded down to 1.54 lots.
• Check: 60 × 1.08 × 1.54 = $99.79 at risk.

GBP account. Account 10,000 pounds, risk 1% = 100 pounds. EUR/GBP is 0.8500, so 1 euro per point is worth 0.85 pounds per point.

• Lots = 100 ÷ (60 × 0.85) = 1.96 lots.
• Check: 60 × 0.85 × 1.96 = 99.96 pounds at risk.

Two points follow. First, the exchange rate moves, so the money value of a GER40 point in your account changes over time; recalculate rather than reusing yesterday's size. Second, your broker may charge a conversion fee when profits and losses in euros are converted into your account currency. Our guide to currency conversion and account base currency explains how that works.

Margin: ESMA 20:1 on major indices

Under ESMA rules, retail clients in the EU can use leverage of up to 20:1 on CFDs on major stock indices, which means a minimum margin of 5% of the position's value. The list of major indices includes the Dow Jones Industrial Average, Nasdaq 100, S&P 500, DAX, FTSE 100, CAC 40, Euro Stoxx 50, Nikkei 225 and others. Other indices are capped at 10:1. The UK FCA applies the same limits to UK retail clients, and brokers can require more margin than the minimum. See ESMA leverage limits and negative balance protection for the full rules.

The position value, or notional exposure, is index level × value per point per lot × lots.

Worked example: margin on the sizes above

Illustrative numbers only, using the $1-per-point and 1-euro-per-point contracts:

• US30: 42,000 × $1 × 0.66 = $27,720 notional. Margin at 5% = $1,386.
• NAS100: 21,000 × $1 × 1.25 = $26,250 notional. Margin at 5% = $1,312.50.
• GER40: 19,000 × 1 euro × 1.54 = 29,260 euros notional. Margin at 5% = 1,463 euros, about $1,580 at 1.08.

In each case the margin is around 13% to 16% of a $10,000 account while the planned risk is only 1%. That is the normal relationship: margin is a deposit, not the amount at risk. Problems start when traders reverse the logic and size by "how much margin can I afford", which can produce a position where a routine move of 1% to 2% in the index costs a quarter of the account. Run your numbers through the margin calculator and the profit and loss calculator before you trade, and read margin calls and stop-outs to see what happens when margin runs short.

Opening gaps: the stop is not a guarantee

A stop-loss order becomes a market order when the price reaches it. If the market jumps past it, the stop fills at the next available price. Indices are particularly prone to this:

• At the cash open. Index CFDs often trade nearly around the clock, but liquidity changes sharply when the underlying stock market opens, for example the New York open for US30 and NAS100 or the Frankfurt open for GER40. Prices can move quickly in the first minutes.
• After weekends and holidays. News that arrives while the market is shut is reflected all at once on Monday.
• Around earnings and data. Results from very large constituents, particularly for NAS100, and major US data releases can move whole indices.

Worked example: a gap through the stop

Illustrative numbers. You are long 1.25 lots of NAS100 at $1 per point with an 80-point stop, risking $100. Over a weekend, news hits and the index opens 200 points below your entry. The stop fills at the open: a loss of 200 × 1 × 1.25 = $250, two and a half times what you planned.

There is no formula that removes this risk, but you can allow for it: use a smaller percentage risk when holding through weekends or major events, avoid opening new positions immediately before the cash open if you cannot watch them, and consider guaranteed stops where a provider offers them, accepting their extra cost. The guide to gap risk and weekend risk goes into this in detail.

Cash versus futures index CFDs

Many providers offer two versions of each index:

• Cash (undated) CFDs track the current index level, have no expiry, usually have the tightest spreads and are charged overnight financing for positions held past the daily cut-off.
• Futures-based (dated) CFDs track a specific futures contract, expire on a set date, usually have wider spreads and build financing into the price rather than charging it nightly.

For sizing, the formula is identical, but check three things. First, the value per point can differ between the two versions at the same provider. Second, the futures price sits above or below the cash level by an amount that reflects interest rates and dividends, so stop and entry levels are not interchangeable between the two. Third, a dated contract that you roll into the next month is closed and reopened, so recalculate the size at the roll. The trading index CFDs guide explains the pricing and financing differences.

Minimum lot sizes and lot steps

Every index CFD has a minimum trade size and a step, for example a minimum of 0.01 lots in steps of 0.01, or 0.1 lots in steps of 0.1. These limits interact with the value per point.

Worked example: when the right size does not exist

Illustrative numbers. An account of $2,000, risking 1%: $20. US30 stop of 300 points. The required value per point is 20 ÷ 300 = $0.067 per point.

• At a broker with $1 per point per lot and a 0.01 lot step: 0.06 lots gives $0.06 per point, risking $18. Fine.
• At a broker with $10 per point per lot and a minimum of 0.01 lots: the smallest position is $0.10 per point, risking $30, or 1.5% of the account.
• At a broker with $1 per point and a minimum of 0.1 lots: again $0.10 per point and $30 at risk.

When the smallest available size breaches your risk limit, the choices are to skip the trade, accept the higher risk knowingly, or look for a setup with a tighter justified stop. Narrowing the stop just to make the numbers fit usually turns a sound trade into one that gets stopped out by normal noise.

Common mistakes

• Copying lot sizes between brokers. One lot means different things at different providers. Always start from your own contract specification.
• Mixing up points and platform points. A stop entered as 80 when the platform expects 8,000, or the reverse, can produce a stop much closer or much further than intended.
• Forgetting the currency conversion. Sizing a euro-quoted GER40 trade as though a point were worth one dollar or one pound gets the risk wrong by the exchange rate.
• Rounding up. Always round down to the lot step.
• Sizing from margin. Using as much of the available margin as possible is how small accounts get wiped out by ordinary index moves.
• Ignoring gaps. A stop limits the loss only if the market trades through it; overnight and weekend positions need extra room in the risk budget.
• Not recalculating. Account balance, exchange rates and volatility all change. Sizes should be worked out per trade.

Keep the base rates in mind too. Most retail CFD accounts lose money; providers disclose loss rates that commonly range from the 60s to the high 80s per cent. Careful sizing does not change that on its own, but oversizing is one of the most common reasons accounts fail; our risk-reward ratio guide shows how sizing, win rate and payoff fit together.

Frequently asked questions

What is the lot size for US30?

There is no single answer, because each broker sets its own contract. One lot of US30 is commonly worth $1, $5, $10 or more per point depending on the provider. Check the contract specification, then use the formula or the position size calculator to turn your risk and stop into a lot size.

How do I calculate NAS100 lot size?

Divide the money you are willing to risk by the stop distance in points multiplied by the value per point per lot. With $100 at risk, an 80-point stop and $1 per point per lot, that is 100 ÷ 80 = 1.25 lots. With $10 per point per lot it is 0.12 lots after rounding down.

How much is one point on NAS100 worth?

It depends on your broker's contract size and on how many lots you trade. For 1 lot at a broker with $1 per point, each point is worth $1; at a broker with $10 per point, it is worth $10. Multiply by your lot size for the total.

Is a pip the same as a point on indices?

Usually people mean the same thing, one full index point, but conventions vary and some brokers treat a decimal as a pip. MetaTrader also uses "points" to mean the smallest price increment. Confirm the convention before entering stops by distance.

How much margin do I need for 1 lot of US30?

Multiply the index level by the value per point per lot to get the notional value, then apply the margin rate. For EU retail clients the minimum is 5% on major indices. At an illustrative 42,000 with $1 per point, one lot is $42,000 notional and needs at least $2,100 of margin; at $10 per point it would be $420,000 and $21,000.

Can I use the forex position size calculator for indices?

The forex calculator works in pips and standard currency lot sizes, which do not apply to index contracts. Use the instruments position size calculator, where you can enter your broker's value per point per lot.