Eurex DAX futures: contract, session and wave risk
FDAX, FDXM, FDXS, FSMX and FTDX: point values, ticks, contract rolls and a transparent risk calculation.
Published: (UTC+3)
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A correct wave label identifies neither the executable contract nor its cash risk. Exchange specifications and data transformations therefore belong in the analysis. Numerical examples are fictional; product facts come from the linked Eurex documents.
Compare FDAX, FDXM, FDXS, FSMX and FTDX
The table separates euros per index point from minimum price movement. In particular, Mini-MDAX FSMX is EUR 1 per point but has a five-point tick worth EUR 5; it is not Mini-DAX FDXM. Values refer to outright contracts in the linked Eurex specification, reviewed on 25 October 2026. Strategy spreads may have different tick rules. Sharing an underlying index does not make the three DAX order books or actual fills identical.
| Contract | EUR/point | Tick in points | EUR/tick |
|---|---|---|---|
| FDAX | 25 | 1 | 25 |
| FDXM | 5 | 1 | 5 |
| FDXS | 1 | 1 | 1 |
| FSMX | 1 | 5 | 5 |
| FTDX | 10 | 0.5 | 5 |
Why is FSMX different from FDXM?
FSMX uses EUR 1/point and five points/tick; FDXM uses EUR 5/point and one point/tick. Equal tick value does not mean equal point value.
Record hours, daylight saving and expiry
The current Eurex overview lists FDAX/FDXM/FDXS at 01:10–22:00 CET or 02:10–22:00 CEST, and FSMX/FTDX at 07:50–22:00 CET or 08:50–22:00 CEST. Also save the product calendar, trading date and provider timezone; never use a fixed UTC offset throughout the year. Regular expiry is the third Friday of the expiry month. Check exceptional calendars and the expiring contract’s cutoff separately; a long chart session does not establish an available cash-index observation.
Continuous contracts, rolls, volume and open interest
Fictional roll example: the old contract is 24000 and the new one simultaneously 24060. A raw join creates 60 points, not a move in one unchanged contract. Additive back-adjustment turns an earlier 23980 into 24040 and changes historical price levels. Preserve originals and transformations for Elliott pivots. Volume counts traded contracts, while open interest measures outstanding contracts at a time; they are neither interchangeable nor independent directional proof. Do not sum maturities without checking.
Convert points into euro risk and contract size
Fictional inputs: EUR 500 budget, 80-point planned distance, another two points of slippage and EUR 6 total costs per contract. Calculated risk = (80+2) × point value + 6. That gives FDAX EUR 2056, FDXM EUR 416 and FDXS EUR 88; rounding down allows 0, 1 or 5 contracts respectively. This is not a margin quote. A stop order does not guarantee the assumed exit; recalculate for different slippage or costs.