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one of the defining features of the futures market is the standardization of contracts two important aspects of standardized futures contracts are the contract unit and the contract notional value the contract unit can be based on volume weight or a financial measurement depending on the contract and the underlying product or market for example a single Comex gold contract unit trading code GC is 100 troy ounces which is measured by weight a NYMEX WTI crude oil contract unit trading code CL is 1,000 barrels of oil measured by volume the e-mini SP 500 contract unit trading code es is a financial calculation based on a fixed multiplier times the SP 500 index contract notional value also known as contract value is the financial expression of the contract unit and the current futures contract price using the same contracts how is notional value determined assume a gold futures contract is trading at a price of $1000 the notional value of the contract is calculated by multiplying the con