Intermediate
Reading contango backwardation and the futures curve
A futures curve compares maturities at one moment. Its shape is different from a chart showing one contract through time.
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Futures Trading Guide
Understand futures contracts, read market structure and build strategies for direction, relative value and hedging. Follow ten stages from contract basics to advanced research and disciplined risk management.
Start with What a futures contract commits you to, then follow the next lesson links. Explore 40 lessons with worked examples, exercises and further reading.
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Reading Futures Markets · All lessons
Reading Futures Markets
Connect curves, positioning, economic releases and price behaviour.
Intermediate
Volume open interest and positioning reports
Trading activity and outstanding positions answer different questions. Neither reveals another trader’s full intention on its own.
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Intermediate
Building a futures macro and supply calendar
A trading calendar is most useful when each release is linked to the contract’s economic exposure and your intended holding period.
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Intermediate
Price structure volatility and volume weighted averages
Charts can organise price behaviour, but indicators are transformations of data rather than independent guarantees. Define the calculation and the decision it supports.
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