I have seen quite a few times people calculating the leverage using notional value of the index, when it is rather irrelevant to the correct calculation. It is your account size and the number of contract that affects the leverage mostly. Bigly, if I might say so. Leverage tells you how much your account moves compared to 1 unit movement of the index. In plain, if the index drops 1% and your account loss is 12%, then your leverage was 1:12... Since I won the Nobel prize last year in Math, I feel authorized without further much ado, to reveal the formula, free of charge: Lev=(Ctr # x Index value x Point value)/Account size Ctr#: number of contracts used Index value: the current value of the index (ES would be 2473) Point value: the value of 1 point (ES is $50) Acc Size: Your account in dollars Let's see an example. A trader with a 10K account using 2 ES contracts has a leverage of: (2 x 2473 x $50)/ $10000= 24.7 Extra credit: Just because you are trading futures, you still can under leverage your account, meaning that your account movement can be LESS than the movement of the traded future.