Intraday Margin
Intraday margin is the reduced capital requirement that brokers and prop firms set for futures positions opened and closed within the same trading session. It is significantly lower than overnight margin and is what makes futures day trading accessible with smaller accounts.
Intraday margin (also called day trading margin) is the minimum account balance required to hold one futures contract open during the regular trading session. Unlike overnight margin: which is set by the CME and is fixed: intraday margin is set by individual brokers and prop firms, and can be as low as a fraction of the overnight requirement.
Intraday vs overnight margin
| Margin type | Set by | Purpose | Typical ES range |
|---|---|---|---|
| Intraday | Broker / prop firm | Covers intraday exposure | $500 – $1,500 |
| Overnight | CME (SPAN) | Covers full position risk | $12,000 – $15,000 |
Intraday margin is only valid if you close your position before the session cutoff (typically 4:00 PM or 4:15 PM ET for most brokers). Holding past that threshold triggers the overnight margin requirement.
Typical intraday margin (approximate)
| Contract | Intraday (retail broker) | Intraday (prop firm) |
|---|---|---|
| ES | $500 – $1,500 | $300 – $1,000 |
| MES | $50 – $150 | $40 – $100 |
| NQ | $500 – $1,500 | $300 – $1,000 |
| MNQ | $50 – $150 | $40 – $80 |
These figures vary significantly by broker, volatility regime, and account type. During high-volatility periods, brokers sometimes increase intraday margin with short notice.
Intraday margin and leverage
Low intraday margin creates very high leverage. A $500 intraday margin on an ES contract with $262,500 notional value represents roughly 525:1 leverage. This amplifies both gains and losses.
Proper position sizing based on dollar risk: not margin availability: is essential. Just because you have enough margin to trade 10 ES contracts does not mean you should.
What happens if you hit a margin call
If your account drops below the required intraday margin during the session, your broker may automatically liquidate positions. Prop firms typically have automated risk controls that close positions when you breach a defined daily loss limit, which is separate from but related to margin requirements.