Understanding “Pips” for Futures

I’m trying to run SQ for @CL futures. When choosing the Stoploss configuration on the What to build screen, I decided that Stoploss should be between 100 and 400 pips. I suppose 1 pip is equal to 1 tick (futures terminology). After this, my expectation is that a stop loss should be a minimum of 1000 USD for this strategy.

When I generate strategies with these settings, I get multiple tiny stop-loss values in the List of Trades, such as $195, $350, etc… How is this calculated hence 1 tick = $10 for CL futures?

Hi,

for futures the term “pip” is replaced by “tick”. So for the CL contract it will be 1 cent 0.01 for both “step” and “size”

Thanks for confirming it Tomas. So, my settings are correct in Data Manager. My problem is that SQ miscalculates trade PnL with these settings.

For example, if a contract was sold at 95.13 and bought back at 94.42, SQ will display a $71 PnL. I think it should be $710 instead.

What am I missing?

I think I found the answer. The default trade size is 0.1, so the calculation is correct even though it may not make sense for Futures.