Research Library / Instruments
Instruments
EURO STOXX 50 futures (FESX) provide exposure to the EURO STOXX 50, the blue-chip equity index of the Eurozone. The contract trades on Eurex and is cash settled.
Iron Ledger has a live research model for FESX. The model applies systematic trading research to the EURO STOXX 50 futures market and provides defined trade information directly on the chart.
The EURO STOXX 50 tracks the leaders of the Eurozone's industry supersectors — fifty companies in total — and weightings follow free-float market capitalisation, with a cap on any single constituent. It is the benchmark most widely used to describe large-cap Eurozone equities.
Like any index, the EURO STOXX 50 is a calculated number rather than a tradable instrument. Exposure to it is taken through derivatives — the futures contract described here, among others.
FESX is the Eurex futures contract on the EURO STOXX 50. The contract is denominated in euro. Each index point has a value of EUR 10, and the minimum price movement is 1 index point, also worth EUR 10.
| Underlying | EURO STOXX 50 |
| Exchange | Eurex |
| Product code | FESX |
| Currency | EUR |
| Point value | EUR 10 |
| Minimum price movement | 1 index point |
| Minimum movement value | EUR 10 |
| Settlement | Cash |
| Contract cycle | March, June, September, December |
Eurex also lists a smaller contract on the same index. This page covers FESX.
These are contract specifications, not a recommendation about position size or risk.
FESX sits within the Eurex equity-index futures range alongside contracts on other European benchmarks. The underlying indices are different:
Each is a separate market. Iron Ledger keeps a separate research record for each rather than treating a result from one as evidence for another.
On a regular trading day, pre-trading begins at 01:00 CET (02:00 CEST during summer time) and continuous trading runs from 01:10 CET (02:10 CEST) through to 22:00 CET/CEST. On the final trading day of the expiring contract, trading ends early, at 12:00 CET.
The exchange publishes the current schedule and any holiday changes — see the trading-hours reference linked under Sources below.
FESX runs on the quarterly cycle — March, June, September and December. It is listed out to twelve quarterly months, and the exchange's contract page, linked below, shows the maturities currently open.
FESX is cash settled, so no shares change hands — the position is closed against a cash amount. Settlement is payable on the first exchange day following the final settlement day.
The final settlement day is also the last trading day, and normally falls on the third Friday of the maturity month. If that Friday is not an exchange day, the exchange day immediately before it is used instead.
The settlement price is the average of the underlying index values calculated between 11:50 and 12:00 CET.
FESX is not simply a market we describe. It is a market covered by a live Iron Ledger research model. The model operates during the European session and uses systematic research to identify defined trading conditions in the EURO STOXX 50 futures market.
The model does not forecast the index. Its purpose is to test whether the EURO STOXX 50 offers a repeatable statistical edge under defined conditions — and to keep that question open, so a model that stops earning its place is examined rather than quietly promoted.
The chart is the execution layer; the research behind it is the product.
The current Iron Ledger FESX research record covers October 2025 through August 2026. Results are stated in index points.
This is the complete eleven-month research window used for the published record. Individual monthly results are shown on the FESX model page rather than reproduced here.
Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. In fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk in actual trading. For example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all of which can adversely affect actual trading results. Fees, slippage and live execution may differ. Past performance is not indicative of future results.
View the complete FESX research record →
The EURO STOXX 50 is an index — a calculated number. FESX is the futures contract that provides exposure to it. They are related, but they are not the same instrument.
FESX, the DAX contracts and the SMI contract all trade on Eurex, but they track different underlying markets, with different hours and different participants. A model or a historical result from one contract should not automatically be treated as evidence for another.
FESX is a single-market, single-session model, so its record contains fewer trades than a broader market's. Iron Ledger publishes the count alongside the win rate and profit factor rather than presenting only the most flattering number.
A positive historical research record does not mean the same result will occur in the future. The purpose of publishing the record is to show the evidence behind the model, including the full testing period, rather than to present certainty about what comes next.
Contract information on this page is based on current Eurex specifications for EURO STOXX 50 Index Futures. Information about the index is based on material published by STOXX. Iron Ledger paraphrases these sources rather than reproducing their specifications or tables.