Unlike Forex pairs that trade indefinitely, futures contracts have expiration dates. At any given time, there is a single contract month with the highest volume and tightest spreads — this is called the front month (or "active month").
Common contract month codes: H = March, M = June, U = September, Z = December.
Example: ESZ5 = E-mini S&P 500 contract expiring December 2025.
How to identify the front month on Volumetrica: The platform displays the active contract by default for each symbol. As an expiration approaches, traders begin migrating to the next contract month (the "rollover"). This typically happens 5-10 days before expiration. After rollover, the new month becomes the front month with the most liquidity.
Tips: Always trade the front month for tightest spreads and best liquidity. Pay attention to rollover periods — volume may temporarily split between two contracts. Avoid holding positions into expiration if the contract is cash-settled or physically delivered.
If you are unsure which contract is active, the platform will indicate the most-traded month for each instrument.