Pre-trade risk limits are applied per product and are configurable per account and/or sub-account. In each case, the same product risk limits apply. Position limits per product or contract are configured only at the account-level.
On the Accounts page, select an account and use the Limits tab to define position limits for the account. On this tab you can also configure risk for Block/Cross trades and Spread/Strategy risk limits for an account.
If configured, product limits apply to the aggregate trades of each sub-account (child account), as well as to any trades made using the parent account itself. If a limit is not set, then that limit is not considered as part of pre-trade risk checks.
You can also configure limits for interproduct Spreads and Strategies, which have legs in different products (e.g., GE and GLB) or different product types (e.g., a Future leg and an Option leg).
Maximum position and order quantity limits are set as the number of contracts, lots, ticks, MW/h, etc., based on the product type and/or if it's an energy product that trades in flow.
Position limit settings in the General section are only applicable to accounts and if the risk settings apply to all products or contracts.
When setting account position limits for all contracts or products, you can set the limit per product family and product type. A product family includes all options with a shared underlying futures symbol, and allows you to set one limit for all options in a product family instead of setting separate limits for each monthly, weekly or daily options product.
For example, to set position limits for trading the entire CME Crude complex, you'll set an option, future, and interproduct strategy position limit for the "CL" product family:
To set a limit per product, use the Max position product (net) setting. For example, if this limit is set to "5" for the CL product, and an account is long "2" CL Oct18 contracts and short "4" CL Nov18 contracts, then a sell order greater than "3" or a buy order greater than "7" in any contract month would be rejected as it could potentially result in a long or short position greater than "5".