A futures tick value is what one minimum price move is worth on one contract: the tick size times the contract size. The E-mini S&P 500 (ES) moves in 0.25-point ticks worth $12.50, the E-mini Nasdaq-100 (NQ) in 0.25-point ticks worth $5.00, and gold (GC) and WTI crude oil (CL) in ticks worth $10.00. The chart below lists the tick size, tick value and point value of 52 CME Group contracts, full size and micro, grouped by sector.
- Tick value = tick size x contract size: on ES, 0.25 index points x $50 = $12.50. The same formula works for every contract in the chart.
- Micros are smaller copies: most micro contracts are one tenth of the full-size contract, so MES ticks are $1.25 against $12.50 on ES. The micro futures tick values page lists them on their own.
- Risk Management: knowing tick values helps set stop-loss levels and position sizes. Risking $500 on an ES trade means you can tolerate 40 ticks ($12.50 x 40).
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Stock index futures
Among the stock index E-minis, only the E-mini S&P 500 (ES) is worth $12.50 a tick; NQ, YM and RTY are $5.00 a tick. Each micro is one tenth of its E-mini, so MES, MNQ, MYM and M2K tick at $1.25, $0.50, $0.50 and $0.50.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| E-mini S&P 500 | ES | $50 x S&P 500 Index | 0.25 index point | $12.50 | $50 |
| Micro E-mini S&P 500 | MES | $5 x S&P 500 Index | 0.25 index point | $1.25 | $5 |
| E-mini Nasdaq-100 | NQ | $20 x Nasdaq-100 Index | 0.25 index point | $5.00 | $20 |
| Micro E-mini Nasdaq-100 | MNQ | $2 x Nasdaq-100 Index | 0.25 index point | $0.50 | $2 |
| E-mini Dow ($5) | YM | $5 x Dow Jones Industrial Average | 1 index point | $5.00 | $5 |
| Micro E-mini Dow | MYM | $0.50 x Dow Jones Industrial Average | 1 index point | $0.50 | $0.50 |
| E-mini Russell 2000 | RTY | $50 x Russell 2000 Index | 0.10 index point | $5.00 | $50 |
| Micro E-mini Russell 2000 | M2K | $5 x Russell 2000 Index | 0.10 index point | $0.50 | $5 |
| E-mini S&P MidCap 400 | EMD | $100 x S&P MidCap 400 Index | 0.10 index point | $10.00 | $100 |
| Nikkei 225 (USD) | NKD | $5 x Nikkei Stock Average | 5 index points | $25.00 | $5 |
Contract specs checked on CME Group on 10 Oct 2026.
To turn any move in this chart into dollars, use the futures profit calculator.
Stock index futures trade on CME Globex from Sunday at 6:00 p.m. to Friday at 5:00 p.m. ET, with a daily maintenance break from 5:00 to 6:00 p.m. ET. YM and MYM tick in full index points and NKD in 5-point steps; RTY, M2K and EMD move in 0.10-point ticks, so ten ticks make a point.
For the contracts on their own, see how many points are in a tick on S&P 500 futures. The MES tick value guide covers the micro S&P 500 contract. For Nasdaq, read how many points are in a tick on Nasdaq futures. The MNQ tick value guide covers the micro Nasdaq-100 contract.
All of these contracts trade on the CME, and their orders match in Chicago. A CME VPS in Chicago puts your platform close to where ES and NQ actually match.
Energy futures
WTI crude oil (CL) and Henry Hub natural gas (NG) both tick at $10.00 a contract; their E-mini versions, QM and QG, tick at $12.50, and the micros, MCL and MNG, at $1.00. RBOB gasoline (RB) and heating oil (HO) tick at $4.20.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| WTI Crude Oil | CL | 1,000 barrels | $0.01 per barrel | $10.00 | $1,000 per $1 |
| E-mini Crude Oil | QM | 500 barrels | $0.025 per barrel | $12.50 | $500 per $1 |
| Micro WTI Crude Oil | MCL | 100 barrels | $0.01 per barrel | $1.00 | $100 per $1 |
| Henry Hub Natural Gas | NG | 10,000 MMBtu | $0.001 per MMBtu | $10.00 | $10,000 per $1 |
| E-mini Natural Gas | QG | 2,500 MMBtu | $0.005 per MMBtu | $12.50 | $2,500 per $1 |
| Micro Henry Hub Natural Gas | MNG | 1,000 MMBtu | $0.001 per MMBtu | $1.00 | $1,000 per $1 |
| RBOB Gasoline | RB | 42,000 gallons | $0.0001 per gallon | $4.20 | $42,000 per $1 |
| NY Harbor ULSD (Heating Oil) | HO | 42,000 gallons | $0.0001 per gallon | $4.20 | $42,000 per $1 |
Contract specs checked on CME Group on 10 Oct 2026.
For delivery months, hours and settlement, see the crude oil contract specs. The NG natural gas contract specs give the same details for natural gas.
Metals futures
Gold (GC) ticks at $10.00 and Micro Gold (MGC) at $1.00, both in $0.10 steps. Silver (SI) ticks at $25.00 and Micro Silver (SIL) at $5.00, both in $0.005 steps. CME does not call 1-Ounce Gold a micro: it is 1/100 of GC with its own $0.25 tick.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| Gold | GC | 100 troy ounces | $0.10 per ounce | $10.00 | $100 per $1 |
| Micro Gold | MGC | 10 troy ounces | $0.10 per ounce | $1.00 | $10 per $1 |
| 1-Ounce Gold (1/100 of GC) | 1OZ | 1 troy ounce | $0.25 per ounce | $0.25 | $1 per $1 |
| Silver | SI | 5,000 troy ounces | $0.005 per ounce | $25.00 | $5,000 per $1 |
| Micro Silver | SIL | 1,000 troy ounces | $0.005 per ounce | $5.00 | $1,000 per $1 |
| Copper | HG | 25,000 pounds | $0.0005 per pound | $12.50 | $25,000 per $1 |
| Micro Copper | MHG | 2,500 pounds | $0.0005 per pound | $1.25 | $2,500 per $1 |
| Platinum | PL | 50 troy ounces | $0.10 per ounce | $5.00 | $50 per $1 |
Contract specs checked on CME Group on 10 Oct 2026.
For the gold and silver micros on their own, see the micro gold (MGC) tick value guide. The micro silver (SIL) specs cover the silver micro.
Interest rate futures
Treasury futures move in fractions of 1/32 of a point: the 10-Year T-Note (ZN) ticks in half of 1/32, worth $15.625, and the 30-Year T-Bond (ZB) in full 32nds, worth $31.25. The 10-Year Yield future (10Y) is quoted in yield, not price, so it is not a fraction of ZN.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| 2-Year T-Note | ZT | $200,000 face value | 1/8 of 1/32 of a point | $7.8125 | $2,000 per point |
| 5-Year T-Note | ZF | $100,000 face value | 1/4 of 1/32 of a point | $7.8125 | $1,000 per point |
| 10-Year T-Note | ZN | $100,000 face value | 1/2 of 1/32 of a point | $15.625 | $1,000 per point |
| Ultra 10-Year T-Note | TN | $100,000 face value | 1/2 of 1/32 of a point | $15.625 | $1,000 per point |
| 30-Year T-Bond | ZB | $100,000 face value | 1/32 of a point | $31.25 | $1,000 per point |
| Ultra T-Bond | UB | $100,000 face value | 1/32 of a point | $31.25 | $1,000 per point |
| 10-Year Yield | 10Y | 1,000 index points (quoted in yield) | 0.001 index point (1/10 of a basis point) | $1.00 | $10 per basis point |
Contract specs checked on CME Group on 10 Oct 2026.
On ZN, a move from 112-00 to 112-16 is half a point, or 32 ticks of 1/64: 32 x $15.625 = $500 on one contract.
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FX futures
Most CME currency futures tick at $6.25 or $5.00. Euro FX (6E) moves in 0.00005 steps worth $6.25, and Micro EUR/USD (M6E), one tenth of its size, moves in 0.0001 steps worth $1.25.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| Euro FX | 6E | 125,000 euros | 0.00005 | $6.25 | $12.50 per 0.0001 |
| Micro EUR/USD | M6E | 12,500 euros | 0.0001 | $1.25 | $1.25 per 0.0001 |
| Japanese Yen | 6J | 12,500,000 yen | 0.0000005 | $6.25 | $12.50 per 0.000001 |
| British Pound | 6B | 62,500 pounds | 0.0001 | $6.25 | $6.25 per 0.0001 |
| Australian Dollar | 6A | 100,000 Australian dollars | 0.00005 | $5.00 | $10 per 0.0001 |
| Canadian Dollar | 6C | 100,000 Canadian dollars | 0.00005 | $5.00 | $10 per 0.0001 |
| Swiss Franc | 6S | 125,000 Swiss francs | 0.00005 | $6.25 | $12.50 per 0.0001 |
Contract specs checked on CME Group on 10 Oct 2026.
The tick sizes above are the outright CME Globex ticks; CME lists smaller ticks for spreads and some other order types on each contract page.
Agriculture futures
Corn (ZC), soybeans (ZS) and wheat (ZW) tick at 1/4 cent per bushel, worth $12.50 on 5,000 bushels. Live cattle (LE) and lean hogs (HE) tick at $10.00, and feeder cattle (GF) at $12.50.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| Corn | ZC | 5,000 bushels | 1/4 cent per bushel | $12.50 | $50 per cent |
| Soybeans | ZS | 5,000 bushels | 1/4 cent per bushel | $12.50 | $50 per cent |
| Chicago SRW Wheat | ZW | 5,000 bushels | 1/4 cent per bushel | $12.50 | $50 per cent |
| Soybean Oil | ZL | 60,000 pounds | 0.01 cent per pound | $6.00 | $600 per cent |
| Soybean Meal | ZM | 100 short tons | $0.10 per short ton | $10.00 | $100 per $1 |
| Live Cattle | LE | 40,000 pounds | 0.025 cent per pound | $10.00 | $400 per cent |
| Lean Hogs | HE | 40,000 pounds | 0.025 cent per pound | $10.00 | $400 per cent |
| Feeder Cattle | GF | 50,000 pounds | 0.025 cent per pound | $12.50 | $500 per cent |
Contract specs checked on CME Group on 10 Oct 2026.
Grain prices are quoted in cents per bushel, so a 10-cent move in corn is 40 ticks, or $500 on one contract.
Crypto futures
Bitcoin (BTC) and Ether (ETH) futures tick at $25.00 a contract. Micro Bitcoin (MBT) is 1/50 of BTC and ticks at $0.50; Micro Ether (MET) is 1/500 of ETH and ticks at $0.05.
| Contract | Symbol | Contract size | Tick size | Tick value | Point value |
|---|---|---|---|---|---|
| Bitcoin | BTC | 5 bitcoin | $5 per bitcoin | $25.00 | $5 per $1 |
| Micro Bitcoin | MBT | 0.1 bitcoin | $5 per bitcoin | $0.50 | $0.10 per $1 |
| Ether | ETH | 50 ether | $0.50 per ether | $25.00 | $50 per $1 |
| Micro Ether | MET | 0.1 ether | $0.50 per ether | $0.05 | $0.10 per $1 |
Contract specs checked on CME Group on 10 Oct 2026.
A $1,000 move in bitcoin is $5,000 on one BTC contract and $100 on one MBT contract.
How Tick Sizes and Tick Values Work
Grasping how tick sizes and values work is essential for calculating profit and loss accurately. Each futures contract has its own tick size and monetary value, which affects trading decisions. The National Futures Association underscores this by stating:
"You'll want to familiarize yourself with the minimum price fluctuation - the tick size - for whatever futures contracts you plan to trade. You'll also need to know how a price change of any given amount will affect the value of the contract."
This knowledge is vital for managing risk and making informed trading calculations.
Tick Sizes and Tick Values
A tick size represents the smallest price movement a futures contract can make, while the tick value is the dollar amount that movement translates into for your trading account.
Take the E-mini S&P 500 (ES), for example. Its minimum tick size is 0.25 index points, which equals $12.50 per contract. So, if the S&P 500 index moves from 5,000.00 to 5,000.25, the change reflects a $12.50 shift, depending on your position.
The E-mini Nasdaq-100 (NQ) also has a 0.25 index point tick size, but its tick value is $5.00 per contract. These differences can significantly impact trading strategies. For instance, scalpers who aim for small, quick profits might lean toward the ES, given its higher tick value of $12.50. On the other hand, traders prioritizing tighter risk control may find the NQ or other contracts with $5.00 tick values more suitable.
To work out the tick value of any contract, multiply the tick size by the contract size. Gold (GC) is 100 troy ounces with a $0.10 tick, so one tick is $10.00; WTI crude oil (CL) is 1,000 barrels with a $0.01 tick, also $10.00.
The contract multipliers shown in the table determine the notional value of each contract, which is critical for calculating position sizes.
Stock index futures list quarterly contracts in March, June, September and December.
These details are essential for precise risk management. For instance, a trader with a $500 risk tolerance would need to adjust their stop-loss levels based on the contract. For the ES, this would mean 40 ticks ($12.50 × 40 = $500), while for the NQ, YM, or RTY, it would require 100 ticks ($5.00 × 100 = $500).
Additionally, the extended trading hours for these contracts offer flexibility, allowing traders to respond to global market events, earnings reports, and economic updates that occur outside standard U.S. market hours. The leverage in futures trading increases the potential for both profits and losses, making it a powerful but risky tool for traders.
Calculating Profits, Losses, and Risk Using Tick Movements
Knowing how to calculate potential profits and losses is a cornerstone of successful E-mini trading. When your money is on the line, precision in these calculations is non-negotiable.
For example, consider a WTI crude oil futures contract. Each crude oil futures contract represents 1,000 barrels of crude oil. This means that every tick movement in the contract directly impacts your profit or loss based on the value of 1,000 barrels. Understanding this contract size is essential for accurate calculations and effective risk management.
Step-by-Step Profit and Loss Calculations
In E-mini trading, understanding tick movements is key to managing both profits and risks. The formula is simple: multiply the dollar value of a single tick by the number of ticks the contract has moved since you entered the trade. Let’s break it down with examples.
E-mini S&P 500 (ES) Example:
Imagine you buy one ES contract at an index level of 5,000.00, and the market rises to 5,030.00. That’s a 30-point move. Since each tick in the ES equals 0.25 points and is worth $12.50, you’ll first convert points to ticks.
- 30 points ÷ 0.25 tick size = 120 ticks
- 120 ticks × $12.50 per tick = $1,500 profit
If the market moved against you by the same amount, you’d face a $1,500 loss. This calculation applies whether the market goes up or down.
Micro E-mini S&P 500 (MES) Example:
Now, let’s look at the same 30-point move using an MES contract. The tick size remains 0.25 points, but each tick is worth only $1.25.
- 30 points ÷ 0.25 tick size = 120 ticks
- 120 ticks × $1.25 per tick = $150 profit or loss
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This smaller financial impact makes MES contracts a better fit for traders with smaller accounts.
WTI Crude Oil (CL) Example:
The same principles apply to other futures markets. Take WTI Crude Oil futures as an example. If you buy one contract at $53.60 and sell at $54.00, the price moves $0.40. With a tick size of $0.01, the move equals 40 ticks ($0.40 ÷ $0.01). Since each tick is worth $10:
- 40 ticks × $10 per tick = $400 profit
Gold (GC) Example:
Buy one GC contract at $4,000.00 an ounce and sell at $4,012.50. The price moves $12.50, and with a $0.10 tick that is 125 ticks.
- 125 ticks x $10.00 per tick = $1,250 profit
10-Year T-Note (ZN) Example:
Buy one ZN contract at 112-00 and sell at 112-16. That is 16/32 of a point, or 32 ticks of 1/64 (half of 1/32).
- 32 ticks x $15.625 per tick = $500 profit
These calculations not only help you measure potential gains but also serve as a foundation for managing risk effectively.
Using Tick Values for Risk Management
Tick calculations aren’t just about profits - they’re essential for smart risk management. Traders use them to determine position sizes and set stop-loss levels based on their account size and risk tolerance.
Position Sizing Based on Risk:
Let’s say your maximum risk per trade is $500. You can calculate how many contracts to trade by dividing your risk tolerance by the tick value. For ES contracts, where each tick is worth $12.50:
- $500 ÷ $12.50 = 40 ticks of risk
For contracts like NQ, YM, or RTY with $5.00 tick values, you could handle 100 ticks of movement ($500 ÷ $5.00 = 100 ticks).
Setting Risk-Reward Ratios:
Traders often work with specific risk-reward ratios. For example, a 2:1 ratio might involve aiming for 4 ticks of profit ($50) while risking 2 ticks ($25) on an ES trade. Swing traders, on the other hand, might target larger profits - say, 20 ticks ($250) - while setting a stop-loss at 10 ticks ($125).
Factoring in Market Volatility:
Market volatility plays a big role in setting realistic profit targets and stop-loss levels. Tools like the 14-day average true range (ATR) can help. For example, an ES ATR of 15 points is about $750 of average range per contract (15 points x $50 per point); a stop at half the ATR, 7.5 points, risks $375.
Practical Steps for Risk Management:
Before placing a trade, calculate your risk by multiplying the stop-loss in ticks by the tick value. This helps you adjust your position size. For setups requiring a wider stop-loss, you might trade fewer contracts. Conversely, tighter stops allow for larger positions.
Consistent tick-based risk management matters on ES and on every other contract in the chart. The same steps apply across the board, so you stay in control of every trade.
Conclusion
Understanding tick values isn’t just a technical detail - it’s the backbone of successful E-mini trading. The ability to calculate ticks accurately can directly impact your gains, losses, and overall risk management. Without this foundation, your trades may lack the precision needed to succeed.
For example, a 30-point move in ES equals a $1,500 change on one contract, while the same move in MES is $150. The chart above gives you the figures for every other CME contract.
Key Takeaways
- Focus on the basics. Keep a quick-reference table handy with key contract details like tick sizes, tick values, and contract multipliers. This simple step can prevent errors and help ensure your position sizing is on point.
- Keep your platform running. Orders for ES, NQ and the rest of these contracts match in Chicago, and a QuantVPS server there sits 0.52ms from CME with 99.999% uptime.
FAQs
How do tick values affect profit calculations and risk management in E-mini trading?
Tick values are a key factor in calculating profits and managing risks when trading E-mini contracts. Each tick corresponds to a specific dollar amount, meaning even slight price changes can significantly affect your gains or losses, depending on the tick value of the contract you're working with. Futures contracts are marked to market daily, which determines the profit or loss based on the settlement price.
For instance, when trading a contract with a higher tick value, every price movement carries more financial impact. This can amplify both your potential profits and losses, making it crucial to incorporate tick values into your position sizing and overall trading plan. By knowing the tick size and value of the E-mini contract you're trading, you can make smarter decisions, manage risks more effectively, and set realistic expectations for market fluctuations.
What are the trading hours and tick values for major E-mini futures contracts?
Major E-mini futures contracts, such as the S&P 500 (ES) and Nasdaq-100 (NQ), are traded on the CME Globex platform. These contracts are available from Sunday at 6:00 p.m. ET to Friday at 5:00 p.m. ET, with a daily maintenance break occurring between 5:00 p.m. and 6:00 p.m. ET.
Among stock index E-minis, only ES is $12.50 a tick: NQ, YM and RTY are $5.00 a tick, and the E-mini Crude Oil (QM) and E-mini Natural Gas (QG) contracts are also $12.50. While trading hours are the same across stock index E-minis, contract multipliers differ, and they change how profits, losses and risk are calculated.
Grasping these details is crucial for understanding the E-mini markets effectively and planning your trades with confidence.
Why is a Virtual Private Server (VPS) important for E-mini futures trading?
A Virtual Private Server (VPS) keeps your trading platform running even if you face power outages or internet issues at home. In futures trading, where open positions and automated strategies need constant monitoring, this level of reliability is essential.
A VPS in Chicago also gives you the lowest latency to CME, where E-mini orders match. Your platform stays online around the clock, so you can focus on your trades without worrying about technical hiccups.
What is the tick value of gold futures?
Gold futures (GC) move in $0.10 ticks on 100 troy ounces, so one tick is worth $10.00 and a $1 move is worth $100. Micro Gold (MGC) uses the same $0.10 tick on 10 ounces, worth $1.00 a tick.
What is the tick value of crude oil futures?
WTI crude oil futures (CL) move in $0.01 ticks on 1,000 barrels, so one tick is worth $10.00 and a $1 move is worth $1,000. E-mini Crude Oil (QM) ticks at $12.50 and Micro WTI Crude Oil (MCL) at $1.00.
How do I calculate tick value for any futures contract?
Multiply the tick size by the contract size. ES is $50 x the index with a 0.25-point tick, so 0.25 x $50 = $12.50; corn (ZC) is 5,000 bushels with a 1/4 cent tick, so $0.0025 x 5,000 = $12.50.
