Futures Tick Values: ES, NQ, YM, RTY, CL and Gold

A tick is the smallest price step a futures contract can move, and its dollar value is the tick size multiplied by the contract multiplier. For the E-mini S&P 500 (ES) that is 0.25 index points × $50 = $12.50 per tick, per contract.

Every number below comes from CME Group's own contract pages and education material, checked on 5 October 2026. Prop firms, brokers and platforms use the same exchange specs, so these values hold whether you trade an evaluation, a funded account or your own money.

The quick chart

Here are the contracts futures prop traders use most. "Point value" is what one full point (or $1 for commodities) is worth for one contract.

The pattern is simple. A Micro is one tenth of the E-mini (how to choose between them is in micro vs mini futures). An E-nano has one tenth of the Micro's multiplier, but its minimum tick is twice as large, so one E-nano tick is worth one fifth of a Micro tick rather than one tenth. We cover that quirk in E-nano futures explained.

Tick, point and multiplier: the three words that matter

• Tick size is the smallest move the exchange allows. ES moves in 0.25s, YM in whole points, RTY in 0.10s.
• Multiplier (or point value) is the dollar value of a full one-point move. ES is $50 × the index, MES $5 × the index.
• Tick value = tick size × multiplier. CME's own example: 0.25 × $50 = $12.50 for ES, and $0.01 × 1,000 barrels = $10 for crude oil.

Everything else follows from one formula:

Profit or loss = points moved × point value × number of contracts
or, if you count ticks: ticks moved × tick value × contracts.

Points and ticks give the same answer. A 10-point ES move is 40 ticks; 40 × $12.50 = $500, and 10 × $50 = $500.

Worked examples you can check by hand

ES: a 12.5-point winner

You buy one ES and sell 12.50 points higher. That is 12.50 ÷ 0.25 = 50 ticks.

• 1 ES: 50 × $12.50 = $625
• 1 MES: 50 × $1.25 = $62.50
• 1 NES: 12.50 ÷ 0.50 = 25 ticks × $0.25 = $6.25

NQ: a 40-point stop

Your stop is 40 points away. One NQ risks 40 × $20 = $800. One MNQ risks 40 × $2 = $80. One NNQ risks 40 × $0.20 = $8.

Crude oil: a 30-cent stop

Thirty cents is 30 ticks. One CL risks 30 × $10 = $300; one MCL risks 30 × $1 = $30.

Gold: a $5 stop

A $5.00 move in gold is 50 ticks of $0.10. One GC risks 50 × $10 = $500; one MGC risks 50 × $1 = $50.

Why tick values matter more in a prop account

In a prop evaluation the account size is mostly a headline. What limits you is the drawdown. On a typical 50K futures evaluation with a $2,000 maximum loss (the figure at several firms we track; check yours), the tick values above translate like this:

A 100-point day in NQ is not unusual, so one full-size NQ contract can use up an entire 50K drawdown on a single bad move. That is why many prop traders size in micros and why some firms count 10 micros as one mini when they apply contract caps. The prop firm rules cheat sheet lists the caps for each firm we track.

From tick value to position size

Once you know the point value, sizing is one division:

Contracts = dollar risk ÷ (stop in points × point value)

Say you allow $300 of risk on a trade and your NQ stop is 30 points. One NQ risks 30 × $20 = $600, which is more than your budget, so the answer in minis is zero. One MNQ risks 30 × $2 = $60, so $300 ÷ $60 = 5 MNQ. Always round down.

The same budget on ES with a 6-point stop: one ES risks 6 × $50 = $300, so 1 ES or 10 MES fit exactly. Our guide to position size for NQ, ES and gold goes through more cases, and the free futures position size calculator does the arithmetic for you.

Fees in ticks: the cost you can see

Commissions and exchange fees are charged per contract, per side, in dollars. Dividing your round-trip cost by the tick value tells you how many ticks a trade has to make just to break even.

Example: if your all-in cost were $1.00 per side ($2.00 round trip), that is 0.16 ticks on ES ($2.00 ÷ $12.50), 0.4 ticks on NQ, 1.6 ticks on MES and 4 ticks on MNQ. The smaller the contract, the larger the fee is compared with the tick. Your broker or prop firm publishes its own fee table; use those numbers, not ours.

This is the main reason to log fees with every trade. A strategy that averages two ticks per trade in MNQ looks profitable before costs and may not be after them.

Trading hours for equity index futures

CME lists the same hours for the E-mini and Micro E-mini equity index contracts: Sunday to Friday, 6:00 p.m. to 5:00 p.m. Eastern Time, with a daily one-hour maintenance break from 5:00 to 6:00 p.m. ET. The E-nanos follow the same Globex schedule.

Prop firms usually add their own cut-off on top: you must be flat before a daily close time that differs by firm. Those times are on the cheat sheet, and they change, so check your firm's current rules.

Common mistakes with tick values

1. Mixing up points and ticks. "I risked 20 on NQ" means $400 if it was 20 points and $100 if it was 20 ticks. Write the unit down.
2. Using the mini value for a micro trade. A journal entry with the wrong multiplier makes a $50 loss look like a $500 one, and every statistic after it is wrong.
3. Forgetting the E-nano tick is bigger. NES moves in 0.50 points, not 0.25. A limit order at a quarter point is rejected.
4. Ignoring fees on small contracts. On micros and E-nanos, round-trip costs can be several ticks.
5. Treating gold and oil like index points. CL and GC are quoted in dollars per barrel or ounce. A "$1 move" in gold is 10 ticks.

The full weekly schedule, the trading-day convention and the daylight-saving weeks are in our guide to futures trading hours.

How to keep this straight in your journal

Record each trade in points and contracts, and let the software do the dollar conversion with the right multiplier. Then look at results in R (multiples of the risk you took), which makes an MNQ trade and an ES trade comparable. R-multiple explained shows how.

TJ has the point values for NQ, ES, MNQ, MES and other common contracts built in, so you enter the entry, exit and size and it calculates P&L and R for you. You can try it on the futures trading journal page or start free.

Contract specifications can change. The values above were checked against CME Group pages on 5 October 2026. TJ is journaling software, not financial advice.