Futures Tick Value & Point Value Chart

Ticks, points and tick value

Every futures contract moves in fixed steps. Three terms turn a price move into dollars:

• Tick size is the smallest price increment the contract can trade in, such as 0.25 on ES and NQ.
• Tick value is the dollar value of one tick for one contract, such as $12.50 on ES.
• Point value is the dollar value of one full price point. It equals tick value divided by tick size, so ES is $12.50 ÷ 0.25 = $50.

To price a move, use either route: points × point value, or ticks × tick value. They give the same answer. Multiply by the number of contracts for the total.

Worked examples

These are the dollar values of a move on one contract, from the chart above:

• ES, 10 points: 10 × $50 = $500 per contract (40 ticks × $12.50).
• NQ, 10 points: 10 × $20 = $200 per contract (40 ticks × $5).
• MES, 10 points: 10 × $5 = $50 per contract — one tenth of ES.
• CL, 50 ticks ($0.50): 50 × $10 = $500 per contract.
• GC, 5 points ($5.00): 5 × $100 = $500 per contract (50 ticks × $10).

The converter above does the same for any contract and any number of contracts. (Illustration only, not a recommendation.)

Micro contracts

Micro E-mini contracts are one-tenth the size of the standard E-minis, so every tick and point is worth one-tenth as much. MES is $1.25 per tick against $12.50 for ES, and MNQ is $0.50 per tick against $5.00 for NQ. That finer sizing makes it easier to match a position to a stop. The micro Dow (MYM) and micro Russell (M2K) follow the same one-tenth pattern, and so do micro crude (MCL) and micro gold (MGC).

Margin and trading hours

Two things are deliberately not in the chart because they change and differ by broker:

• Margin. The exchange sets minimums and brokers set their own day-trading and overnight margins. Check your broker for current figures and the CME Group website for exchange margins.
• Trading hours. Most of these futures trade nearly around the clock on weekdays with a short daily break, but exact sessions vary by product and can change around holidays. Confirm on the contract's page at CME Group.

Tick size and tick value, by contrast, are fixed by the exchange and the same at every broker.

Using the chart well

• Turn a stop into dollars first. Convert your stop distance to ticks, then to dollars per contract, before choosing a size. Our futures position size calculator does this and returns the contracts that fit your risk.
• Mind the contract month and symbol. The values here are per contract for the standard product. Check that you are trading the contract you think you are, especially micro versus mini.
• Prop firm accounts. If you trade an evaluation, see how many losing trades your drawdown allows with the prop firm drawdown calculator.

Frequently asked questions

What is a tick in futures?

A tick is the smallest price move a futures contract can make. Each contract has its own tick size, for example 0.25 index points for ES and NQ, 0.01 for crude oil (CL) and 0.10 for gold (GC). Every tick has a fixed dollar value per contract.

What is the tick value for ES?

One ES tick is 0.25 points and is worth $12.50 per contract. One full ES point is four ticks, or $50. The micro version, MES, is one-tenth of that: $1.25 per tick and $5 per point.

What is the tick value for NQ?

One NQ tick is 0.25 points and is worth $5.00 per contract, so one full point is $20. The micro version, MNQ, is worth $0.50 per tick and $2 per point.

What is the difference between a tick and a point?

A tick is the smallest price increment; a point is one full unit of price. On ES one point equals four ticks (4 x 0.25). Point value is tick value divided by tick size, and you can use either to price a move: points x point value, or ticks x tick value.

How do I calculate profit or loss on a futures trade?

Multiply the number of ticks the price moved by the tick value, then by the number of contracts. For example, a 12-tick gain on 2 ES contracts is 12 x $12.50 x 2 = $300. Subtract commissions and fees for your net result.

How much is a tick worth on crude oil (CL)?

One CL tick is $0.01 per barrel on a 1,000-barrel contract, which is $10. A $1.00 move is 100 ticks, or $1,000 per contract. Micro crude (MCL) is one-tenth: $1 per tick.

Does the tick value change by broker?

No. Tick size and tick value are set by the exchange and are the same for every broker. Margin requirements, commissions and some trading hours are what differ, so check those with your broker. To turn a stop distance into a contract count, use our futures position size calculator.