Futures contract specifications
Tick size, tick value, point value and contract month set everything about sizing a futures trade. Here's the reference table and what each field does.
Futures specifications table
Point value is tick value divided by tick size, so the two always agree. Micros are one tenth of their full-size contract in every case.
| Contract | Tick size | Tick value | Point value |
|---|---|---|---|
| ES - E-mini S&P 500 | 0.25 | $12.50 | $50.00 |
| MES - Micro E-mini S&P 500 | 0.25 | $1.25 | $5.00 |
| NQ - E-mini Nasdaq-100 | 0.25 | $5.00 | $20.00 |
| MNQ - Micro E-mini Nasdaq-100 | 0.25 | $0.50 | $2.00 |
| YM - E-mini Dow | 1.0 | $5.00 | $5.00 |
| MYM - Micro E-mini Dow | 1.0 | $0.50 | $0.50 |
| RTY - E-mini Russell 2000 | 0.10 | $5.00 | $50.00 |
| M2K - Micro E-mini Russell 2000 | 0.10 | $0.50 | $5.00 |
| CL - Crude Oil | 0.01 | $10.00 | $1,000.00 |
| MCL - Micro Crude Oil | 0.01 | $1.00 | $100.00 |
| GC - Gold | 0.10 | $10.00 | $100.00 |
| MGC - Micro Gold | 0.10 | $1.00 | $10.00 |
| SI - Silver | 0.005 | $25.00 | $5,000.00 |
| ZB - 30-Year T-Bond | 1/32 (0.03125) | $31.25 | $1,000.00 |
| ZN - 10-Year T-Note | 1/64 (0.015625) | $15.625 | $1,000.00 |
| 6E - Euro FX | 0.00005 | $6.25 | $125,000.00 |
Specifications come from the exchange. They change rarely, so confirm the product you trade on your broker's contract page. The tick value calculator applies these to a position size.
What each field controls
Each one answers a different question about sizing a trade.
- Tick size
- The smallest increment traded. On ES every stop level is a multiple of 0.25
- Tick value
- Dollars per tick per contract. Stop ticks × tick value = risk per contract
- Point value
- Dollars per full unit of price. On ES, four times the tick value
- Contract month
- Which expiry you trade. Index futures roll quarterly; energies and metals on shorter cycles
How to read a futures contract symbol
Root, month code, year. ESZ5 is the E-mini S&P 500 expiring in December 2025. Equity index products use only H, M, U and Z.
| Code | Month | Equity index expiry |
|---|---|---|
| F | January | — |
| G | February | — |
| H | March | ✓ |
| J | April | — |
| K | May | — |
| M | June | ✓ |
| N | July | — |
| Q | August | — |
| U | September | ✓ |
| V | October | — |
| X | November | — |
| Z | December | ✓ |
Common specification mistakes
The position size calculator makes you choose ticks or points for the stop, which avoids the first one.
- Ticks versus points
- On ES a 10-point stop is $500 per contract and a 10-tick stop is $125. The mix-up errs toward too large.
- Bond ticks are fractions
- ZB moves in thirty-seconds and ZN in sixty-fourths, so 110'16 is 110 and 16/32. Read as decimals, the numbers are wrong.
- Micros trade the same market
- Same tick size, hours and chart; only dollars per tick scale by ten. An ES strategy carries to MES unchanged.
Trade the front month, not a fixed month
Liquidity migrates to the next contract about a week ahead of expiry, so the front month by volume and by date are briefly different contracts.
Most platforms offer a continuous front-month symbol, often with a 1! suffix, that points at the contract with the volume. Use it for automated strategies, since a hard-coded month goes stale on a known date.
Common questions
Short answers to what traders ask first. Anything else, the Help Center has it.
What is the tick size of ES?
0.25 index points, and each tick is worth $12.50 per contract, so one full point is $50. The Micro E-mini (MES) uses the same 0.25 tick size at $1.25 a tick, making a point $5.
What is the difference between tick value and point value?
Tick value is what the smallest possible price increment is worth; point value is what one full unit of price is worth. On ES there are four ticks to a point, so the point value is four times the tick value: $50 against $12.50.
How do I read a futures contract symbol?
Root, month code, year. ESZ5 is the E-mini S&P 500 expiring December 2025. Equity index products use only H (March), M (June), U (September) and Z (December), since those are the quarterly expiries.
Why are bond futures priced in fractions?
Convention. ZB trades in thirty-seconds of a point and ZN in sixty-fourths, so 110'16 means 110 and 16/32. Reading those quotes as decimals gives wrong numbers with no error.
Are micro futures the same as full-size contracts?
Same underlying, tick size, trading hours and chart. Only the dollar value per tick is scaled, by ten.
Which contract month should an automated strategy trade?
The front month by volume, resolved automatically. Most platforms expose a continuous symbol for this. A fixed contract month becomes the illiquid one on a known date.
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