Micro Futures Tick Values: MNQ, MES, MYM, M2K, MCL
Tick size, tick value and point value for MNQ, MES, MYM, M2K, MCL and MGC next to their full size contracts, and what a stop costs on each. A sizing reference.
Micro futures are one tenth the size of the standard contracts they track. Same market, same chart, same hours, a tenth of the dollars per tick. That makes them the easiest way to size trades precisely on a small account or inside a prop firm drawdown.
The tick value table
| Micro | Market | Tick size | Tick value | Value of a 1 point move | Full size | Full size tick value |
|---|---|---|---|---|---|---|
| MNQ | Nasdaq-100 | 0.25 | $0.50 | $2 | NQ | $5.00 |
| MES | S&P 500 | 0.25 | $1.25 | $5 | ES | $12.50 |
| MYM | Dow Jones | 1 | $0.50 | $0.50 | YM | $5.00 |
| M2K | Russell 2000 | 0.10 | $0.50 | $5 | RTY | $5.00 |
| MCL | Crude oil | $0.01 | $1.00 | $100 per $1 | CL | $10.00 |
| MGC | Gold | $0.10 | $1.00 | $10 per $1 | GC | $10.00 |
For crude oil and gold the "point" is a $1 move in the price: oil from $70.00 to $71.00, or gold from $2,050 to $2,051.
What a stop costs on each
The dollar risk of a stop is the stop distance in ticks times the tick value, per contract, plus fees.
| Contract | Example stop | Ticks | Risk per contract |
|---|---|---|---|
| MNQ | 20 points | 80 | $40 |
| MES | 6 points | 24 | $30 |
| MYM | 50 points | 50 | $25 |
| M2K | 4 points | 40 | $20 |
| MCL | $0.30 | 30 | $30 |
| MGC | $5.00 | 50 | $50 |
The stops above are examples to show the math, not suggestions. A sensible stop depends on the market's movement that day and on your setup.
Why micros suit prop firm accounts
A prop firm max loss is often $2,000 to $3,000 on a $50,000 account. One full size contract can use a big share of that on a normal stop: 20 points on NQ is $400. With micros you can size a trade to the dollar risk you planned, and add size in small steps as the drawdown room grows. Position limits are often written as minis or ten times as many micros, so the limit itself usually allows it.
The trade off is fees: commission is charged per contract, so ten micros usually cost more than one full size contract. Check your broker's or firm's rates.
Hours
These contracts trade on CME Globex nearly around the clock from Sunday evening to Friday afternoon, New York time, with a short daily break. The index micros are busiest around the New York stock market open at 9:30. Crude oil and gold also react to their own reports and the London session.
Size it and practice it
The futures position size calculator turns a dollar risk and stop into a number of contracts for all of these markets, fees included, with no sign up. In ChartTrainer you can trade each micro next to its full size contract on replayed sessions, inside an evaluation account with prop firm rules. Start with the futures simulator.
Questions
- What is the tick value of MES?
- $1.25. MES moves in 0.25 point ticks and is worth $5 a point. The full size ES is $12.50 a tick and $50 a point.
- What is the tick value of MNQ?
- $0.50. MNQ moves in 0.25 point ticks and is worth $2 a point. NQ is $5 a tick and $20 a point.
- What is the tick value of MCL?
- $1.00. Micro crude oil moves in $0.01 ticks on 100 barrels, so a $1 move in the oil price is $100 per contract. The full size CL is $10 a tick.
- What is the tick value of MGC?
- $1.00. Micro gold moves in $0.10 ticks on 10 ounces, so a $1 move in the gold price is $10 per contract. The full size GC is $10 a tick.
- Are micro futures one tenth of the full contract?
- Yes for all six of these: MNQ, MES, MYM, M2K, MCL and MGC are each one tenth of NQ, ES, YM, RTY, CL and GC.