What is a tick in futures? Tick size, tick value and point value
5 min read · Updated September 27, 2026
In short
A tick is the smallest amount a futures price can move. Each contract has a fixed tick size and a fixed dollar value per tick.
For the E-mini S&P 500 (ES), a tick is 0.25 points and worth $12.50; there are 4 ticks in a point, so a point is worth $50.
Micro contracts move in the same ticks at a tenth of the value: the Micro E-mini S&P 500 (MES) is $1.25 a tick.
Your profit or loss is ticks moved × tick value × number of contracts, before fees.
Futures prices don't move in cents the way stock prices do. Each contract moves in fixed steps called ticks, and each tick is worth a fixed dollar amount set by the exchange. Knowing these numbers is the first step to sizing a trade and knowing what a stop really costs.
Three numbers for every contract
Tick size: the smallest price change. ES moves in 0.25-point steps, crude oil (CL) in 0.01.
Tick value: what one tick is worth in dollars for one contract. ES: $12.50. CL: $10.
Point value: what a full point is worth, which is tick value × ticks per point. ES: $50. NQ: $20.
Turning a price move into dollars
P&L = ticks moved × tick value × contracts (then subtract commissions and fees).
Long 2 ES from 5,000.00 to 5,003.00: that's 3 points, or 12 ticks. 12 × $12.50 × 2 = $300.
The same trade on 2 MES: 12 × $1.25 × 2 = $30.
A 20-point stop on 1 MNQ: 20 × $2 = $40 of risk. On 1 NQ, the same stop is $400.
That last example is why beginners and prop traders often use micros: the same chart and the same stop, at a tenth of the risk. The position size calculator does this for any contract and stop.
Why it matters for prop firm accounts
Prop firm limits are in dollars (a $2,000 drawdown, a $1,000 daily loss limit), but you trade in ticks. A $2,000 drawdown is 160 ticks on one ES contract, and 1,600 ticks on one MES. Converting your limits into ticks for the contract and size you trade tells you how many normal-sized losses you can take before the rules end the account.
Tick and point values for common futures
Equity index
Symbol
Contract
Tick size
Tick value
Point value
ES
E-mini S&P 500
0.25
$12.50
$50
MES
Micro E-mini S&P 500
0.25
$1.25
$5
NQ
E-mini Nasdaq-100
0.25
$5
$20
MNQ
Micro E-mini Nasdaq-100
0.25
$0.50
$2
YM
E-mini Dow
1
$5
$5
MYM
Micro E-mini Dow
1
$0.50
$0.50
RTY
E-mini Russell 2000
0.1
$5
$50
M2K
Micro E-mini Russell 2000
0.1
$0.50
$5
NKD
Nikkei 225 (USD)
5
$25
$5
Energy
Symbol
Contract
Tick size
Tick value
Point value
CL
Crude Oil
0.01
$10
$1,000
MCL
Micro Crude Oil
0.01
$1
$100
QM
E-mini Crude Oil
0.025
$12.50
$500
NG
Natural Gas
0.001
$10
$10,000
QG
E-mini Natural Gas
0.005
$12.50
$2,500
RB
RBOB Gasoline
0.0001
$4.20
$42,000
HO
Heating Oil
0.0001
$4.20
$42,000
Metals
Symbol
Contract
Tick size
Tick value
Point value
GC
Gold
0.1
$10
$100
MGC
Micro Gold
0.1
$1
$10
SI
Silver
0.005
$25
$5,000
SIL
Micro Silver
0.005
$5
$1,000
HG
Copper
0.0005
$12.50
$25,000
MHG
Micro Copper
0.0005
$1.25
$2,500
PL
Platinum
0.1
$5
$50
PA
Palladium
0.5
$50
$100
Currencies
Symbol
Contract
Tick size
Tick value
Point value
6E
Euro FX
0.00005
$6.25
$125,000
M6E
Micro Euro FX
0.0001
$1.25
$12,500
6B
British Pound
0.0001
$6.25
$62,500
M6B
Micro British Pound
0.0001
$0.63
$6,250
6A
Australian Dollar
0.00005
$5
$100,000
M6A
Micro Australian Dollar
0.0001
$1
$10,000
6J
Japanese Yen
5e-7
$6.25
$12,500,000
6C
Canadian Dollar
0.00005
$5
$100,000
6S
Swiss Franc
0.00005
$6.25
$125,000
6N
New Zealand Dollar
0.00005
$5
$100,000
6M
Mexican Peso
0.00001
$5
$500,000
Interest rates
Symbol
Contract
Tick size
Tick value
Point value
ZT
2-Year T-Note
0.00390625
$7.81
$2,000
ZF
5-Year T-Note
0.0078125
$7.81
$1,000
ZN
10-Year T-Note
0.015625
$15.63
$1,000
TN
Ultra 10-Year T-Note
0.015625
$15.63
$1,000
ZB
30-Year T-Bond
0.03125
$31.25
$1,000
UB
Ultra T-Bond
0.03125
$31.25
$1,000
Agriculture
Symbol
Contract
Tick size
Tick value
Point value
ZC
Corn
0.25
$12.50
$50
ZW
Wheat
0.25
$12.50
$50
ZS
Soybeans
0.25
$12.50
$50
ZM
Soybean Meal
0.1
$10
$100
ZL
Soybean Oil
0.01
$6
$600
HE
Lean Hogs
0.025
$10
$400
LE
Live Cattle
0.025
$10
$400
GF
Feeder Cattle
0.025
$12.50
$500
Crypto
Symbol
Contract
Tick size
Tick value
Point value
MBT
Micro Bitcoin
5
$0.50
$0.10
MET
Micro Ether
0.5
$0.05
$0.10
BTC
Bitcoin
5
$25
$5
ETH
Ether
0.5
$25
$50
Rates & volatility
Symbol
Contract
Tick size
Tick value
Point value
SR3
Three-Month SOFR
0.0025
$6.25
$2,500
VX
Cboe VIX Futures
0.05
$50
$1,000
VXM
Mini VIX Futures
0.05
$5
$100
2YY
Micro 2-Year Yield
0.001
$1
$1,000
5YY
Micro 5-Year Yield
0.001
$1
$1,000
10Y
Micro 10-Year Yield
0.001
$1
$1,000
30Y
Micro 30-Year Yield
0.001
$1
$1,000
More index & FX
Symbol
Contract
Tick size
Tick value
Point value
EMD
E-mini S&P MidCap 400
0.1
$10
$100
DX
US Dollar Index
0.005
$5
$1,000
E7
E-mini Euro FX
0.0001
$6.25
$62,500
J7
E-mini Japanese Yen
0.000001
$6.25
$6,250,000
Softs
Symbol
Contract
Tick size
Tick value
Point value
KC
Coffee
0.05
$18.75
$375
CC
Cocoa
1
$10
$10
SB
Sugar No. 11
0.01
$11.20
$1,120
CT
Cotton
0.01
$5
$500
OJ
Orange Juice
0.05
$7.50
$150
KE
KC HRW Wheat
0.25
$12.50
$50
ZO
Oats
0.25
$12.50
$50
Values are per contract, from the exchange's contract specifications as used in TradeHarbor. Exchanges occasionally change specifications; check your broker's contract details. This is education, not trading advice.
TradeHarbor is free for one account: import your trades and it works out your win rate, expectancy after fees and drawdown, and tracks prop firm rules if you use one.
Educational content only. Nothing here is investment, financial, or trading advice, and TradeHarbor is not affiliated with any prop firm or broker mentioned. Trading futures involves substantial risk of loss. Each firm's current published rules always govern.