Learn Micro Futures

Long-form guides covering everything you need to trade CME micro futures (MES, MNQ, MYM, M2K, MGC, MCL). Each guide pairs with a flashcard deck and cites the exchange and regulator sources it draws on — see Resources & Further Reading for the full source list and recommended books.

Trading mechanics

• Reference · Hours

  CME Futures Trading Hours — Micro Index & Energy

  Globex equity-index micro futures trade Sunday 5:00 PM – Friday 4:00 PM CT (6 PM – 5 PM ET). Daily 4–5 PM CT maintenance halt. MCL energy hours, RTH overlay, and CME holiday calendar link.

• Reference · Rollover

  Futures Rollover Dates — Quarterly Cycle Explained

  Micro equity-index futures expire quarterly (Mar/Jun/Sep/Dec, 3rd Friday). Contract codes H/M/U/Z, volume-migration mechanics, and how cash settlement works at expiration. MCL follows a monthly cycle.

Contract specs & comparisons

• Pillar · Contract Specs

  Micro Futures Contract Specifications — Full Spec Table

  Complete CME spec table for MES, MNQ, MYM, M2K, MCL, and MGC: tick sizes, tick values, multipliers, and full-size counterparts. All figures sourced and dated.

• Tick Value · MNQ

  MNQ Tick Value — $0.50 Per Tick Explained

  The 1,000/mo query. MNQ tick value = 0.25 Nasdaq-100 points × $2 = $0.50. Worked P&L examples, MNQ vs NQ, and per-broker round-trip cost with as-of dates.

• Tick Value · MES

  MES Tick Value — $1.25 Per Tick Explained

  MES tick value = 0.25 S&P 500 points × $5 = $1.25. Worked P&L examples, MES vs ES, and per-broker round-trip cost with as-of dates.

• Tick Value · MYM

  MYM Tick Value — $0.50 Per Tick Explained

  MYM tick value = 1 Dow point × $0.50 = $0.50. Worked P&L examples, MYM vs YM, intraday margins (NinjaTrader $50, 11/13/2025), and per-broker round-trip cost.

• Tick Value · M2K

  M2K Tick Value — $0.50 Per Tick Explained

  M2K tick value = 0.10 Russell 2000 points × $5 = $0.50. Worked P&L examples, M2K vs RTY, intraday margins (NinjaTrader $50, 11/13/2025), and per-broker round-trip cost.

• Tick Value · MCL

  MCL Tick Value — $1.00 Per Tick Explained

  MCL tick value = $0.01/bbl × 100 barrels = $1.00. MCL is cash-settled (no physical delivery). Energy trading hours, MCL vs CL comparison, and NinjaTrader/Plus500 margin figures with as-of dates.

• Tick Value · MGC

  MGC Tick Value — $1.00 Per Tick Explained

  MGC tick value = $0.10/oz × 10 oz = $1.00. Includes gold-specific intraday margins at NinjaTrader ($200, 11/13/2025) and Plus500 ($125, 2026-06-03).

• Comparison · MES vs ES

  MES vs ES — Micro vs Full-Size S&P 500 Head-to-Head

  1:10 on size and margin, but commissions run ~3:1 — MES costs more ticks to trade. Full math with per-broker numbers and who each contract suits.

• Broker Data · Margins

  Micro Futures Day-Trading Margins — Broker Comparison

  NinjaTrader (11/13/2025), Plus500 (2026-06-03), and Optimus “start at” rates (2026-06-03). As-of date in every cell. Prominent volatility caveat.

• Broker Data · Commissions

  Micro Futures Broker Commissions — Tradovate vs NinjaTrader vs IBKR vs tastytrade

  Commission comparison with full fee-inclusion notes: Tradovate $0.09–$0.39/side, NinjaTrader all-in $0.65–$0.95, IBKR $0.25, tastytrade $0.75+$0.30.

PDT rule & regulatory context

• Historical Reference

  The PDT Rule Was Eliminated — Here’s What Replaced It

  The SEC eliminated the Pattern Day Trader rule on April 14, 2026 (effective June 4). What changed, what replaced it, and why micro futures still hold structural advantages for small-account day traders.

• Reference · Daily Levels

  How We Build the Daily Pre-Market Levels

  The method behind the daily MES levels post: which support and resistance levels we compute, where the futures data comes from, how confluence zones work, and the limits of the read. Facts, not advice.

Coming soon

• Module 1 · Fundamentals

  What Are Micro Futures? A Plain-English Explanation

  What “micro” means, why CME launched the Micro E-minis in 2019, and how MES/MNQ/MGC/MCL compare to their full-size siblings.

• Module 6 · Tax Treatment

  Section 1256 Futures Tax Treatment — 60/40 Split Explained

  The 60% long-term / 40% short-term capital-gains split that applies to qualifying futures contracts regardless of holding period, mark-to-market at year-end, Form 6781, and trader-tax-status implications.