MES Tick Value — $1.25 Per Tick (0.25 S&P 500 Points × $5 Multiplier)
The short answer: The MES (Micro E-mini S&P 500) tick value is $1.25.
One minimum price move = 0.25 S&P 500 index points × $5 contract multiplier = $1.25. The full-size ES has the same 0.25-point tick size but a $50 multiplier, making each ES tick worth $12.50 — exactly 10 times the MES.
How MES tick value is calculated
Two spec values determine tick value for any futures contract:
- Tick size: the minimum price increment. For MES, this is 0.25 S&P 500 index points.
- Contract multiplier: the dollar value per index point. For MES, this is $5 per S&P 500 point.
Tick value = tick size × multiplier = 0.25 × $5 = $1.25
This spec is exchange-defined, set at MES's launch in May 2019, and has not changed. It is consistent with the CME's 1:10 design: the full-size ES uses a $50 multiplier and has a tick value of $12.50 (0.25 × $50). MES at $1.25 is exactly one-tenth of ES at $12.50.
MES vs ES: tick value comparison
| Contract | Name | Multiplier | Tick size | Tick value | 1-point move |
|---|---|---|---|---|---|
| MES | Micro E-mini S&P 500 | $5/pt | 0.25 pts | $1.25 | $5.00 |
| ES | E-mini S&P 500 | $50/pt | 0.25 pts | $12.50 | $50.00 |
A 1-point S&P 500 move is worth $5.00 on one MES contract (4 ticks × $1.25) and $50.00 on one ES contract. Holding 10 MES contracts provides identical market exposure to 1 ES contract.
P&L worked examples
Example 1 — small move
The S&P 500 rises 20 points while you hold 1 MES long contract.
- 20 points ÷ 0.25 tick size = 80 ticks
- 80 ticks × $1.25 tick value = $100.00 gross profit
Example 2 — adverse move
MES drops 50 points against a long position.
- 50 ÷ 0.25 = 200 ticks
- 200 × $1.25 = $250.00 gross loss
Example 3 — multiple contracts
You hold 3 MES contracts and the S&P 500 rallies 40 points.
- 40 ÷ 0.25 = 160 ticks
- 160 × $1.25 × 3 = $600.00 gross profit
These are gross figures. Subtract commissions to get net P&L. Commission data by broker is in the next section.
Per-broker round-trip commission — one MES contract
A round-trip is one open plus one close. Figures below are commission components only unless noted "all-in." Exchange, clearing, and NFA fees are excluded unless otherwise stated.
| Broker & plan | Per side | Round-trip | Includes exchange fees? | As of |
|---|---|---|---|---|
| Tradovate Free | $0.39 | $0.78 | No | 2026-06 |
| Tradovate Monthly ($99/mo) | $0.29 | $0.58 | No | 2026-06 |
| Tradovate Lifetime ($1,499) | $0.09 | $0.18 | No | 2026-06 |
| NinjaTrader Free (all-in) | $0.95 | $1.90 | Yes (NFA + clearing + commission bundled) | 11/13/2025 |
| NinjaTrader Monthly ($79/mo, all-in) | $0.85 | $1.70 | Yes | 11/13/2025 |
| NinjaTrader Lifetime ($1,499, all-in) | $0.65 | $1.30 | Yes | 11/13/2025 |
| IBKR (Tiered & Fixed, first 1,000/mo) | $0.25 | $0.50 | No (exchange + regulatory fees additional) | 2026-06 |
| tastytrade (open + close excl. clearing) | $0.75 | $1.50 + $0.60 clearing | No ($0.30/contract clearing + exchange + NFA extra) | 2026-04-06 |
The NinjaTrader all-in breakdown for the Free plan: $0.37 NFA fee + $0.19 clearing + $0.39 commission per side. For more on the commission structures, see the broker commissions guide.
Per-tick cost of trading
The break-even move in ticks (before exchange fees where applicable) to cover commissions on one round-trip MES trade:
- NinjaTrader Free (all-in): $1.90 ÷ $1.25 = 1.52 ticks to break even
- IBKR $0.25/side (exc. exchange fees): $0.50 ÷ $1.25 = 0.40 ticks
- Tradovate Free (exc. exchange fees): $0.78 ÷ $1.25 = 0.62 ticks
For comparison, on the full-size ES at NinjaTrader Free ($2.88/side → $5.76 round-trip): $5.76 ÷ $12.50 = 0.46 ticks to break even. The MES requires 1.52 ticks at NinjaTrader versus ES's 0.46 ticks — MES is more expensive per tick to trade. See MES vs ES for the full comparison.
MES intraday margin
NinjaTrader's MES intraday margin is $50 per contract as of 11/13/2025. This is exactly 1/10 of the ES intraday margin of $500 at NinjaTrader. Plus500's MES intraday margin is also $50, as of 2026-06-03. Optimus Futures advertises MES margins starting at $50, as of 2026-06-03, subject to change without notice.
Intraday margins can be raised in real time during volatile sessions. See the day-trading margins guide for the full broker comparison table.
Quick reference: MES tick value = $1.25. Every 1 S&P 500 point = 4 ticks = $5.00 per contract. Every 10 points = $50 per contract. Every 100 points = $500 per contract.
Drill MES specs and tick math with flashcards.
Start the micro futures deck →Frequently asked questions
- What is the MES tick value?
- The MES tick value is $1.25. Each minimum price move of 0.25 S&P 500 index points multiplied by the $5 MES contract multiplier equals $1.25.
- How much is a 10-point S&P 500 move worth on one MES contract?
- A 10-point move in the S&P 500 equals 40 ticks (10 / 0.25 tick size). At $1.25 per tick, that is $50.00 profit or loss per MES contract.
- How does MES tick value compare to ES?
- The ES (E-mini S&P 500) tick value is $12.50 per tick, exactly 10 times the MES tick value of $1.25. The ES uses a $50 multiplier versus MES's $5, maintaining the 1:10 ratio between the two contracts.
- What is the MES intraday margin at NinjaTrader?
- NinjaTrader's MES intraday margin is $50 per contract on the Free plan as of 11/13/2025. This rate can be raised without notice during volatile sessions.
- What does a round-trip MES trade cost at NinjaTrader Free?
- A round-trip on NinjaTrader's Free plan costs $1.90 (two sides at $0.95 all-in per side). The all-in rate includes NFA, clearing, and commission components. Rates are as of 11/13/2025.
- How is MES tick value calculated?
- MES tick value = tick size x contract multiplier = 0.25 S&P 500 points x $5.00 = $1.25. The formula is the same for every futures contract: tick size times the dollar value per unit of the underlying.
Methodology & sources
MES spec values are exchange-defined at launch (May 2019) and confirmed via AMP Futures and NinjaTrader contract pages. NinjaTrader commission and margin figures are from the published PDF rate sheet, stamped 11/13/2025. Tradovate figures are from tradovate.com/pricing (2026-06). IBKR figures are from the IBKR futures commissions page (2026-06). tastytrade figures from the commissions PDF stamped 2026-04-06.
- NinjaTrader Futures Commissions & Intraday Margins (PDF) — NinjaTrader, stamped 11/13/2025
- Tradovate Pricing — Tradovate, as of 2026-06
- Interactive Brokers Futures Commissions — IBKR, as of 2026-06
- tastytrade Commissions & Fees — tastytrade, last updated 2026-04-06