How is futures tick value calculated?

Tick value = tick size x contract multiplier. For MES, the minimum move is 0.25 S&P 500 points and the multiplier is $5, so one tick is worth $1.25. The same formula works for every futures contract.

How do I convert a point move into dollars?

Divide the move in points by the tick size to get ticks, then multiply by the tick value and the number of contracts. A 10-point MES move is 40 ticks; at $1.25 per tick that is $50 per contract.

Do micro futures tick values ever change?

Tick sizes and tick values are exchange-defined contract specifications, set at each contract's launch (May 2019 for the Micro E-mini equity-index contracts), and unchanged since. Unlike margins and commissions, they do not drift and need no as-of date.

Which micro futures contract has the largest tick value?

MES, at $1.25 per tick. MGC and MCL are $1.00 per tick, and MNQ, MYM, and M2K are $0.50 per tick. Tick value alone does not equal risk - the points a contract typically moves matter just as much.

Is the tick value the same as the dollars per point?

No. Tick value prices the minimum increment; dollars per point prices a full point. MES moves in 0.25-point ticks worth $1.25, so a full point is four ticks, or $5. For MYM the tick is a full Dow point, so both numbers are $0.50.

Futures Tick Value Calculator

By Diego · Published 2026-06-05 · Last reviewed 2026-06-05

Tick value = tick size × contract multiplier. Pick a contract, enter a move in points and a contract count, and this calculator converts the move into ticks and dollars using the exchange-defined specs for MES, MNQ, MYM, M2K, MGC, and MCL.

The formula

Every futures contract defines two numbers that never change intraday: the tick size (the minimum price increment, in points or units of the underlying) and the multiplier (dollars per point or unit). Multiply them and you get the tick value — the dollars your P&L moves each time price moves one increment:

Tick value = tick size × multiplier

For MES: 0.25 points × $5 = $1.25 per tick. To price a larger move:

Move value = (move in points ÷ tick size) × tick value × contracts

The six micro contracts

Contract	Tick size	Tick value	Full-size	Full-size tick
MES Micro E-mini S&P 500	0.25 pts	$1.25	ES	$12.50
MNQ Micro E-mini Nasdaq-100	0.25 pts	$0.50	NQ	$5.00
MYM Micro E-mini Dow	1.00 pt	$0.50	YM	$5.00
M2K Micro E-mini Russell 2000	0.10 pts	$0.50	RTY	$5.00
MGC Micro Gold	$0.10/oz	$1.00	GC	$10.00
MCL Micro WTI Crude	$0.01/bbl	$1.00	CL	$10.00

Every micro-to-full ratio is exactly 1:10 — by design. YM and RTY full-size tick values verified via AMP Futures contract specifications, 2026-06-04; the rest are CME-defined specs cross-verified 2026-06-03.

Worked examples

MES — a 10-point S&P 500 move

10 points ÷ 0.25 tick size = 40 ticks. 40 × $1.25 = $50 per contract. Two contracts: $100.

MNQ — a 75-point Nasdaq-100 move

75 ÷ 0.25 = 300 ticks. 300 × $0.50 = $150 per contract. MNQ's small tick value adds up fast because the Nasdaq-100 travels more points than the S&P 500 on a typical session.

MCL — a $0.50/barrel crude move

$0.50 ÷ $0.01 = 50 ticks. 50 × $1.00 = $50 per contract. Crude's tick is small in price terms but the contract covers 100 barrels, so dollar moves accumulate quickly.

Why tick value alone is not risk

A common beginner mistake is ranking contracts by tick value and calling the smallest one the “safest.” Dollar risk is tick value times the number of ticks a trade actually spans. MNQ has the joint-smallest tick value ($0.50) but routinely travels several times more points per session than MES — a same-width stop in points costs more ticks on MNQ. Pair this calculator with the position size calculator to convert a real stop distance into dollars before comparing contracts.

Per-contract deep dives

Each micro has a full explainer with P&L tables, the micro-vs-full comparison, and dated per-broker round-trip costs: MES tick value · MNQ tick value · MYM tick value · M2K tick value · MGC tick value · MCL tick value.

FAQ

How is futures tick value calculated?: Tick value = tick size x contract multiplier. For MES, the minimum move is 0.25 S&P 500 points and the multiplier is $5, so one tick is worth $1.25. The same formula works for every futures contract.
How do I convert a point move into dollars?: Divide the move in points by the tick size to get ticks, then multiply by the tick value and the number of contracts. A 10-point MES move is 40 ticks; at $1.25 per tick that is $50 per contract.
Do micro futures tick values ever change?: Tick sizes and tick values are exchange-defined contract specifications, set at each contract's launch (May 2019 for the Micro E-mini equity-index contracts), and unchanged since. Unlike margins and commissions, they do not drift and need no as-of date.
Which micro futures contract has the largest tick value?: MES, at $1.25 per tick. MGC and MCL are $1.00 per tick, and MNQ, MYM, and M2K are $0.50 per tick. Tick value alone does not equal risk - the points a contract typically moves matter just as much.
Is the tick value the same as the dollars per point?: No. Tick value prices the minimum increment; dollars per point prices a full point. MES moves in 0.25-point ticks worth $1.25, so a full point is four ticks, or $5. For MYM the tick is a full Dow point, so both numbers are $0.50.

Turn tick math into trade math:

P&L calculator Position size calculator Full spec table

Sources

CME Group — Micro E-mini contract specifications — exchange-defined tick sizes and values
AMP Futures — contract specifications — YM/RTY full-size tick values, verified 2026-06-04