Tick, point and value
A tick is the smallest price step. A point is a whole index point, which for these four contracts is four ticks. Every contract carries a fixed dollar value per point, so a move of any size converts to dollars with one multiplication.
| Symbol | Contract | Tick (index points) | Value per tick | Value per point |
|---|---|---|---|---|
| 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 | $5.00 | $20 |
| MNQ | Micro E-mini Nasdaq-100 | 0.25 | $0.50 | $2 |
Source: CME Group contract specifications for each product (cmegroup.com, product page, Specs tab). Specifications can change, so confirm the current figures there before you trade. The micro contracts are one tenth the size of the E-mini contracts.
The formula
Dollar risk per contract = stop in points × value per point. Contracts = amount you will risk ÷ dollar risk per contract, rounded down. Commission and slippage are extra.
Worked example: how many contracts at 1% risk
Example (E): an account of $25,000 and 1% risk, so $250 per trade. The table shows the whole number of contracts that keeps the loss at or under $250.
| Stop | ES | MES | NQ | MNQ |
|---|---|---|---|---|
| 5 points | 1 | 10 | 2 | 25 |
| 10 points | 0 | 5 | 1 | 12 |
| 20 points | 0 | 2 | 0 | 6 |
A zero means the contract is too big for that stop at that risk. A 10-point stop on ES costs $500 per contract, which is twice the $250 allowed. That is the practical reason traders on smaller accounts use the micro contracts: the same stop costs $50 on MES, so 5 contracts fit. Whole contracts also mean you cannot always hit your risk number exactly, so the real risk is usually a little lower.
Using this next to the rest of your plan
The same logic as for forex applies: choose the stop from the chart, then size the position, never the other way round. The method is in how to calculate position size. The instrument pages for ES and NQ list typical sessions and examples. If you trade a funded account, the loss limits are covered in the prop firm position size calculator.
Futures are leveraged and can lose more than the amount deposited. Education only, not advice.
Try it with your own numbers
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Pre-set for the market you trade
Pip, point and tick values differ by instrument. These calculators start from each one's contract, with worked examples:
Quick questions
What is the tick value of ES?
0.25 index points, worth $12.50 per contract, or $50 per full point.
What is the difference between ES and MES?
MES is one tenth the size of ES. A point is worth $5 on MES and $50 on ES.
What is the tick value of NQ and MNQ?
Both tick in 0.25 points. NQ is $5 a tick ($20 a point) and MNQ is $0.50 a tick ($2 a point).
Why does my stop not fit on ES?
One contract is a fixed size. If one contract at your stop risks more than your limit, use a micro contract or a tighter, level-based stop.
Place the stop at a level, then count contracts.
These indicators help you find the levels a futures stop should sit beyond.
Premium indicators come with a 7-day free trial on request: how the trial works.
Keep reading
Last updated November 2026. For education only. Not financial advice.