How to use the futures tick value calculator

  1. Pick the contract. The line under the field shows what one contract stands for, the tick size and how many ticks make a point. The list covers the most traded index, energy, metal, bond, currency and grain contracts, including the micro versions.
  2. Enter the number of contracts and the direction. Futures trade in whole contracts, so a fraction is rounded down.
  3. Choose points or ticks, then enter your stop and, if you have one, your target. Both are distances from your entry, written as positive numbers. A distance that is not a whole tick is rounded to the nearest tick, because the price cannot stop between ticks.
  4. Add your account balance and the percentage you risk per trade to see how many contracts that risk allows at your stop.

The answer updates as you type. The hero figure is what one tick is worth for your whole position, the tiles give the point value, the risk, the reward and the reward to risk, and the charts show the trade in ticks and compare the tick value of every listed contract. The address bar always holds a link to your exact numbers.

The tick value formula

Every futures contract has a unit (what one contract stands for) and a tick (the smallest move the exchange allows). Money follows from those two:

tick value        = contract unit × tick size
point value       = tick value × ticks per point
risk at the stop  = stop in ticks × tick value × contracts
reward at target  = target in ticks × tick value × contracts
contracts that fit = risk budget ÷ (stop in ticks × tick value), rounded down

The contract unit is what 1.0 of price is worth. For the E-mini S&P 500 it is $50 for each index point. The tick size is the smallest price step: 0.25 index points on the E-mini S&P 500. A point is the unit traders usually count in for that contract, and ticks per point says how many ticks fit in it. The risk budget is your balance times the percentage you risk.

The calculator uses the tick value the exchange publishes for each contract, and the table below lists them. The unit times the tick size gives the same figure, which is a quick way to check one by hand.

Worked example

You buy 2 E-mini S&P 500 contracts (ES) with a stop 10 points below your entry and a target 20 points above it. Your account is $50,000 and you risk 2% per trade.

Step Calculation Result
Tick value, one contract $50 × 0.25 $12.50
Ticks per point 1 ÷ 0.25 4
Point value, one contract $12.50 × 4 $50.00
Value of one tick, 2 contracts $12.50 × 2 $25.00
Value of one point, 2 contracts $50 × 2 $100.00
Stop in ticks 10 points × 4 40 ticks
Risk at the stop 40 × $12.50 × 2 $1,000.00
Target in ticks 20 points × 4 80 ticks
Reward at the target 80 × $12.50 × 2 $2,000.00
Reward to risk $2,000 ÷ $1,000 2 : 1
Risk budget $50,000 × 2% $1,000.00
Contracts that fit $1,000 ÷ (40 × $12.50) 2

The stop-out costs $1,000, which is exactly the budget, so two contracts is the most this stop allows. Those are the figures the calculator opens with.

The table lists the contracts in the calculator. Tick sizes and values are the exchange's own published figures, checked against CME Group's contract specifications in October 2026.

Contract Symbol One contract Tick size Tick value Point value
E-mini S&P 500 ES $50 × S&P 500 index 0.25 index points $12.50 $50
Micro E-mini S&P 500 MES $5 × S&P 500 index 0.25 index points $1.25 $5
E-mini Nasdaq-100 NQ $20 × Nasdaq-100 index 0.25 index points $5.00 $20
Micro E-mini Nasdaq-100 MNQ $2 × Nasdaq-100 index 0.25 index points $0.50 $2
E-mini Dow ($5) YM $5 × Dow Jones Industrial Average 1 index point $5.00 $5
Micro E-mini Dow MYM $0.50 × Dow Jones Industrial Average 1 index point $0.50 $0.50
E-mini Russell 2000 RTY $50 × Russell 2000 index 0.10 index points $5.00 $50
Micro E-mini Russell 2000 M2K $5 × Russell 2000 index 0.10 index points $0.50 $5
WTI crude oil CL 1,000 barrels $0.01 per barrel $10.00 $1,000
Micro WTI crude oil MCL 100 barrels $0.01 per barrel $1.00 $100
Henry Hub natural gas NG 10,000 mmBtu $0.001 per mmBtu $10.00 $10,000
Gold GC 100 troy ounces $0.10 per troy ounce $10.00 $100
Micro gold MGC 10 troy ounces $0.10 per troy ounce $1.00 $10
Silver SI 5,000 troy ounces $0.005 per troy ounce $25.00 $5,000
10-year T-Note ZN $100,000 face value 1/2 of 1/32 of a point $15.625 $1,000
5-year T-Note ZF $100,000 face value 1/4 of 1/32 of a point $7.8125 $1,000
U.S. Treasury Bond ZB $100,000 face value 1/32 of a point $31.25 $1,000
Euro FX 6E 125,000 euros $0.00005 per euro $6.25 $12.50 per pip
British pound 6B 62,500 pounds $0.0001 per pound $6.25 $6.25 per pip
Corn ZC 5,000 bushels 1/4 cent per bushel $12.50 $50 per cent

The point is the unit the calculator counts in. It is one index point for the stock indexes, one dollar a barrel, an ounce or an mmBtu for energy and metals, one full point of price for the Treasury contracts, one pip (0.0001) for the two currencies and one cent a bushel for corn. Exchanges revise specifications now and then, so confirm the figure for the contract and month you trade on the exchange's own page.

Ticks, points and pips: the words traders mix up

A tick is the smallest price move the exchange permits. A point is a larger, round unit, and what it means depends on the market. On the E-mini S&P 500 one point is four ticks, so a 10-point stop is a 40-tick stop. On the E-mini Dow one point is one tick, so the two words are the same.

Treasury futures are quoted in points and 32nds of a point. The 10-year note moves in half a 32nd, which is 1/64 of a point, and a full point on a $100,000 contract is $1,000, so one tick is $1,000 ÷ 64 = $15.625. Corn is priced in cents per bushel and moves in quarter cents, so a one-cent move is four ticks and $50. For the currency contracts a pip is 0.0001, which is two ticks on the euro contract ($12.50) and one tick on the pound contract ($6.25).

When a platform asks for a stop, check which unit it wants. Typing 10 into a field that expects ticks, when you meant points, cuts the stop to a quarter of what you planned on an index future.

Micro and E-mini contracts: the same tick, a tenth of the money

Micro contracts follow the same price as their larger sibling at a tenth of the size. The Micro E-mini S&P 500 is $5 × the index against $50 for the E-mini, so the same 10-point stop costs $50 on the micro and $500 on the E-mini. The pairs for the Nasdaq-100, Dow, Russell 2000, WTI crude oil and gold work the same way: $2 against $20, $0.50 against $5, $5 against $50, 100 against 1,000 barrels, and 10 against 100 troy ounces.

The practical gain is resolution. With a $1,000 risk budget and a 40-tick stop, the E-mini S&P 500 allows 2 contracts at $500 each, and the micro allows 20 at $50 each. Smaller steps let you land closer to the risk you chose instead of rounding down to a coarse size. Micros do not make a trade safer, only smaller, and the stop distance in ticks is still what decides the loss.

How many futures contracts can you trade?

Start from the loss you accept, then work backwards. Multiply your balance by your risk percentage to get the budget, work out what one contract loses at your stop, and divide, rounding down:

contracts = floor( risk budget ÷ (stop in ticks × tick value) )

With $50,000 and 1% risk the budget is $500. A 10-point stop on the E-mini S&P 500 costs $500 per contract, so one contract fits. A tighter 8-point stop costs $400 per contract, and $500 ÷ $400 still rounds down to one. If one contract already risks more than the budget, the answer is zero, and the options are a tighter stop, a smaller contract or a larger budget. The position size calculator applies the same idea to shares, coins and forex, and the risk reward ratio calculator turns a stop and a target into a ratio. Read more on position size and stop loss.

Common futures tick value mistakes

  • Mixing up ticks and points. On the E-mini S&P 500, 10 points are 40 ticks. Enter the wrong unit and the risk is off by a factor of four.
  • Using the E-mini value on a micro. A tick on the Micro E-mini S&P 500 is $1.25, not $12.50.
  • Rounding the contract count up. A budget of $1,000 and a risk of $500 per contract fits two, but a risk of $600 fits one, not two.
  • Ignoring commissions, fees and slippage. The tick value is the price move only. A stop that fills several ticks beyond its level loses more, so read about slippage.
  • Treating margin as the risk. Margin is a deposit your broker holds. It says nothing about how much you lose when the stop is hit.
  • Trusting an old specification. Exchanges change tick sizes and contract terms. Check the contract you trade on the exchange's page.

What the calculator does not know

It does not know your margin. Margin is set by your broker, is not included here, and changes with the market, so check it on your platform before you place the order. It does not know commissions, exchange and clearing fees or slippage, so the real loss at a stop is larger than the figure shown. The margin calculator covers the deposit side.

It also does not know which contract month you trade, the roll between months, or a trading halt that stops a market from reaching your stop. The table covers twenty common contracts. For any other, find its tick value on the exchange's page and enter it as the multiplier in the position size calculator. Nothing here is investment advice, and futures can lose more than the money you set aside for a trade.

Frequently asked questions

What is a tick in futures?

A tick is the smallest price move a futures contract can make, set by the exchange. On the E-mini S&P 500 it is 0.25 index points, on crude oil it is one cent a barrel, and on the 30-year Treasury bond it is 1/32 of a point. Each tick is worth a fixed amount of money per contract.

How do I calculate tick value?

Multiply the contract unit by the tick size. The E-mini S&P 500 is $50 per index point and ticks in 0.25 points, so one tick is $50 × 0.25 = $12.50. Crude oil is 1,000 barrels and ticks in $0.01, so one tick is $10.

What is the tick value of ES?

One tick of the E-mini S&P 500 (ES) is $12.50, and one point is $50. The Micro E-mini S&P 500 (MES) has the same 0.25-point tick worth $1.25, and one point is $5.

What is the difference between a tick and a point?

A tick is the smallest allowed price step and a point is a bigger unit made of several ticks. On ES one point is four ticks ($50), on the E-mini Dow it is one tick ($5), and on crude oil one dollar a barrel is 100 ticks ($1,000). The calculator accepts either unit for the stop and target.

How do I calculate risk on a futures trade?

Multiply the stop distance in ticks by the tick value and by the number of contracts. A 40-tick stop on 2 ES contracts risks 40 × $12.50 × 2 = $1,000. Add commissions and allow for slippage, because a stop can fill beyond its level.

What is the tick value of NQ and MNQ?

One tick of the E-mini Nasdaq-100 (NQ) is $5.00, and one point is $20. The Micro E-mini Nasdaq-100 (MNQ) ticks at $0.50, and one point is $2. Both move in 0.25-point steps.

How many contracts should I trade?

Trade the number your risk budget allows at your stop, rounded down. Divide the money you accept to lose by the loss per contract at your stop. With $1,000 of risk and $500 per contract the answer is 2. Micro contracts let you land closer to the budget because each contract is a tenth of the size.

Do micro futures have the same tick size as E-minis?

For the stock index contracts, yes: the Micro E-mini S&P 500, Nasdaq-100 and Russell 2000 tick in the same steps as their E-mini versions, but each tick is worth a tenth as much. Micro crude oil and micro gold also tick at the same size as the full contract, at a tenth of the value.

What is the tick value of crude oil (CL)?

One tick of WTI crude oil (CL) is $10, from a $0.01 move on 1,000 barrels. A one-dollar move is 100 ticks and $1,000 per contract. Micro WTI crude oil (MCL) is 100 barrels, so a tick is $1.

Why is the 10-year Treasury note tick $15.625?

The 10-year note (ZN) is a $100,000 contract quoted in points, where one full point is $1,000. It moves in half of a 32nd of a point, which is 1/64 of a point, and $1,000 ÷ 64 is $15.625.

Does the tick value include commissions and margin?

No. The tick value is the price move only. Commissions and fees come on top of every trade, and margin is a separate deposit that your broker sets. Neither is in the risk shown here.