Lesson 4 of 6 · 2 min
ES vs NQ
Why the DOM on ES, NQ and the micros behaves so differently.
The same skill reads differently on different contracts.
ES
ES usually has a thick book — large resting size at each tick and a lot of passive liquidity. Price often moves one tick at a time, and changes in displayed size are easier to follow.
NQ
NQ trades at a much higher index level with fewer contracts resting per tick. The book is thinner and price can move several ticks quickly. DOM reading is harder and faster.
Micros (MES, MNQ)
The micros track the same index as their E-mini contracts but have their own, smaller books. Much of their price discovery follows the E-minis, so many traders watch the E-mini DOM and trade the micro.
Key Insight
"Big size" is relative. A 300-lot bid is ordinary on ES and notable on NQ. Learn what normal looks like on your instrument before calling anything unusual.
Trading implication
Practise DOM reading on one instrument until you know its normal rhythm.
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