Lesson 5 of 14 · 2 min
ES and NQ contract specs
Tick size, tick value, minis vs micros, and margin, in one table you can keep open.
Before you place a trade, know exactly what one move costs. These are the four contracts most index traders use.
| ES | MES | NQ | MNQ | |
|---|---|---|---|---|
| Tracks | S&P 500 | S&P 500 | Nasdaq-100 | Nasdaq-100 |
| Size | E-mini | Micro (1/10) | E-mini | Micro (1/10) |
| Value of 1 point | $50 | $5 | $20 | $2 |
| Tick size | 0.25 | 0.25 | 0.25 | 0.25 |
| Value of 1 tick | $12.50 | $1.25 | $5.00 | $0.50 |
| Margin | Set by CME and your broker | About 1/10 of ES | Set by CME and your broker | About 1/10 of NQ |
Ticks and points
A tick is the smallest price step: 0.25 for all four. Four ticks make one point. So if ES goes from 6,000.00 to 6,001.00, that's 1 point, or 4 ticks, or $50 per ES contract.
Minis vs micros
Micros are exactly one-tenth of the minis. Same chart, same levels, a tenth of the money per point. A 10-point stop costs $500 on ES but $50 on MES. Start with micros.
Margin
Margin is the deposit your broker asks for to hold one contract. It's set by the exchange and your broker, it changes when markets get volatile, and many brokers offer lower "day-trading" margin. Check your broker's current numbers. They change, so don't memorise them.
Margin is not your risk
Margin decides how many contracts you can hold. Your stop and your risk rule decide how many you should. Those are rarely the same number.
Going deeper: ES, NQ & the micros in Trading Basics works through real stop sizes.
Quick recap
- One tick is 0.25. ES = $12.50 a tick, NQ = $5.00 a tick.
- Micros are one-tenth of the minis.
- Margin is a deposit, not a risk limit.
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