6Z Tick Size and Tick Value Explained
To trade 6Z futures without getting blindsided, you need exact numbers: the tick size, the tick value, and the contract specs. This article lays out the math in plain English and shows you how every price move translates into real dollars.
The Core Contract Specs
The 6Z contract represents 100,000 South African Rand (ZAR). The price you see—like 0.05500—means one Rand is worth 5.5 U.S. cents.
| Spec | Value |
|---|---|
| Contract Size | 100,000 ZAR |
| Price Quote | USD per ZAR |
| Min Tick | 0.0001 USD |
| Exchange | CME |
| Trading Hours | Almost 23 hours a day |
This contract is physically deliverable, but your broker will auto-offset you long before expiration unless you intentionally hold into delivery. Treat it as a cash-settled product unless you’re a commercial hedger.
The Tick Size
6Z moves in ticks of 0.0001. That’s one-ten-thousandth of a U.S. dollar. On such a small quote, that tiny move represents a meaningful money shift when multiplied by the full contract size.
How Tick Value Is Calculated
The formula is stupidly simple:
Tick Value = Contract Size × Tick Size
For 6Z:
- Contract size: 100,000 ZAR
- Tick size: 0.0001 USD
So:
100,000 × 0.0001 = $10 per tick
That’s the real number. Every single tick move in 6Z is worth exactly ten bucks. Doesn’t matter whether you're long or short—one tick equals $10 P/L.
What a Full Pip Means in 6Z
Four ticks equal one pip (0.0010). So one pip = $40.
| Movement | Dollar Value |
|---|---|
| 1 Tick (0.0001) | $10 |
| 4 Ticks (0.0010) | $40 |
| 10 Ticks (0.0010 → 0.0020 jump) | $100 |
Because of this cost-per-move, 6Z feels “heavier” than a lot of traders expect. Thin liquidity plus $10-per-tick swings explains why beginners get slapped around if they size up too early. Next article (Why 6Z Trades Differently From Majors) explains the liquidity issue in detail.
Example: Real P/L Calculation
If you buy at 0.05480 and exit at 0.05520, that’s a move of 0.00040. Divide by 0.0001 and you get 4 ticks. Four ticks × $10 = $40.
If the same exact price movement happened in 6E or 6J, the math would be totally different because their contract structures are nothing like this one. See our FX contract comparison for deeper differences.
The Bottom Line
6Z uses a small-looking decimal quote, but every tick hits your P/L with a $10 punch. Understand the tick math before you trade this thing, because 6Z does not give slow, gentle moves—especially in thin sessions. Now that you know the contract math, the next step is understanding why 6Z moves so violently in the first place.