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.