SI Tick Size, Tick Value, and Full Contract Specs
Before you trade Silver futures (SI), you need to know exactly what every tick is worth. SI is a large, fast-moving metals contract, and the tick size and multipliers determine your real dollar risk. If you're guessing at tick values, you're already trading blind.
The Exact Tick Size on SI
The SI contract moves in increments of 0.005 per ounce. That’s the smallest allowable price movement on COMEX for full-size Silver futures.
The Tick Value: How Much Money a Tick Actually Is
One tick equals $25.00. This comes from the contract multiplier:
- 5,000 ounces per contract
- Tick size = 0.005
0.005 × 5,000 oz = $25 per tick. Five ticks? That’s $125. Ten ticks? $250. It adds up fast, which is why SI can wipe out oversized accounts in minutes.
Full SI Contract Specifications (Straight From CME Rules)
| Specification | Value |
|---|---|
| Exchange | COMEX (CME Group) |
| Contract Size | 5,000 troy ounces |
| Price Quotation | Dollars per ounce |
| Tick Size | 0.005 |
| Tick Value | $25.00 |
| Settlement | Physical |
| Active Months | March, May, July, September, December |
If you need a smaller version of the contract, the micro—ticker SIL—exists, but the real liquidity and institutional flow stay in the full-size SI contract.
Why Tick Structure Matters for Risk
Because SI has a $25 tick, even a routine 40-tick swing is a $1,000 move. That’s not a “big day” in silver—it's normal volatility around macro data. If you don't match your stop size to the ATR, SI will slice you apart. The next article on SI vs GC volatility differences will show why silver’s tick rhythm is faster and sloppier than gold.
Final Takeaway
SI tick size and tick value define your whole risk framework. One tick is $25, and the contract moves in 0.005 increments. Respect the contract size, the multiplier, and the daily volatility, or you’ll learn the hard way how fast SI can erase bad sizing.