Ticks, Points, and Dollar Value

Futures contracts don’t move in pennies or percentages — they move in ticks. Every tick has a fixed dollar value, and that value is different for each contract.

What Is a Tick?

A tick is the smallest possible price movement for a futures contract.

Example: ES can only move in increments of 0.25. That 0.25 is one tick.

What Is a Point?

A point is simply a larger unit — usually multiple ticks.

• ES: 1 point = 4 ticks
• MES: 1 point = 4 ticks
• NQ: 1 point = 4 ticks
• MNQ: 1 point = 4 ticks

So when ES moves from 5000.00 to 5001.00, that’s 4 ticks, or 1 point.

Dollar Value Per Tick

Each contract has a fixed dollar value per tick. This is what determines how much money you make or lose on every price movement.

• ES: $12.50 per tick
• MES: $1.25 per tick
• NQ: $5.00 per tick
• MNQ: $0.50 per tick

Dollar Value Per Point

Multiply ticks × tick value:

• ES: 4 ticks × $12.50 = $50 per point
• MES: 4 ticks × $1.25 = $5 per point
• NQ: 4 ticks × $5.00 = $20 per point
• MNQ: 4 ticks × $0.50 = $2 per point

Why This Matters

Tick value tells you exactly how much you’re risking per trade. A 10-tick move against you:

• ES = $125
• MES = $12.50
• NQ = $50
• MNQ = $5

This is why MES and MNQ exist — they let smaller accounts survive normal volatility.