What the futures tick value calculator does
Every futures contract moves in fixed steps called ticks, and every tick is worth a fixed amount of money per contract. The E-mini S&P 500 moves in quarter points worth $12.50; crude oil moves in cents worth $10. The calculator turns any move — in ticks, in points or between two prices — into dollars for the number of contracts you trade, so you can price a stop or a target before you send the order.
How to use it
- Pick a contract. The tick size and tick value fill in from typical CME Group specifications; edit them if your broker's sheet says otherwise, or choose Custom contract for anything not listed.
- Enter the number of contracts.
- Choose how you describe the move: in ticks, in points, or with an entry price, an exit price and the direction.
- Read the profit or loss, the value of one tick and of one full point per contract, and the move expressed both ways.
A negative move in ticks or points is a loss. Treasury futures are quoted in 32nds, so type their prices as decimals: 116'16 (116 and 16/32) is 116.5.
The formula
point value = tick value ÷ tick size
ticks = price move ÷ tick size
P&L = ticks × tick value × contracts
price move = exit − entry (long) or entry − exit (short)
A point is a move of 1.0 in the quoted price: one index point on ES, one dollar per barrel on CL, one dollar per ounce on GC, 1.0000 on the euro contract.
Worked example
E-mini S&P 500 (ES): long one contract at 6,750.00, exit at 6,762.50. The move is 12.50 points, or 50 ticks of 0.25. P&L = 50 × $12.50 = +$625. One point is worth $50.
Micro E-mini Nasdaq-100 (MNQ): a 40-point stop on three contracts is 160 ticks × $0.50 = $80 per contract, $240 in total. The same stop on one full-size NQ would cost $800.
Crude oil (CL): short two contracts from 60.50 to 60.20. The price fell 0.30 — 30 ticks of $0.01 in your favour: 30 × $10 × 2 = +$600.
30-Year T-Bond (ZB): a move from 116'00 to 116'16 is half a point, or 16 ticks of 1/32: 16 × $31.25 = $500 per contract.
Contract specs at a glance
| Contract | Tick size | Tick value | Point value |
|---|---|---|---|
| ES · E-mini S&P 500 | 0.25 | $12.50 | $50 |
| MES · Micro E-mini S&P 500 | 0.25 | $1.25 | $5 |
| NQ · E-mini Nasdaq-100 | 0.25 | $5.00 | $20 |
| MNQ · Micro E-mini Nasdaq-100 | 0.25 | $0.50 | $2 |
| YM · E-mini Dow | 1 | $5.00 | $5 |
| RTY · E-mini Russell 2000 | 0.10 | $5.00 | $50 |
| CL · Crude Oil WTI | 0.01 | $10.00 | $1,000 |
| MCL · Micro WTI | 0.01 | $1.00 | $100 |
| GC · Gold | 0.10 | $10.00 | $100 |
| MGC · Micro Gold | 0.10 | $1.00 | $10 |
| SI · Silver | 0.005 | $25.00 | $5,000 |
| 6E · Euro FX | 0.00005 | $6.25 | $125,000 |
| ZN · 10-Year T-Note | 1/64 | $15.625 | $1,000 |
| ZB · 30-Year T-Bond | 1/32 | $31.25 | $1,000 |
These are the standard outright specifications. Exchanges occasionally change tick sizes, and calendar spreads often trade in smaller increments, so verify the figures on the exchange's or your broker's contract page before you rely on them.
Micro contracts
Micros are one tenth of the full-size contract — MES and ES, MNQ and NQ, MCL and CL, MGC and GC — with the same tick size, so every tick is worth a tenth as much. They let a small account trade the same market with a stop that fits its risk budget: a 20-point stop costs $1,000 per contract on ES and $100 on MES.
Common mistakes
- Confusing ticks and points. ES has four ticks per point; CL has a hundred. A 10-tick stop and a 10-point stop are very different trades.
- Ignoring round-turn costs. Commissions and exchange fees are charged per contract on entry and exit. The result here is gross; see where a trade nets zero with the break-even calculator.
- Reading bond prices as decimals. 116'16 means 116 and 16/32, not 116.16.
- Sizing from the account instead of the stop. Decide your dollar risk first, then divide it by the stop's dollar value per contract — the position size calculator explains the logic.
- Treating margin as risk. Exchange margin is what the broker holds, not what you can lose. A futures position can lose more than its margin.