Every futures price change translates into dollars through a fixed multiplier. Once you know four numbers – tick size, tick value, point value and the number of contracts – you can calculate the profit or loss of any trade in your head.
The four terms
- Tick size – the smallest price step the contract can move. ES moves in 0.25 index points, crude oil in $0.01 per barrel.
- Tick value – what one tick is worth per contract, in dollars.
- Point value (multiplier) – what a move of one full price unit is worth. For ES that is one index point = $50.
- Contract size – the underlying amount: $50 × the S&P 500, 1,000 barrels of oil, 100 ounces of gold.
tick value = tick size × point value
Tick values of popular contracts
| Contract | Tick size | Tick value | Point value |
|---|---|---|---|
| ES E-mini S&P 500 | 0.25 index points | $12.50 | $50.00 per index point |
| MES Micro E-mini S&P 500 | 0.25 index points | $1.25 | $5.00 per index point |
| NQ E-mini Nasdaq-100 | 0.25 index points | $5.00 | $20.00 per index point |
| CL Crude Oil (WTI) | $0.01 per barrel | $10.00 | $1,000.00 per $1.00 per barrel |
| GC Gold | $0.10 per troy ounce | $10.00 | $100.00 per $1.00 per troy ounce |
| ZC Corn | 1/4 cent per bushel | $12.50 | $50.00 per 1 cent per bushel |
| 6E Euro FX | 0.00005 USD per EUR | $6.25 | $12.50 per pip (0.0001) |
| ZN 10-Year T-Note | 1/2 of 1/32 of a point ($15.625) | $15.625 | $1,000.00 per full point (32/32) |
Worked examples
E-mini S&P 500 (ES)
You buy 2 ES at 6,650.00 and sell at 6,662.50. The move is 12.50 points = 50 ticks. 50 × $12.50 × 2 contracts = $1,250. The same trade in the Micro (MES) earns $125.
WTI crude oil (CL)
You sell 1 CL at $74.20 and buy back at $73.35. The move is $0.85 = 85 ticks in your favor. 85 × $10.00 = $850.
10-Year T-Note (ZN) in 32nds
Treasury futures are quoted in points and 32nds of a point. 110'16.5 means 110 + 16.5/32. You buy at 110'16.5 and sell at 111'00: the gain is 15.5/32 of a point. One ZN tick is half of 1/32, so that is 31 ticks: 31 × $15.625 = $484.38.
Nikkei 225 Yen (NIY)
Some contracts settle in another currency. On the Nikkei 225 Yen future, one index point is worth ¥500 – profits and losses are in Japanese yen, not dollars.
Why it matters
The tick value decides how far your stop can be from your entry for a given dollar risk. If you want to risk $500 on an ES trade, you can place the stop 40 ticks (10 points) away with one contract – or 400 ticks (100 points) away with one MES. That is also why the Micro contracts are so popular for position sizing.
Every contract page on FuturesSpecs has a profit & loss calculator that applies these rules, including 32nds for Treasury futures.
Educational content only – not investment advice. Futures trading involves substantial risk of loss.