What is a tick in futures?
A tick is the smallest price step a futures contract can move. Each contract has a fixed tick size (how far price moves in one step) and a fixed tick value (how much money one tick is worth per contract). Unlike CFDs, where your broker sets the contract size, these numbers are set by the exchange and are the same at every futures broker.
Knowing the tick value lets you turn any price move into dollars, size your position and set a stop that matches your risk.
Tick value formula
Ticks = (Exit − Entry) ÷ Tick size (reverse the sign for a short)
P&L = Ticks × Tick value × Contracts
Point value = Tick value ÷ Tick size
Tick size and tick value table
The calculator uses these contract values (all in USD):
| Symbol | Contract | Tick size | Tick value | Value per 1.0 point |
|---|---|---|---|---|
| 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 |
| MYM | Micro E-mini Dow | 1 | $0.50 | $0.50 |
| RTY | E-mini Russell 2000 | 0.10 | $5.00 | $50 |
| CL | Crude Oil (WTI) | 0.01 | $10.00 | $1,000 per $1 |
| MCL | Micro WTI Crude Oil | 0.01 | $1.00 | $100 per $1 |
| NG | Henry Hub Natural Gas | 0.001 | $10.00 | $10,000 per $1 |
| GC | Gold | 0.10 | $10.00 | $100 per $1 |
| MGC | Micro Gold | 0.10 | $1.00 | $10 per $1 |
| SI | Silver | 0.005 | $25.00 | $5,000 per $1 |
| BTC | CME Bitcoin | 5 | $25.00 | $5 per $1 |
| MBT | CME Micro Bitcoin | 5 | $0.50 | $0.10 per $1 |
Exchanges occasionally change contract terms and some products have different tick rules for spreads or special sessions. Check the exchange's contract specification before trading.
Worked example: ES
You buy 2 ES contracts at 5,000.00 and sell at 5,012.50.
- Ticks = (5,012.50 − 5,000.00) ÷ 0.25 = 50 ticks
- P&L = 50 × $12.50 × 2 = $1,250 profit
The same move on 2 MES contracts would be 50 × $1.25 × 2 = $125, one tenth of the E-mini result.
Two more quick checks:
- CL short: sell 1 contract at 78.40, cover at 77.95. That is 45 ticks × $10 × 1 = $450 profit.
- MNQ long: buy 3 contracts at 18,000.00, sell at 17,980.00. That is −80 ticks × $0.50 × 3 = −$120 loss.
How to use this calculator
- Choose the contract (for example ES, NQ, CL, GC or BTC).
- Select buy or sell.
- Enter the number of contracts.
- Enter the entry and exit prices, or the number of ticks.
- Read the ticks moved, value per tick and total P&L.
Sizing futures trades with tick value
Start from the dollar amount you are willing to lose, then work back to contracts:
Contracts = Risk in $ ÷ (Stop in ticks × Tick value)
Example: you risk $500 on an NQ trade with a 40-tick stop (10 points). One contract risks 40 × $5 = $200, so 2 contracts ($400) keeps you inside the limit, while 3 ($600) would not. Futures contracts cannot be split, so micro contracts (MES, MNQ, MYM, MCL, MGC, MBT) are the way to fine-tune size on small accounts.
For spot and CFD markets where you set the lot size yourself, the position size calculator works the same idea in pips or points.
Futures vs CFDs
Index CFDs such as US30 or NAS100 usually have a contract size chosen by the broker, often $1 per point per lot. A single NQ future is $20 per point, so one futures contract can carry the same exposure as 20 lots of a $1 CFD. If you compare the two, use the points calculator for the CFD side. Futures also have expiry dates, exchange fees and daily settlement, which CFDs handle differently.
FAQ
What is the tick value of ES?
One ES tick is 0.25 index points and is worth $12.50 per contract, so a full point is $50.
What is the difference between NQ and MNQ?
MNQ is one tenth the size of NQ. Both move in 0.25 ticks, but an NQ tick is worth $5.00 and an MNQ tick $0.50.
How much is a $1 move in crude oil futures?
A $1 move is 100 ticks of 0.01. On CL that is 100 × $10 = $1,000 per contract; on MCL it is $100.
How is CME Bitcoin tick value calculated?
The BTC contract moves in $5 ticks worth $25 each, so every $1 move in Bitcoin is $5 per contract. The micro MBT contract has a $5 tick worth $0.50.
Does the calculator include commissions?
No. It shows gross P&L. Subtract your broker's commission and exchange fees per contract, per side, to get the net figure.
Final note
Tick values are fixed, which makes futures maths simple once you have the table. Check the numbers before each new contract and size the trade from your stop in ticks, not from a hunch.
Trading leveraged products carries a high risk of loss. Results are estimates; check your broker's contract specifications.