Futures Tick Value Cheat Sheet (ES, NQ, CL, GC and More)

Bookmark this table. Values are from CME Group contract specifications, checked November 3, 2026. Below it you'll find the formula, worked examples for each market and the mistakes that trip up new traders.

The formula

Profit or loss = ticks moved × tick value × contracts

Example: 3 MNQ, up 20 points. 20 points ÷ 0.25 = 80 ticks. 80 × $0.50 × 3 = $120.

To convert a price move into ticks, divide the move by the tick size. To convert ticks into dollars, multiply by the tick value. If you already know the point value, you can skip the tick step: points moved × point value × contracts gives the same answer.

Worked examples by market

Equity index futures

ES rises 6 points. 6 ÷ 0.25 = 24 ticks. 24 × $12.50 = $300 per contract. The same move on MES is $30. On the Russell 2000, a 15-point RTY move is 150 ticks × $5.00 = $750. A 200-point Dow move is $1,000 on one YM and $100 on one MYM.

Energy

Crude oil falls from $70.00 to $69.50. That's a $0.50 move, or 50 ticks. On CL it's 50 × $10 = $500 per contract; on MCL it's $50.

Metals

Gold rises $15. That's 150 ticks of $0.10. On GC it's 150 × $10 = $1,500; on MGC it's $150. Silver is far more leveraged per tick: a 20-cent move is 40 ticks × $25 = $1,000 on one SI contract.

Currencies

Euro FX moves from 1.0800 to 1.0850. That's 50 pips, or 100 half-pip ticks. 100 × $6.25 = $625 per 6E contract.

Treasuries

Treasury futures are quoted in points and 32nds of a point. ZN's minimum tick is one-half of 1/32, worth $15.625. A half-point move in ZN is 32 of those ticks, or $500. ZB moves in full 32nds worth $31.25, so a half-point move is 16 ticks, also $500.

Including costs: net profit

The formula gives gross profit. Commissions and fees come off every contract, on both sides of the trade. Here's a one-MES trade that gains 4 points (16 ticks):

• Gross: 16 × $1.25 = $20.00.
• Commission on NinjaTrader's free plan: $0.39 per side, or $0.78 for the round turn.
• Net before exchange and NFA fees: $19.22.

On a 2-tick scalp ($2.50 gross), the same commission is almost a third of the profit, before exchange fees. The smaller your targets, the more fees matter. See the best futures brokers for day trading for rates.

Common mistakes

• Assuming every tick is 0.25. YM ticks are a full point, RTY ticks are 0.10, and crude oil ticks are one cent.
• Mixing up points and ticks. On ES, one point is four ticks. A "10-tick stop" is only 2.5 points.
• Reading Treasury prices as decimals. A ZN price shown as 110'16 means 110 and 16/32, not 110.16.
• Forgetting the micro is one-tenth. MES, MNQ, MYM, M2K, MCL and MGC are all one-tenth the size of their full contracts.

Using tick values for risk

Tick values turn a stop distance into dollars, which is the starting point for position sizing. In a prop firm evaluation, it helps to express the drawdown in ticks. A $2,000 maximum drawdown equals 160 ES ticks, 1,600 MES ticks or 4,000 MNQ ticks. On MES, a 10-point stop costs $50, so you could take 40 full stop-outs before reaching a $2,000 limit; on ES the same stop costs $500 and you'd have room for four. See Position Sizing and Risk per Trade and our guide to prop firm evaluations.

Skip the math with our tick value calculator or the profit and loss calculator, or learn the concepts in Futures Contract Specs Explained.

Frequently asked questions

What is a tick in futures?

A tick is the smallest price increment a contract can move, set by the exchange. Tick value is what one tick is worth in dollars for one contract.

What is the tick value of ES?

ES moves in 0.25-point ticks worth $12.50 each, so one full point is $50.

How much is one point on NQ?

$20 per contract. Each 0.25 tick is $5.00. On MNQ, a point is $2 and a tick is $0.50.

How much is a $1 move in crude oil?

$1,000 per CL contract and $100 per MCL contract, since each one-cent tick is $10 on CL and $1 on MCL.

Where do tick values come from?

The exchange sets them in each contract's specifications. Ours come from CME Group's contract spec pages; see each contract guide for the source.

Do commissions change the tick math?

Yes. Commissions and exchange fees are charged per contract per side, so subtract them from the gross result. On a one-tick scalp in MES, fees can take a large share of the $1.25 gain.