Futures Tick Size and Tick Value Explained

Futures tick size is the smallest price step a contract can move, and tick value is what that step is worth in dollars: tick size multiplied by the contract multiplier. Profit or loss on a futures trade is then plain arithmetic: ticks moved, times tick value, times the number of contracts. The figures below are CME Group's published contract specifications for ten heavily traded contracts, checked in September 2026.

What is futures tick size?

Every futures contract has a minimum price fluctuation set by the exchange, usually called the tick. A price can only sit on a tick: the E-mini S&P 500 (ES) moves in 0.25 index points, so 5,000.00 and 5,000.25 are valid prices and 5,000.10 is not. Crude oil (CL) moves in one cent per barrel and gold (GC) in ten cents per troy ounce. The tick is a rule of the order book rather than a description of how prices behave; a contract can jump ten ticks in a single trade.

The tick also sets the narrowest possible bid-ask spread: bid 5,000.00, offered 5,000.25 is "one tick wide", the tightest ES can be. Stocks work the same way with a one-cent tick (and a half-penny tick for some names); futures simply use larger and less uniform steps.

What is tick value?

Tick value is the dollar amount one tick is worth on one contract: the tick size multiplied by the contract multiplier, the number of units (index points, barrels, ounces or dollars of face value) each contract controls.

For ES the multiplier is $50 per index point, so one 0.25-point tick is worth $50 × 0.25 = $12.50. For crude oil the contract is 1,000 barrels, so a one-cent tick is worth 1,000 × $0.01 = $10.00. For gold the contract is 100 troy ounces, so a ten-cent tick is worth 100 × $0.10 = $10.00. A related shortcut is the point value, what a full one-unit move in the quoted price is worth: $50 on ES, $20 on NQ, $1,000 on CL and $100 on GC.

Futures tick size and tick value: ES, NQ, CL, GC, ZN, ZB

Each line gives the contract unit, the outright tick and the tick value, as published on CME Group's contract specification pages in September 2026.

• ES (E-mini S&P 500): $50 × the S&P 500 index. Tick 0.25 index points. Tick value $12.50.
• MES (Micro E-mini S&P 500): $5 × the index. Tick 0.25 index points. Tick value $1.25.
• NQ (E-mini Nasdaq-100): $20 × the Nasdaq-100 index. Tick 0.25 index points. Tick value $5.00.
• MNQ (Micro E-mini Nasdaq-100): $2 × the index. Tick 0.25 index points. Tick value $0.50.
• CL (WTI Crude Oil): 1,000 barrels. Tick $0.01 per barrel. Tick value $10.00.
• MCL (Micro WTI Crude Oil): 100 barrels. Tick $0.01 per barrel. Tick value $1.00.
• GC (Gold): 100 troy ounces. Tick $0.10 per troy ounce. Tick value $10.00.
• MGC (Micro Gold): 10 troy ounces. Tick $0.10 per troy ounce. Tick value $1.00.
• ZN (10-Year T-Note): $100,000 face value. Tick one-half of 1/32 of a point, which is 1/64. Tick value $15.625.
• ZB (30-Year T-Bond): $100,000 face value. Tick 1/32 of a point. Tick value $31.25.

The same ten specifications as a stored panel, so every figure in this post traces back to one result:

SELECT
    ticker,
    contract_unit,
    tick_size,
    tick_value_usd
FROM
(
    SELECT 1 AS id, 'ES' AS ticker, 'USD 50 x S&P 500 index' AS contract_unit, '0.25 index points' AS tick_size, 12.50 AS tick_value_usd
    UNION ALL SELECT 2, 'MES', 'USD 5 x S&P 500 index', '0.25 index points', 1.25
    UNION ALL SELECT 3, 'NQ', 'USD 20 x Nasdaq-100 index', '0.25 index points', 5.00
    UNION ALL SELECT 4, 'MNQ', 'USD 2 x Nasdaq-100 index', '0.25 index points', 0.50
    UNION ALL SELECT 5, 'CL', '1,000 barrels', 'USD 0.01 per barrel', 10.00
    UNION ALL SELECT 6, 'MCL', '100 barrels', 'USD 0.01 per barrel', 1.00
    UNION ALL SELECT 7, 'GC', '100 troy ounces', 'USD 0.10 per troy ounce', 10.00
    UNION ALL SELECT 8, 'MGC', '10 troy ounces', 'USD 0.10 per troy ounce', 1.00
    UNION ALL SELECT 9, 'ZN', 'USD 100,000 face value', '1/2 of 1/32 point (1/64)', 15.625
    UNION ALL SELECT 10, 'ZB', 'USD 100,000 face value', '1/32 point', 31.25
) AS specs
ORDER BY id

The micro contracts keep the parent's tick size at one-tenth the multiplier, which puts the tick value at one-tenth as well. The equity index contracts share a 0.25-point tick even though the Nasdaq-100 sits at a far higher index level than the S&P 500, so one tick on NQ is a smaller percentage of price than one tick on ES. The month codes that turn "ES" into a specific contract are covered in how to read a futures symbol.

How do you calculate futures P&L from ticks?

Profit or loss = ticks moved × tick value × number of contracts

Worked examples, all hypothetical:

• ES rises 4.50 index points. That is 4.50 ÷ 0.25 = 18 ticks. One contract: 18 × $12.50 = $225. Three contracts: $675. The same move on MES: 18 × $1.25 = $22.50 per contract.
• CL falls 85 cents per barrel. That is 85 ticks. A long position in one contract loses 85 × $10.00 = $850; the same position in MCL loses $85.
• ZN moves from 110-16 to 110-24, a rise of 8/32. Each 1/32 is two ZN ticks, so the move is 16 ticks × $15.625 = $250 per contract.
• ZB moves from 118-00 to 117-20, a fall of 12/32. Each 1/32 is one ZB tick, so a long position loses 12 × $31.25 = $375 per contract.

The panel below runs the same multiplication on each example; a negative result is a loss on a long position.

SELECT
    example,
    ticks_moved,
    tick_value_usd,
    contracts,
    ticks_moved * tick_value_usd * contracts AS pnl_usd
FROM
(
    SELECT 1 AS id, 'ES up 4.50 points, 1 contract' AS example, 18 AS ticks_moved, 12.50 AS tick_value_usd, 1 AS contracts
    UNION ALL SELECT 2, 'ES up 4.50 points, 3 contracts', 18, 12.50, 3
    UNION ALL SELECT 3, 'MES up 4.50 points, 1 contract', 18, 1.25, 1
    UNION ALL SELECT 4, 'CL down 0.85 per barrel, long 1 contract', -85, 10.00, 1
    UNION ALL SELECT 5, 'MCL down 0.85 per barrel, long 1 contract', -85, 1.00, 1
    UNION ALL SELECT 6, 'ZN up 8/32 (110-16 to 110-24), 1 contract', 16, 15.625, 1
    UNION ALL SELECT 7, 'ZB down 12/32 (118-00 to 117-20), long 1 contract', -12, 31.25, 1
) AS examples
ORDER BY id

The same arithmetic runs backwards for risk: a 10-tick stop on ES is $125 per contract, on MES $12.50. Tick value is also the bridge to how futures margin works: margin is the deposit, and tick value is how fast that deposit changes.

Why is the Treasury price not the tick? ZN in 64ths, ZB in 32nds

Treasury futures are quoted as a percentage of the $100,000 face value, in points and thirty-seconds. A quote of 110-16 means 110 and 16/32 points, or 110.50% of face, so the contract is priced at $110,500. One full point is $1,000 and one 32nd is $31.25.

For ZB, the 30-year bond, that 32nd is also the tick, so the display and the minimum move line up: 110-16, 110-17, 110-18, 110-19.

For ZN, the 10-year note, the tick is half a 32nd, or 1/64 of a point, worth $15.625. Platforms still display the price in 32nds and append a digit for the half: 110-165 (or 110'16.5 on some screens) means 110 and 16.5/32. The printed increment is a 32nd; the tradable increment is a 64th. Counting the 32nds and multiplying by $31.25 gives the right dollar move but half as many ticks as the exchange counts. Convert everything to 32nds first, then remember that ZN has two ticks per 32nd and ZB has one.

Why are calendar-spread ticks finer than outright ticks?

A calendar spread is a single order that buys one contract month and sells another of the same product, priced as the difference between the two. It is how most positions move from an expiring contract into the next one. CME lists a separate, smaller tick for these spreads on the equity index and Treasury contracts, as of September 2026:

• ES and MES: 0.05 index points per spread tick ($2.50 on ES, $0.25 on MES), against 0.25 for the outright.
• NQ and MNQ: 0.05 index points ($1.00 on NQ, $0.10 on MNQ), against 0.25 for the outright.
• ZN and ZB: one-quarter of 1/32, $7.8125 per spread tick, against 1/64 on ZN and 1/32 on ZB. A Treasury spread quote can end in 0, 2, 5 or 7 for the quarter positions; that trailing digit is a fraction of a 32nd, never a decimal of a point.
• CL, MCL, GC and MGC: the exchange lists a single increment, so spreads trade in the same $0.01 per barrel or $0.10 per ounce as the outright.

Side by side in dollars per contract; the last column is how many spread ticks fit inside one outright tick.

SELECT
    ticker,
    outright_tick_usd,
    spread_tick_usd,
    round(outright_tick_usd / spread_tick_usd, 2) AS outright_to_spread_ratio
FROM
(
    SELECT 1 AS id, 'ES' AS ticker, 12.50 AS outright_tick_usd, 2.50 AS spread_tick_usd
    UNION ALL SELECT 2, 'MES', 1.25, 0.25
    UNION ALL SELECT 3, 'NQ', 5.00, 1.00
    UNION ALL SELECT 4, 'MNQ', 0.50, 0.10
    UNION ALL SELECT 5, 'CL', 10.00, 10.00
    UNION ALL SELECT 6, 'MCL', 1.00, 1.00
    UNION ALL SELECT 7, 'GC', 10.00, 10.00
    UNION ALL SELECT 8, 'MGC', 1.00, 1.00
    UNION ALL SELECT 9, 'ZN', 15.625, 7.8125
    UNION ALL SELECT 10, 'ZB', 31.25, 7.8125
) AS spreads
ORDER BY id

The spread's price is a small number next to the outright and moves in small amounts, so a 0.25-point step would be a large fraction of the whole quote; a finer tick lets the spread trade close to fair value instead of rounding to the nearest quarter point. Even block trades, negotiated away from the order book, are reported at prices on the tick grid.

What changes at a contract's roll?

The roll is the period, usually the week or two before expiry, when open interest migrates from the front month to the next. Tick size and tick value do not change: every listed month of ES ticks in 0.25 points at $12.50, and every month of ZN ticks in 64ths at $15.625. Four things do change.

• The symbol. The month letter and year digit advance, so the front contract is a different instrument on the screen with identical specs.
• The price level. The next month trades above or below the expiring one, so a continuous chart shows a jump on roll day that no one traded through.
• The spread cost. Rolling means paying the calendar spread's bid-ask on the finer spread tick. If each market is one tick wide, that is $2.50 per ES contract through the spread against $25.00 for two separate outright crossings.
• The deliverable, on Treasuries. Each ZN and ZB month has its own basket of deliverable bonds, so the price response to a move in yields can differ between months. The tick stays $15.625 or $31.25.

FAQ

What is the tick value of ES futures?

One tick on the E-mini S&P 500 is 0.25 index points and is worth $12.50 per contract ($50 multiplier × 0.25). A full index point is four ticks, or $50.

How do I calculate futures profit and loss per tick?

Multiply the ticks moved by the tick value, then by the number of contracts. An 18-tick move on one ES contract is 18 × $12.50 = $225; on three MES contracts it is 18 × $1.25 × 3 = $67.50.

Why is the 10-year Treasury futures tick $15.625?

ZN is quoted in 32nds of a point on $100,000 face, so a 32nd is $31.25, and the exchange sets the minimum move at half a 32nd. The 30-year bond (ZB) ticks in a full 32nd, $31.25.

Are calendar spread ticks the same as outright ticks?

Not on equity index and Treasury contracts. ES and NQ calendar spreads tick in 0.05 index points instead of 0.25, and ZN and ZB spreads tick in a quarter of a 32nd ($7.8125). Crude oil and gold spreads use the same increment as the outright.

Does tick size change when a futures contract rolls?

No. Tick size and tick value are fixed per product across every listed month. What changes at the roll is the front-month symbol, the price level, the deliverable basket on Treasuries, and the spread paid to move the position.

Every figure above is a published exchange specification, dated September 2026, and the CME contract page for a product is the final word. To turn a tick count into dollars on a live quote, ask the Strasmore terminal in plain English.