Nasdaq-100 Futures Contract Specifications (NQ)
The E-mini Nasdaq-100 is $20 times the index. One tick is a quarter of an index point, worth $5 per contract. It is the highest-beta of the major index futures and the most active outside US cash hours.
Specifications
| Contract unit | $20 x Index Value |
| Exchange | CME |
| Symbol | NQ |
| Tick size | 0.25 |
| Tick value | $5 |
| Point value | $20.00 |
| Delivery months | H,M,U,Z |
Margin is set by the exchange and revised with volatility. Check your broker for the live figure.
The contract family
| Contract | Symbol | Unit | Tick value | Point value |
|---|---|---|---|---|
| E-mini Nasdaq-100 | NQ | $20 × index | $5.00 | $20.00 |
| Micro E-mini Nasdaq | MNQ | $2 × index | $0.50 | $2.00 |
| E-nano Nasdaq | NNQ | $0.20 × index | $0.10 | $0.20 |
The progression is clean here: NQ is 10× MNQ which is 10× NNQ, in both unit and tick value. That is not guaranteed across the exchange — see gold, where the E-mini has a larger tick value than the full contract.
NQ versus ES
| ES (S&P 500) | NQ (Nasdaq-100) | |
|---|---|---|
| Point value | $50 | $20 |
| Tick value | $12.50 | $5.00 |
| Typical daily range | Smaller % | Larger % |
| Composition | 500 companies, broad | 100 largest non-financial Nasdaq names |
| Behaviour | Diversified, lower beta | Tech-concentrated, higher beta |
A trader who sizes NQ the way they size ES will be surprised: the tick value is smaller but the index moves further, so the dollar risk per point of stop is similar while the stop distance in points is larger.
What moves the Nasdaq-100
- Mega-cap tech earnings — a handful of names carry a large share of the index, so single earnings reports move it
- Interest rates — long-duration equities are more sensitive to discount rates than value stocks
- Semiconductor cycle — the index is heavily weighted to chips
- Risk appetite — NQ tends to outperform in risk-on and underperform harder in risk-off
Trading hours
NQ trades on Globex from Sunday 18:00 to Friday 17:00 US Eastern, with a daily break. Unlike ES, NQ liquidity outside US cash hours is meaningful — it is one of the few contracts genuinely traded overnight.
More stock index contracts
- Mini-DAX (FDXM) — €5 x Index Value, €5 per tick
- VSTOXX (FVS) — €100 x Index Value, €5 per tick
- STOXX Europe 600 (FXXP) — €50 x Index Value, €5 per tick
- E-mini Russell 2000 (RTY) — $50 x Index Value, $5 per tick
- Mini CBOE Volatility Index (Mini VIX) (VXM) — $100 x Index Value, $5 per tick
- FTSE 100 Index (Z) — £10 x Index Value, £5 per tick
Full list: all 135 contract specifications.
Frequently asked
How much is one point in NQ?
$20 per contract. On MNQ it is $2, on NNQ $0.20.
How much is one tick?
$5.00 on NQ (0.25 index points × $20), $0.50 on MNQ.
Is NQ or ES more dangerous?
NQ has a larger daily percentage range, so a given point-based stop is more likely to be hit. Size by volatility, not by tick value.