What Is Tick Value in Futures? (And Why It Is Not Point Value)
Tick value is the cash amount one minimum price move is worth on a single contract. It is the number that turns a price chart into money — and the number most new futures traders never check before they size a position.
The definition
Tick value = tick size × contract unit.
Tick size is the smallest price increment the exchange allows. Contract unit is how much of the underlying one contract represents. Multiply them and you have the dollars per tick, per contract, excluding fees.
Worked through on three contracts
| Contract | Tick size | Contract unit | Tick value |
|---|---|---|---|
| E-mini S&P 500 (ES) | 0.25 index points | $50 × index | $12.50 |
| Crude Oil (CL) | $0.01 per barrel | 1,000 barrels | $10.00 |
| Gold (GC) | $0.10 per ounce | 100 ounces | $10.00 |
The arithmetic is trivial. The consequence is not: a 10-point move on ES is 40 ticks, which is $500 per contract, not $50. Traders who have only traded shares read "a 10 point move" and budget as though a point were a dollar.
Tick value vs point value
These are two different numbers and confusing them is the single most common sizing error.
| Tick value | Point value | |
|---|---|---|
| What it prices | One minimum price increment | One full unit of quoted price |
| ES | $12.50 (per 0.25) | $50.00 (per 1.00) |
| CL | $10.00 (per $0.01) | $1,000 (per $1.00) |
| GC | $10.00 (per $0.10) | $100 (per $1.00) |
Point value is always tick value divided by tick size. If you know one, you know the other.
Why it matters more than the chart
Risk per trade is decided by three things: your stop distance in ticks, the tick value, and the number of contracts.
Risk = stop in ticks × tick value × contracts
Suppose your account is $25,000 and you risk 2% per trade — $500. Your stop sits 8 ticks away on ES:
| Contracts | Risk | Share of account | Verdict |
|---|---|---|---|
| 1 | $100 | 0.4% | Under-risked |
| 4 | $400 | 1.6% | On plan |
| 5 | $500 | 2.0% | At the limit |
| 10 | $1,000 | 4.0% | Double your stated risk |
Same trade, same chart, same stop — the contract count is the entire difference between a controlled loss and an account-damaging one. Margin will usually let you hold the ten. Margin is not a risk limit; it is a solvency floor.
The three places the formula breaks
1. Fractional quoting — treasuries
ZB, ZN, ZF and ZT do not quote in decimals. They quote in 1/32 and 1/64 of a point. A ZB price of 110-16 means 110 + 16/32 = 110.50 in decimal, but one tick is 1/32 and worth $31.25. A spreadsheet that treats the price as a plain decimal will misprice every trade by a factor of 32.
2. Contracts that settle in another currency
Eurex, SGX, HKFE and JPX contracts tick in EUR, GBP, JPY or HKD. The formula still works, but the output is not dollars. DAX (FDAX) moves €25 per point; the Hang Seng (HSI) moves HK$50 per point.
3. Basis-point instruments
The micro yield contracts (2YY, 5YY, 10YY, 30YY) tick in tenths of a basis point and carry a $10 DV01, so their tick value is $1.00. They are not price-based P/L instruments and should not be compared to a commodity future.
Tick value by contract — quick answers
| You are trading | One tick is worth | One full point is worth |
|---|---|---|
| MES (Micro S&P) | $1.25 | $5.00 |
| ES (E-mini S&P) | $12.50 | $50.00 |
| MNQ (Micro Nasdaq) | $0.50 | $2.00 |
| NQ (E-mini Nasdaq) | $5.00 | $20.00 |
| MCL (Micro WTI) | $1.00 | $100 |
| CL (WTI) | $10.00 | $1,000 |
| MGC (Micro Gold) | $1.00 | $10.00 |
| GC (Gold) | $10.00 | $100 |
| ZB (30-yr Bond) | $31.25 | $1,000 |
For all 135 contracts, including exchange, delivery months and contract unit, see the contract specifications table. To convert a specific trade into dollars, use the tick value and P/L calculator.
Frequently asked
Is tick value the same as tick size?
No. Tick size is a price increment (0.25 index points). Tick value is that increment expressed in money ($12.50). The same tick size produces different tick values on different contracts, because contract units differ.
Do micros always have one tenth the tick value of the full contract?
Usually, but not by rule. MES is $1.25 against ES at $12.50 — exactly a tenth. MNQ is $0.50 against NQ at $5.00 — also a tenth. But the E-nano range is a hundredth, and some mini contracts do not map cleanly. Check the table rather than dividing by ten.
Does tick value include commissions?
No. Tick value is the gross value of a price move. Commission and exchange fees are charged per contract per side, typically $0.50 to $2.50 round turn depending on the broker, and they materially change the economics of a one-tick scalp.
Why does my broker show a different tick value?
They should not for standard contracts. If they do, check whether you are looking at a spread, a continuous contract, or a fractional-priced instrument where the platform has converted the display.
The short version
Tick value is tick size multiplied by contract unit. Learn it for the contract you trade, multiply by your stop in ticks, and you know your risk before you click. Everything else — margin, leverage, position size — is downstream of that one number.
Most-looked-up contracts
- E-mini S&P 500 (ES)
- E-mini Nasdaq-100 (NQ)
- Crude Oil (CL)
- Gold (GC)
- Euro FX (6E)
- Corn (ZC)
- Silver (SI)
- Natural Gas (NG)
- Copper (HG)
Complete list of all 135: futures contract specifications.