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Symbols, ticks and point values
Work out what 1 tick is worth on NQ, ES, MNQ and MES.
Futures symbols look like a secret code. They follow 1 simple pattern, and once you know it you can read any of them. Then we will turn price moves into dollars, which is the most useful skill in this whole module.
Reading a symbol
Every futures symbol is built from 3 parts: the market, the month and the year.
NQZ26 = NQ (Nasdaq 100) + Z (December) + 26 (2026). Some platforms shorten the year to 1 digit and show NQZ6. It is the same contract.
There are 12 month codes, 1 for each month. Stock index futures like NQ and ES only use 4 of them, 1 per quarter:
- H = March
- M = June
- U = September
- Z = December
Most traders trade the nearest contract, called the front month, because that is where the volume is. When it gets close to expiry, the volume moves to the next one. This is called the roll. Your platform will usually show you which contract is most active.
What a tick is
A tick is the smallest amount a futures price can move. On NQ and ES, the price moves in steps of 0.25. So NQ can go from 20,000.00 to 20,000.25, and never to 20,000.10.
A point is a full 1.00 move in price. On NQ and ES, 1 point is 4 ticks, the same way a dollar is 4 quarters.
Tick value turns ticks into dollars
Each contract has a fixed dollar value per tick. This is the number that tells you what a move is worth to your account.
- NQ: 1 tick = $5, so 1 point = $20
- ES: 1 tick = $12.50, so 1 point = $50
- MNQ: 1 tick = $0.50, so 1 point = $2
- MES: 1 tick = $1.25, so 1 point = $5
Worked example: You buy 1 NQ and it rises 10 points. That is 40 ticks. 40 ticks × $5 = $200. The same 10-point move on 1 MNQ is 40 × $0.50 = $20.
The formula works for any contract: profit or loss = ticks moved × tick value × number of contracts.
Contract specs
Here are the contracts you will see most often. Keep this table handy. It is also on the Flight School cheat sheet.
| Market | Symbol | Tick size | Tick value | 1 point |
|---|---|---|---|---|
| Nasdaq 100 | NQ | 0.25 | $5.00 | $20 |
| Micro Nasdaq 100 | MNQ | 0.25 | $0.50 | $2 |
| S&P 500 | ES | 0.25 | $12.50 | $50 |
| Micro S&P 500 | MES | 0.25 | $1.25 | $5 |
| Dow | YM | 1 | $5.00 | $5 |
| Micro Dow | MYM | 1 | $0.50 | $0.50 |
| Russell 2000 | RTY | 0.10 | $5.00 | $50 |
| Micro Russell 2000 | M2K | 0.10 | $0.50 | $5 |
| Crude oil | CL | 0.01 | $10.00 | $1,000 |
| Micro crude oil | MCL | 0.01 | $1.00 | $100 |
| Gold | GC | 0.10 | $10.00 | $100 |
| Micro gold | MGC | 0.10 | $1.00 | $10 |
Notice the pattern: every micro contract is 1/10 the size of its full-size version. Lesson 3 is all about using that to your advantage.
Try it yourself
ES moves 6 points against you while you hold 2 contracts. How much did you lose? 6 points × $50 × 2 = $600. Now try the same move on 2 MES: 6 × $5 × 2 = $60. Do 3 or 4 of these on paper and tick values will become second nature.
Key takeaways
- A symbol is market + month code + year: NQZ26 is the Nasdaq 100, December 2026.
- A tick is the smallest price move, and tick value turns ticks into dollars.
- On NQ 1 tick is $5, on ES $12.50, on MNQ $0.50 and on MES $1.25.
Futures, decoded
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Flight School is educational content only and is not financial advice. Futures trading involves substantial risk of loss and is not suitable for every investor. Past performance does not guarantee future results.