What Is Tick Value in Futures? ES, NQ, CL, GC Full Lookup

Tick value is the dollar gain or loss per minimum price movement of a futures contract. Each futures contract has a defined tick size (the smallest allowed price change) and a defined tick value (the dollar value of that tick on one contract). The two are set by the exchange in the contract specifications. Understanding tick value is the foundation of position sizing on futures because daily loss limits and profit targets convert directly into ticks via this multiplier.

For prop traders the question matters constantly. On a 50K Apex plan with a 2,500 dollar daily loss limit, 200 ticks of ES adverse movement breach the limit on a single ES contract. On 5 ES contracts it takes 40 ticks. On MES the math runs ten times slower. Tick value is the input variable that translates chart movement into dollar P and L on the funded account.

The core definition

Tick value is the dollar value of one tick of price movement on one contract. The tick is the minimum price increment set by the exchange. Tick size on ES is 0.25 index points; tick value is 12.50 dollars. Tick size on NQ is 0.25 index points; tick value is 5 dollars. Tick size on CL is 0.01 dollars per barrel; tick value is 10 dollars. The formula is tick size times contract multiplier equals tick value.

Tick size versus tick value

Tick size is the price increment in the instrument's quote units. Tick value is the dollar amount that price increment is worth on one contract. The two are different things. ES has a tick size of 0.25 index points (the price chart moves in 0.25 increments) and a tick value of 12.50 dollars (each 0.25-point move on one ES contract gains or loses 12.50 dollars on the P and L).

Tick values for major equity index futures

The equity index futures dominate modern remote prop firm trading because of their liquidity and clean daily ranges. ES, NQ, YM, and RTY are the standard contracts; MES, MNQ, MYM, and M2K are the micro versions at one-tenth the dollar exposure. Most beginner funded traders start with micro contracts because the per-tick dollar risk is small enough to learn on without account-killing exposure.

Tick values for energy and metals futures

Energy and metals futures are popular at modern remote prop firms for traders who want higher volatility exposure than index futures. CL (crude oil) has a tick value of 10 dollars and is one of the most volatile day-trading instruments. GC (gold) and SI (silver) have moderate volatility. Micro versions (MCL, MGC) reduce per-tick risk by an order of magnitude and are common starting instruments for new prop traders.

Tick values for interest rate futures

Interest rate futures are less commonly traded at modern remote prop firms but appear regularly in advanced strategies. ZN (10-year Treasury note) and ZB (30-year Treasury bond) are the most active contracts. Tick sizes are fractional (half thirty-seconds for ZN, full thirty-seconds for ZB), making tick values distinctive. Most prop firms allow these contracts on standard plans but they require more position sizing care due to varying tick value.

Tick values for currency futures

Currency futures are an alternative to forex CFD for traders who want exchange-cleared FX exposure. 6E (Euro FX), 6B (British Pound), 6J (Japanese Yen), and 6A (Australian Dollar) are the major contracts. Tick values are quoted in USD per pip equivalent. Currency futures are less popular than spot forex CFD at modern remote prop firms but appear on futures-focused firms like Apex and MyFundedFutures.

How tick value drives prop firm sizing

Prop firm sizing depends entirely on tick value because daily loss limits and maximum loss limits convert directly to ticks via the multiplier. On a 50K Apex plan with a 2,500 dollar daily loss limit, the trader has 200 ticks of ES adverse movement allowance on one contract, or 40 ticks on 5 contracts. Conservative sizing converts the dollar rule cap into a tick budget that fits the strategy's typical stop distance with comfortable headroom.

Standard versus micro contracts

Micro futures launched in May 2019 and have since become the dominant beginner instrument at modern prop firms. Micro contracts are one-tenth the standard contract size in dollar exposure: MES is one-tenth ES at 5 dollars per point versus 50, MNQ is one-tenth NQ at 2 dollars per point versus 20, MGC is one-tenth GC at 10 dollars per point versus 100. The micros let new prop traders size positions in finer increments and reduce per-tick dollar risk.

Calculating position size from tick value

The position-size calculation runs through tick value. Step one, set the dollar risk per trade as a percentage of account balance. Step two, identify the chart stop distance in ticks. Step three, divide dollar risk by stop distance in ticks times tick value. Example: 50K account risking 1 percent (500 dollars), 8-tick chart stop on ES with 12.50 dollar tick value, gives 500 divided by 8 times 12.50 equals 5 contracts.

Common tick value calculation mistakes

Four common mistakes when working with tick value. Confusing tick value with point value (tick value is one tick, point value is one full point). Using the same tick count across different instruments without scaling for tick value. Mixing standard and micro contracts in the same calculation without unit consistency. Ignoring slippage in stop distance, which effectively increases realized tick loss. Always run the position-size math twice on every trade before entry.

Tick value across prop firm plan sizes

Different prop firm plan sizes translate the same tick value into different dollar exposures. On a 50K Apex plan with 1 ES contract, a 10-tick adverse move is 125 dollars (5 percent of daily loss limit). On a 150K Apex plan with 5 ES contracts, the same 10-tick adverse move is 625 dollars (8 percent of daily loss limit). Sizing decisions must always anchor on dollar risk relative to the rule cap rather than fixed tick counts across plans.

The Paul position sizing approach

Across 200,000 dollars plus in documented payouts, Paul has consistently translated prop firm rule caps into tick budgets via tick value math. On a 50K Apex eval with a 2,500 dollar daily loss limit, that means a 200-tick allowance on 1 ES contract, or a 40-tick allowance on 5 contracts. Conservative sizing puts position size at half the rule cap, which gives roughly 80 ticks of breathing room per trade on a 5-contract ES setup.

Tick value and slippage

Tick value is the unit of measure for slippage on entry and exit. On ES during regular session hours, liquidity is deep enough that market orders typically fill within 1 tick of intended price. On lower-liquidity instruments like MGC during off-hours, a 5-contract market order can slip 2 to 5 ticks against the trader. Always factor expected slippage into stop placement: a 10-tick chart stop with 2 ticks of slippage becomes a 12-tick realized loss.

Tick value and consistency rules

The consistency rule on most prop firm evals caps the percentage of total profit any single day can contribute. A 30 percent consistency rule on a 6,000 dollar profit target means no single day can produce more than 1,800 dollars. Translated through tick value: 1,800 dollars on ES at 12.50 dollar tick value is 144 ticks of net winning movement per day. Oversized contracts on one good day can blow through the consistency cap even with the daily loss limit intact.

Tick value and prop firm rule caps

Prop firm rule caps translate into tick budgets via tick value math. The conversion is the same for every plan: rule cap dollars divided by tick value gives tick budget on one contract. Multiply by contract count for the total budget across an open position. Conservative sizing keeps the realized tick movement well inside the budget, with comfortable headroom for normal market noise. Aggressive sizing pushes the tick budget against the cap and increases blow-up risk on routine adverse movement during the trading session.

Tick value and trade journaling

Most active funded traders journal trades in dollars rather than ticks because the dollar number is the meaningful unit for tax reporting and payout cycle analysis. But the tick view is more useful for strategy refinement: a chart with 6-tick average winning trade and 4-tick average losing trade has a recognizable risk-reward profile regardless of which instrument is being traded. Track both ticks and dollars in the journal for the cleanest reporting and the cleanest strategy refinement loop over multi-month review windows.

Tick value and stop placement discipline

Stop placement on a funded account should anchor on chart structure rather than on a fixed tick count. A common mistake is using a 5-tick stop on every ES trade regardless of volatility; this works in low-volatility days and breaches the daily loss limit in high-volatility days. The fix is to use ATR-based stops (1.5 to 2 times the 14-period ATR) and let dollar risk float through tick value math while position size floats inversely. Consistent dollar risk per trade across volatility regimes.

Why tick value matters for daily loss limits

Modern remote prop firm daily loss limits convert directly to ticks via tick value math. On a 50K Apex plan the daily loss limit is 2,500 dollars, which translates to 200 ticks of ES adverse movement on 1 contract or 40 ticks on 5 contracts during the trading session. On a 100K plan the limit is 2,500 dollars (Apex 100K) or 2,000 dollars (some other firms), translating to 160 to 200 ticks on 1 ES contract. Always anchor sizing decisions on the resulting tick budget rather than on abstract dollar amounts disconnected from the actual chart and contract being traded.

Practical examples of tick value math

Three practical examples illustrate tick value in prop trader decisions on a typical futures funded account. A 5-tick stop on ES at 12.50 dollar tick value translates to 62.50 dollars per contract per trade attempt. A 10-point profit target on NQ at 20 dollars per point is 200 dollars per contract per winning trade. A 1 dollar move on CL across the day at 10 dollars per tick equals 1,000 dollars per contract on the round trip during a typical volatile session. Each example anchors on tick value as the unit conversion between chart movement and dollar P and L on the funded account.

Tick value comparison summary

The table below summarizes tick values across the major instruments traded at modern remote prop firms in 2026. Standard contracts dominate professional flow; micros dominate new prop trader flow because of the lower per-tick dollar risk. The 6E and 6B currency futures appear less often than spot forex CFD at most firms but are available on futures-focused firms like Apex and MyFundedFutures for traders who want exchange-cleared FX exposure.

How tick value relates to point value

Point value is the dollar amount per full point of price movement on one contract. Tick value is the dollar amount per minimum tick on one contract. The relationship is point value divided by tick count per point equals tick value. ES has 4 ticks per point and 50 dollars per point, so tick value is 12.50 dollars. NQ has 4 ticks per point and 20 dollars per point, so tick value is 5 dollars. The two are different metrics for the same contract.

Why exchange specifications matter

Tick size and tick value are set by the exchange in the contract specifications and rarely change once a contract is launched. The CME publishes the canonical contract specifications for all CME, CBOT, NYMEX, and COMEX listed futures including ES, NQ, CL, GC, ZN, ZB, and the major currency futures. ICE Futures US publishes specifications for the contracts it lists. Always check the current exchange specifications before sizing on a new contract because details can shift on rare contract redesigns, and prop firms typically follow exchange specifications without modification on the funded account platform. ES specifications have been stable since the mid-2000s. NQ specifications have been stable since launch. Newer contracts like the micro index futures debuted in 2019 with one-tenth specifications matching the standard contracts. Always check the current CME or ICE specifications before sizing, especially on less-traded contracts where details may have shifted.

Bottom line

Tick value is the dollar gain or loss per minimum price movement of one futures contract and the single most important unit of measure for prop firm position sizing decisions on funded accounts. The major contracts traded at modern remote futures prop firms in 2026 have these tick values: ES tick is 12.50 dollars, NQ tick is 5 dollars, YM tick is 5 dollars, RTY tick is 5 dollars, MES tick is 1.25 dollars, MNQ tick is 0.50 dollars, MYM tick is 0.50 dollars, M2K tick is 0.50 dollars, CL tick is 10 dollars, MCL tick is 1 dollar, GC tick is 10 dollars, MGC tick is 1 dollar, SI tick is 25 dollars, NG tick is 10 dollars, ZN tick is 15.625 dollars, ZB tick is 31.25 dollars, ZF tick is 7.8125 dollars, 6E tick is 6.25 dollars, 6B tick is 6.25 dollars, 6J tick is 6.25 dollars, 6A tick is 10 dollars. Prop firm sizing depends directly on tick value because daily loss limits, maximum loss limits, and profit targets all convert into tick budgets via this multiplier.

Frequently Asked Questions

What is tick value in futures

Tick value is the dollar gain or loss per minimum price movement of a futures contract. Each contract has a defined tick size (the smallest allowed price change) and a defined tick value (the dollar value of that tick on one contract). The two are set by the exchange in the contract specifications and never change for active contracts.

What is the tick value of ES

The tick value of one E-mini S and P 500 (ES) contract is 12.50 dollars. The tick size is 0.25 index points and the contract multiplier is 50 dollars per full point. One full point on ES therefore moves the P and L by 50 dollars on one contract, with four ticks per point at 12.50 dollars each.

What is the tick value of NQ

The tick value of one E-mini Nasdaq 100 (NQ) contract is 5 dollars. The tick size is 0.25 index points and the contract multiplier is 20 dollars per full point. One full point on NQ moves the P and L by 20 dollars on one contract, with four ticks per point at 5 dollars each.

What is the tick value of MES

The tick value of one Micro E-mini S and P 500 (MES) contract is 1.25 dollars. The tick size is 0.25 index points and the contract multiplier is 5 dollars per full point. MES is one-tenth the size of standard ES at 5 dollars per point versus 50. Micro contracts are popular for new prop traders.

What is the tick value of MNQ

The tick value of one Micro E-mini Nasdaq (MNQ) contract is 0.50 dollars. The tick size is 0.25 index points and the contract multiplier is 2 dollars per full point. MNQ is one-tenth the size of NQ at 2 dollars per point versus 20. Micro Nasdaq is a common starter instrument for funded traders learning the futures markets.

What is the tick value of CL

The tick value of one Crude Oil (CL) contract is 10 dollars. The tick size is 0.01 dollars per barrel and the contract size is 1,000 barrels. CL is one of the most volatile day-trading futures contracts; many prop firms restrict or cap CL trading on lower-tier plans because of the rapid intraday range and resulting dollar risk per contract.

What is the tick value of GC

The tick value of one Gold (GC) contract is 10 dollars. The tick size is 0.10 dollars per ounce and the contract size is 100 troy ounces. GC has moderate intraday volatility versus CL but higher than the equity index futures. Micro Gold (MGC) is one-tenth the size at 1 dollar per tick and is the standard starter for prop trader gold exposure.

What is the tick value of ZN

The tick value of one 10-year Treasury Note (ZN) contract is 15.625 dollars. The tick size is half a 32nd point on a 100,000 dollar face-value bond. ZN is the most active US Treasury futures contract but is less popular at modern remote prop firms than the equity index contracts because of the lower retail interest in fixed income trading.

What is the tick value of ZB

The tick value of one 30-year Treasury Bond (ZB) contract is 31.25 dollars. The tick size is one 32nd point on a 100,000 dollar face-value bond. ZB has a wider tick value than ZN because of the longer duration. Both ZN and ZB are allowed at most futures-focused modern remote prop firms but require careful position sizing.

What is the tick value of 6E

The tick value of one Euro FX (6E) currency futures contract is 6.25 dollars. The tick size is 0.00005 dollars per euro and the contract size is 125,000 euros. Currency futures are an exchange-cleared alternative to spot forex CFD but are less popular at modern remote prop firms than the equity index and energy contracts.

What is the difference between tick size and tick value

Tick size is the price increment in the instrument's quote units. Tick value is the dollar amount that price increment is worth on one contract. For ES, tick size is 0.25 index points and tick value is 12.50 dollars. The two are different concepts; the formula is tick size times contract multiplier equals tick value.

How do I calculate position size using tick value

Divide dollar risk per trade by stop distance in ticks times tick value. On a 50K account risking 1 percent of 500 dollars with an 8-tick chart stop on ES at 12.50 dollar tick value, the math is 500 divided by 8 times 12.50, which equals 5 contracts. Recompute every trade rather than using fixed sizing.

How does tick value affect prop firm sizing

Prop firm sizing depends entirely on tick value because daily loss limits and maximum loss limits convert directly to ticks via the tick-value multiplier. On a 50K Apex plan with a 2,500 dollar daily loss limit, the trader has 200 ticks of ES allowance on one contract, or 40 ticks on 5 contracts. Translate the rule cap into a tick budget.

Why are micro futures popular at prop firms

Micro futures are one-tenth the size of standard contracts in dollar exposure. MES is 1.25 dollars per tick versus ES at 12.50, MNQ is 0.50 versus NQ at 5, MGC is 1 versus GC at 10. The micros let new prop traders size positions in finer increments and reduce per-tick dollar risk by an order of magnitude on the same chart setup.

How does tick value compare across futures

Tick values vary widely. ES is 12.50 dollars per tick, NQ is 5, YM is 5, MES is 1.25, MNQ is 0.50, CL is 10, MCL is 1, GC is 10, MGC is 1, ZN is 15.625, ZB is 31.25, 6E is 6.25, 6B is 6.25. Always check the exchange specification before sizing because tick values are instrument-specific.