Lesson 02
Contracts, ticks and what a point costs
Before reading any chart, know what one point is worth. The Nasdaq-100 futures come in two sizes that move together tick for tick; only the dollars differ.
In one lineNQ: 0.25 points = $5. MNQ: 0.25 points = $0.50. Same chart, one-tenth the money.
The two contracts
| Contract | Symbol | Value of 1 point | Tick (0.25 pt) |
|---|---|---|---|
| E-mini Nasdaq-100 | NQ | $20 | $5.00 |
| Micro E-mini Nasdaq-100 | MNQ | $2 | $0.50 |
Source: CME Group contract specifications for NQ and MNQ, read 2026-10-07.
Work it out
Change the points or the contract count. A 10-point stop on one NQ is $200; on one MNQ it is $20.
Months and hours
- Quarterly contracts. March (H), June (M), September (U), December (Z). NQZ6 is December 2026.
- Expiry. Each contract settles in cash on the third Friday of its month. Traders move to the next contract about a week before; this is called the roll.
- Hours. Sunday 6:00 p.m. to Friday 5:00 p.m. ET on CME Globex, with a one-hour break every day from 5:00 to 6:00 p.m. ET.
Key terms
TickThe smallest price step: 0.25 index points.
PointFour ticks. $20 on NQ, $2 on MNQ.
Front monthThe contract most people are trading right now.
RollMoving from the expiring contract to the next one.
Try it
Before your next trade, write your stop in points and in dollars for the size you trade. If the dollar number surprises you, the size is wrong, not the stop.
AXIS Desk · AMT Fundamentals · free. Education only, not trade advice. Futures trading involves substantial risk of loss; past patterns do not guarantee future results.