What Are Tick Size and Tick Value in Futures?
In futures trading, each instrument has a unique Tick Size and Tick Value set by its exchange.
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Market Data
In futures trading, each instrument has a unique Tick Size and Tick Value set by its exchange. These values determine how the Profit & Loss (P&L) of open positions changes with each tick of market movement.
Table of Contents
Tick Size & Tick Value
Point Size & Point Value
Mini, Micro, & Nano Contracts
Tick Size & Tick Value
Tick Size is the smallest price increment that a futures contract can move. Tick Value is the monetary value of a one-tick price movement in the market.
Tick Size and Tick Value are set by the exchange on which each instrument is traded, not by individual brokerages. The default tick increment for an instrument cannot be customized, as tick sizes are set by the exchange and apply universally.
The Tick Size and Tick Value for every supported instrument at
KGI Crusoe
can be found by searching for and selecting the instrument on this page: Margins for Available Markets and Contracts
Tick Size Calculation Example
The Tick Size of ES (E-mini S&P 500 Futures) is 0.25, meaning it moves in $0.25 increments. Its Tick Value is $12.50 per tick. If you gain 10 ticks of profit:
The price would move $2.50 on the chart’s Y-axis ($0.25 per tick × 10 ticks) from your entry point
Your profit would be $125 (10 ticks × $12.50 per tick)
Point Size & Point Value
Just like Tick Size and Tick Value, all futures instruments have their own Point Size and Point Value.
A Point represents a full one-unit move in the market.
Example
On ES (E-mini S&P 500 Futures), 1 Point equals 1 index level, or $1, on the chart’s Y-axis.
Since ES moves in $0.25 increments, it has a Point Size of 4 ticks ($1 per point ÷ $0.25 per tick = 4 ticks).
With aPoint Size of 4 ticks and a Tick Value of $12.50, the Point Value of ES is $50 per point (4 ticks × $12.50).
The Point Value for every supported instrument at KGI Crusoe can also be found by searching for and selecting the instrument on this page here: Margins for Available Markets and Contracts
Market Type | 1 Point Equals | Typical Value per Point (per contract) |
|---|---|---|
Equity Index | 1 index level | $50 (E-mini S&P), $5 (Micro) |
Treasuries | 1 full point (1.000) | $1,000 |
Crude Oil | $1 per barrel | $1,000 |
Gold | $1 per ounce | $100 |
Currencies | Varies (often 0.0001 = 1 pip) | Depends on contract size |
Mini, Micro, & Nano Contracts
Most futures products are available in more than one size to fit different account sizes and risk tolerances.
Mini contracts (like ES) are considered the "standard" contract size and are the largest contracts that can be traded.
Micro contracts are typically 1/10 the multiplier, tick value, and margin of the corresponding mini. MES, for example, has a $1.25 tick value versus $12.50 for ES.
Nano contracts are the newest and smallest tier. They're 1/10 the multiplier of a Micro contract, but the tick size is set differently to avoid rounding issues, so the tick value often works out to 1/5 of the Micro rather than 1/10. For example, the Nano S&P 500 (NES) has a $0.25 tick value versus $1.25 for MES.
Single Stock Futures Tick Size & Value: Like other futures contracts, Single Stock Futures are available in full-size and micro-size contracts, representing 100 and 10 shares of the underlying stock, respectively.
Standard Contract Sizes: No contract size larger than mini currently exists for equity index futures, since the original standard-size S&P contract was delisted in 2021.