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Futuresbeginner
MULTIPLIERTICK SIZE$5/TICK

NQ (E-mini Nasdaq-100)

CME E-mini futures on the Nasdaq-100 index. $20 per point, 0.25-tick. Tracks the top 100 non-financial Nasdaq companies.

Also called NQ · Nasdaq futures · tech futures

Formula
P&L = (Exit − Entry) × $20

NQ tracks the Nasdaq-100 index — the 100 largest non-financial companies listed on the Nasdaq exchange, heavily weighted toward mega-cap tech (Apple, Microsoft, Nvidia, Amazon, Meta).

  • Multiplier: $20 per index point
  • Tick size: 0.25 points → $5/tick
  • Trading hours: Same 23-hr Globex session as ES
  • Settlement: Cash (SOQ of NDX) on same quarterly cycle as ES
  • Micro equivalent: MNQ ($2/pt, $0.50/tick)

NQ has higher beta than ES and is prone to larger intraday swings — a double-edged sword for day traders. Many traders watch NQ relative to ES as a sentiment gauge for risk appetite in tech.

On the desk

NQ at 19,200. Notional = 19,200 × $20 = $384,000/contract. A 50-point move = $1,000. With initial margin ~$21,000 that's roughly 18:1 leverage. A 50-point NQ range day gives 10 full "points" in ES terms — the contracts are not directly comparable without knowing their dollar impact.

Related terms