Tick Size
The numeric value of the minimum price increment for a given futures contract (e.g. 0.25 index points for ES).
Tick Value = Tick Size × Contract Multiplier (or Contract Size)
Tick size is the numerical magnitude of one tick — the smallest permitted price change. It is expressed in the unit of the underlying: index points for equity futures, dollars per barrel for crude, dollars per troy ounce for metals.
ES tick size = 0.25 index points. NQ tick size = 0.25 index points. CL tick size = $0.01/barrel. GC tick size = $0.10/oz. Micro contracts inherit the same tick size as their standard equivalents.