Tick Value
The dollar P&L impact of one minimum price move in a futures contract. Tick Size × Contract Multiplier.
Tick Value = Tick Size × Contract Multiplier
Tick value is the dollar amount you make or lose when a futures contract moves by exactly one tick. It is the most fundamental number a futures trader must know — every stop-loss and target calculation starts here.
Tick value = tick size × contract multiplier. For ES: 0.25 × $50 = $12.50/tick. For MES (micro): 0.25 × $5 = $1.25/tick. For NQ: 0.25 × $20 = $5/tick. For CL: $0.01 × 1,000 = $10/tick. For GC: $0.10 × 100 = $10/tick.
Position sizing in futures is always expressed in contracts, not dollars — knowing tick value lets you convert a dollar risk to a contract count instantly.
On the desk
A trader risks a 20-tick stop on ES. 20 × $12.50 = $250 risk per contract. To risk $500 total, trade 2 contracts. Same stop on MES: 20 × $1.25 = $25 risk — ideal for small accounts or precision sizing.