ES Tick Value, Point Value & Contract Specs
One ES (E-mini S&P 500) tick is 0.25 index points and is worth $12.50 per contract. A 1.00 move in the price is worth $50. Source: CME Group contract specs.
ES contract specs
| Product | E-mini S&P 500 Futures |
|---|---|
| Symbol (CME Globex) | ES |
| Exchange | CME (rulebook chapter CME 358) |
| Contract unit | $50 × S&P 500 Index |
| Price quoted in | index points |
| Tick size (outright) | 0.25 index points |
| Tick value | $12.50 per contract |
| Point value (1.00 move) | $50 per contract |
| Ticks per 1.00 move | 4 |
| Settlement | Cash-settled |
| Listed contracts | Quarterly contracts (Mar, Jun, Sep, Dec) listed for 21 consecutive quarters. Month codes: H M U Z |
| Next expiry | ESZ6 (Dec 2026): suggested roll Mon, Dec 14, 2026, last trading day Fri, Dec 18, 2026. Rollover calendar |
| Trading hours | CME Globex: Sunday–Friday 5:00 p.m. – 4:00 p.m. CT (6:00 p.m. – 5:00 p.m. ET), with a daily break 4:00 p.m. – 5:00 p.m. CT. Trading hours today and holidays |
| Micro contract | MES (Micro E-mini S&P 500): ES = 10 × MES. |
Sources: CME Group contract specs (read October 23, 2026) · Barchart contract profile (cross-check) (read October 23, 2026). Tick size, tick value and contract size come from the CME Group spec page. A second source, read the same day, confirms them: Barchart's contract profile (tick size and tick value) or, for MYM, M2K, MCL and M6E, TradingView (contract size).
How much is 1 ES contract?
Type the current price. The default is an example level, not a quote.
Notional value: $375,0007,500.00 × $50 × 1 contract
Notional value is the size of the exposure, not the cash you need. Your broker asks for a margin, set by the broker and CME.
About ES
ES follows the S&P 500, an index of 500 large US companies weighted by market value.
Funds and traders use it to buy, sell or hedge the US stock market in one trade, including overnight when the stock exchanges are closed.
At expiry it is cash-settled to the Special Opening Quotation of the S&P 500 on the third Friday: an index value computed from the opening prices of its stocks.
All 6 futures prop plans in our position size calculator (Lucid Flex 50K, Tradeify Select 50K, Topstep 50K Combine, Apex 50K EOD, MFFU Rapid 50K, FTMO Futures Growth 50K) list a commission for ES in their rules. Size a trade within a plan's limits with the futures position size calculator.
Trading strategies backtested on the continuous ES contract (ES1!): best ES strategies.
What one ES move is worth
Worked examples with an example move (not a quote):
- A 10-point move on 1 ES = 40 ticks × $12.50 = $500.00.
- A 10-point move on 2 ES = $1,000.00.
- 1 tick on 10 ES = 10 × $12.50 = $125.00.
- The same 10-point move on 1 MES = $50.00.
ES and MES
MES is the micro version of ES. ES = 10 × MES: MES ticks are worth $1.25 and a 1.00 move is $5.
Micros let you size in smaller steps: a stop of the same distance costs a fraction as much. See micro vs mini futures to convert a position from one to the other.
ES futures calculator
Trade
Contract: ES (E-mini S&P 500). Other contracts
1 tick = 0.25 = $12.50 · 1.00 move = $50
Commission per contract, per side (entry and exit are each charged). Add exchange and clearing fees if your broker lists them separately.
Profit and loss
+40 ticks × $12.50 × 1 contract = $500.00 gross
$500.00 − $0.00 commission = $500.00 net
Notional value at entry (example price, not a quote): $375,000 (7,500.00 × $50 × 1 contract).
You know what one ES tick pays. Does your strategy catch them?
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ES FAQ
How much is 1 ES contract worth?
Its notional value is the price times $50. At an example price of 7,500.00, 1 ES controls $375,000. Type the current price in the notional value box on this page for today's figure. The margin your broker asks to hold the contract is a different, much smaller number set by the broker and CME.
What is the ES tick value?
One ES tick is 0.25 index points and is worth $12.50 per contract (CME Group contract specs). A 1.00 move in the price is worth $50.
How many ticks are in a point on ES?
4. A tick is 0.25, so a 1.00 move is 4 ticks × $12.50 = $50.
How many MES make one ES?
10 MES carry the same exposure as 1 ES: 10 × $5 = $50 per 1.00 move. A 10-point move is worth $500.00 on 1 ES and $50.00 on 1 MES.
Is ES cash-settled?
Yes. ES is cash-settled ("financially settled" in the CME specs): there is no delivery, open positions are settled in cash at expiry.
Which months does ES trade?
Quarterly contracts (Mar, Jun, Sep, Dec) listed for 21 consecutive quarters (CME Group). Month codes: H, M, U, Z.