MCL Tick Value, Point Value & Contract Specs
One MCL (Micro WTI Crude Oil) tick is $0.01 per barrel and is worth $1.00 per contract. A 1.00 move in the price is worth $100. Source: CME Group contract specs.
MCL contract specs
| Product | Micro WTI Crude Oil Futures |
|---|---|
| Symbol (CME Globex) | MCL |
| Exchange | NYMEX (rulebook chapter NYMEX 309) |
| Contract unit | 100 barrels |
| Price quoted in | USD per barrel |
| Tick size (outright) | $0.01 per barrel |
| Tick value | $1.00 per contract |
| Point value (1.00 move) | $100 per contract |
| Ticks per 1.00 move | 100 |
| Settlement | Cash-settled |
| Listed contracts | Monthly contracts listed for the current year and the next 3 calendar years. Month codes: F G H J K M N Q U V X Z |
| Next expiry | MCLZ6 (Dec 2026): suggested roll Wed, Nov 18, 2026, last trading day Thu, Nov 19, 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 |
| Larger contract | CL (WTI Crude Oil): MCL = 1/10 of CL. MCL is financially settled; CL is deliverable. |
Sources: CME Group contract specs (read October 23, 2026) · TradingView symbol page (cross-check of contract size) (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 MCL contract?
Type the current price. The default is an example level, not a quote.
Notional value: $10,000$100.00 × $100 × 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 MCL
MCL is 100 barrels of WTI crude oil, one tenth of CL, with the same $0.01 tick worth $1.
Unlike CL it is cash-settled: there is no delivery of oil, so holding it into expiry has no delivery risk.
Its last trading day is one business day before that of the CL contract of the same month.
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 MCL in their rules. Size a trade within a plan's limits with the futures position size calculator.
Trading strategies backtested on the continuous CL contract (CL1!): best CL strategies. MCL trades the same prices as CL.
What one MCL move is worth
Worked examples with an example move (not a quote):
- A $0.25 move on 1 MCL = 25 ticks × $1.00 = $25.00.
- A $0.25 move on 2 MCL = $50.00.
- 1 tick on 10 MCL = 10 × $1.00 = $10.00.
- The same $0.25 move on 1 CL = $250.00.
MCL and CL
MCL is the micro version of CL. MCL = 1/10 of CL: CL ticks are worth $10.00 and a 1.00 move is $1,000. MCL is financially settled; CL is deliverable.
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.
MCL futures calculator
Trade
Contract: MCL (Micro WTI Crude Oil). Other contracts
1 tick = 0.01 = $1.00 · 1.00 move = $100
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
+25 ticks × $1.00 × 1 contract = $25.00 gross
$25.00 − $0.00 commission = $25.00 net
Notional value at entry (example price, not a quote): $10,000 (100.00 × $100 × 1 contract).
You know what one MCL tick pays. Does your strategy catch them?
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MCL FAQ
How much is 1 MCL contract worth?
Its notional value is the price times $100. At an example price of $100.00, 1 MCL controls $10,000. 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 MCL tick value?
One MCL tick is $0.01 per barrel and is worth $1.00 per contract (CME Group contract specs). A 1.00 move in the price is worth $100.
How many ticks are in a point on MCL?
100. A tick is $0.01, so a 1.00 move is 100 ticks × $1.00 = $100.
How many MCL make one CL?
10 MCL carry the same exposure as 1 CL: 10 × $100 = $1,000 per 1.00 move. MCL is financially settled; CL is deliverable. A $0.25 move is worth $250.00 on 1 CL and $25.00 on 1 MCL.
Is MCL cash-settled?
Yes. MCL is cash-settled ("financially settled" in the CME specs): there is no delivery, open positions are settled in cash at expiry.
Which months does MCL trade?
Monthly contracts listed for the current year and the next 3 calendar years (CME Group). Month codes: F, G, H, J, K, M, N, Q, U, V, X, Z.