MES Tick Value, Point Value & Contract Specs
One MES (Micro E-mini S&P 500) tick is 0.25 index points and is worth $1.25 per contract. A 1.00 move in the price is worth $5. Source: CME Group contract specs.
MES contract specs
| Product | Micro E-mini S&P 500 Index Futures |
|---|---|
| Symbol (CME Globex) | MES |
| Exchange | CME (rulebook chapter CME 353) |
| Contract unit | $5 × S&P 500 Index |
| Price quoted in | index points |
| Tick size (outright) | 0.25 index points |
| Tick value | $1.25 per contract |
| Point value (1.00 move) | $5 per contract |
| Ticks per 1.00 move | 4 |
| Settlement | Cash-settled |
| Listed contracts | Quarterly contracts (Mar, Jun, Sep, Dec) listed for 5 consecutive quarters. Month codes: H M U Z |
| Next expiry | MESZ6 (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 |
| Larger contract | ES (E-mini S&P 500): MES = 1/10 of ES. |
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 MES contract?
Type the current price. The default is an example level, not a quote.
Notional value: $37,5007,500.00 × $5 × 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 MES
MES was launched by CME in May 2019 with the other Micro E-mini equity index futures, at one tenth of the size of ES.
Same index, tick size and expiry dates as ES: a 1-point S&P 500 move is $5 on MES against $50 on ES.
Traders use it to size S&P 500 trades in small steps: 10 MES carry the exposure of 1 ES, and any number in between is possible.
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 MES 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. MES trades the same prices as ES.
What one MES move is worth
Worked examples with an example move (not a quote):
- A 10-point move on 1 MES = 40 ticks × $1.25 = $50.00.
- A 10-point move on 2 MES = $100.00.
- 1 tick on 10 MES = 10 × $1.25 = $12.50.
- The same 10-point move on 1 ES = $500.00.
MES and ES
MES is the micro version of ES. MES = 1/10 of ES: ES ticks are worth $12.50 and a 1.00 move is $50.
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.
MES futures calculator
Trade
Contract: MES (Micro E-mini S&P 500). Other contracts
1 tick = 0.25 = $1.25 · 1.00 move = $5
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 × $1.25 × 1 contract = $50.00 gross
$50.00 − $0.00 commission = $50.00 net
Notional value at entry (example price, not a quote): $37,500 (7,500.00 × $5 × 1 contract).
You know what one MES tick pays. Does your strategy catch them?
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MES FAQ
How much is 1 MES contract worth?
Its notional value is the price times $5. At an example price of 7,500.00, 1 MES controls $37,500. 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 MES tick value?
One MES tick is 0.25 index points and is worth $1.25 per contract (CME Group contract specs). A 1.00 move in the price is worth $5.
How many ticks are in a point on MES?
4. A tick is 0.25, so a 1.00 move is 4 ticks × $1.25 = $5.
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 MES cash-settled?
Yes. MES is cash-settled ("financially settled" in the CME specs): there is no delivery, open positions are settled in cash at expiry.
Which months does MES trade?
Quarterly contracts (Mar, Jun, Sep, Dec) listed for 5 consecutive quarters (CME Group). Month codes: H, M, U, Z.