Futures Tick Value & P&L Explained: ES, NQ, CL, GC and Micros

Tick Size, Tick Value and Point Value

Three terms govern every futures P&L calculation, and mixing them up is the fastest way to misjudge a trade. Tick size is the smallest price increment a contract can move — for the E-mini S&P 500 (ES) that is 0.25 index points. Tick value is what that one tick is worth in dollars — $12.50 for ES. Point value (the multiplier) is what a full one-point move is worth — $50 for ES. They are linked by a simple identity:

Tick Value = Tick Size × Point Value

For ES: 0.25 × $50 = $12.50. Once you know any two, the third follows. The free futures calculator has these constants built in for every major contract, so you only enter your entry, exit and number of contracts.

The Futures P&L Formula

Profit or loss on a futures trade is the price move in points, multiplied by the point value, multiplied by the number of contracts:

P&L = (Exit − Entry) × Point Value × Contracts

For a short position, flip the sign of the price move. You can also work in ticks: count the ticks moved and multiply by the tick value. Both routes give the same answer because tick value already bakes in the point value. Working in ticks is handy for scalpers who think in increments ("I made 8 ticks"); working in points suits swing traders who think in index levels.

Contract Specifications

These are the standard CME specifications for the most actively traded equity-index, energy and metal contracts, alongside their Micro counterparts. Tick value is shown per single contract.

Contract	Symbol	Tick Size	Tick Value	Point Value
E-mini S&P 500	ES	0.25	$12.50	$50
E-mini Nasdaq-100	NQ	0.25	$5.00	$20
E-mini Dow	YM	1.0	$5.00	$5
E-mini Russell 2000	RTY	0.10	$5.00	$50
Crude Oil	CL	0.01	$10.00	$1,000
Gold	GC	0.10	$10.00	$100
Micro E-mini S&P 500	MES	0.25	$1.25	$5
Micro E-mini Nasdaq-100	MNQ	0.25	$0.50	$2
Micro E-mini Dow	MYM	1.0	$0.50	$0.50
Micro E-mini Russell 2000	M2K	0.10	$0.50	$5
Micro Crude Oil	MCL	0.01	$1.00	$100
Micro Gold	MGC	0.10	$1.00	$10

Notice each Micro is exactly one-tenth of its full-size sibling (MES is 1/10 of ES, MNQ is 1/10 of NQ, and so on). That ratio is what makes Micros the ideal tool for precise risk sizing on smaller accounts.

A Worked Example

You buy 2 ES contracts at 5,000.00 and sell at 5,012.50.

• Points moved: 5,012.50 − 5,000.00 = 12.50 points.
• Ticks moved: 12.50 ÷ 0.25 = 50 ticks.
• P&L via points: 12.50 × $50 × 2 = $1,250.
• P&L via ticks (check): 50 ticks × $12.50 × 2 = $1,250. ✓

If the same trade were a short that moved against you to 5,012.50, the result would simply be −$1,250. Subtract commissions — say $4 per round-turn per contract, so $8 total here — for net P&L of $1,242. The futures calculator includes a commission field so the net figure is exact.

Why Micros Changed Position Sizing

Before Micros, the smallest S&P exposure was one ES contract at $50 a point — a 10-point stop risked $500, too much for a small account to size sensibly. With MES at $5 a point, that same 10-point stop risks $50, and you can scale in one-tenth increments. This lets futures traders apply the same risk-based sizing used in forex and crypto: decide your dollar risk, divide by the per-contract loss over your stop, and trade that many Micros. Combine this with the discipline in our position sizing guide, and for prop evaluations the prop firm challenge guide, since many futures firms like Topstep trade exactly these contracts.

Common Mistakes

Confusing tick value with point value. Saying "ES is $12.50 a point" understates a move five-fold. It is $12.50 per tick, $50 per point.

Forgetting the contract count. P&L scales linearly with contracts — always multiply through.

Ignoring commissions and exchange fees. On scalps of a few ticks, round-turn costs can erase a winning trade. Include them.

Assuming all index futures share a multiplier. ES is $50/point but NQ is $20 and YM is $5. Never reuse one contract's math for another — let the calculator hold the constants.