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ES contract

ES (E-mini S&P 500)

Trading

Definition

The S&P 500 mini futures contract, one of the most traded contracts in the world. Each point is worth $50, and the tick is 0.25 points, meaning $12.50 per contract.

Detailed explanation

ES is the instrument most index traders start with: deep liquidity, narrow spread, and relatively calm movement compared to NQ. The disadvantage in a prop account is the size: a 10-point drawdown costs $500 for one contract, a quarter of the $2,000 threshold. Those who want the same movement with 10 times less risk switch to MES. In most firms, both contracts count towards the same contract limit, at a ratio of 10 micros for every mini.

An example from the prop world

A 6-point drawdown in ES costs $300 per contract. In FTMO Futures, on a 50K Growth account with a $2,000 threshold, two contracts with the same drawdown risk $600, almost a third of the threshold.

How it works at the firms on this site

Based on the rules listed on our firm pages. Rules get updated, so check the firm's page before buying.

Risk calculator

How many contracts to open against your stop and the account's loss limit

MES contract

The micro version of ES: the same S&P 500 index at a tenth of the size. Each point is worth $5 and the tick (0.25 point) is worth $1.25, so you can build a precise position even with a small account.

NQ contract

The Nasdaq-100 mini futures contract. Each point is worth $20, and the tick is 0.25 points, meaning $5 per contract. It is more volatile than ES, and therefore popular with scalpers and risky for small accounts.

Tick value and point value

A tick is a contract's smallest price move, and the tick value is how many dollars that move is worth for one contract. A point is made up of several ticks, so the point value is the tick value times the number of ticks in a point.

Contract limit

The maximum number of contracts you may hold at once. It's usually written as mini/micro, where one mini contract equals 10 micro contracts.

עמלות מסחר

The payment for each contract execution. A per-side commission is charged upon entry and again upon exit, and Round Turn is both sides together. In prop firms, commissions are deducted from the account's profit and loss, thus affecting the profit target, the threshold, and the days counted for payout.

News trading policy

This is a risk management rule in funded trading accounts that prohibits traders from opening, closing or modifying active positions within a set time window (usually a few minutes) before, during and after the release of major high-impact economic events (Tier One).