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MES contract

MES (Micro E-mini S&P 500)

Trading

Definition

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.

Detailed explanation

MES is the prop trader's fine-tuning tool. Instead of choosing between one ES contract and zero, you can open 3, 4, or 7 micros and precisely adjust the risk to the drawdown and loss limit. Two things to check: how the firm counts micros against the contract limit (for most firms, 10 micros are one mini), and the commission per micro, because with frequent trading of dozens of micros, commissions accumulate quickly.

An example from the prop world

A stop of 6 points in MES costs $30 per contract. A trader willing to risk $150 per trade opens 5 micros, instead of one ES contract that would risk $300.

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

ES contract

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.

MNQ contract

The micro version of NQ: the same Nasdaq-100 index at one-tenth the size. Each point is worth $2 and the tick (0.25 point) is worth $0.50. It is popular among evaluation traders who want the volatility of NQ without the risk of a mini contract.

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.

Position size

The decision of how many contracts to open in a trade. It's calculated from the end to the beginning: how much you are allowed to lose per trade, divided by the loss of one contract up to the drawdown. In a prop account, this is the most important decision, because it determines how many mistakes the account can absorb before the threshold.

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).