What is the tick value for ES?

$12.50 per tick — a 0.25 tick size × a $50 multiplier (point value).

What is one ES contract worth?

One contract represents $50 × the S&P 500 index. Notional value = price × $50; use the tick value calculator with the current price for an exact figure.

Which exchange lists ES?

E-mini S&P 500 (ES) trades on the CME.

What are the trading hours for ES?

Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 4:15pm–4:30pm ET.

How much margin do I need to trade ES?

Margin varies by broker and typically moves with volatility — check your broker for current initial/maintenance margin.

How is P&L calculated for ES?

P&L = (exit price − entry price) ÷ 0.25 tick size × $12.50 tick value × number of contracts. Use the tick value calculator to compute this directly.

CME

E-mini S&P 500 (ES) Tick Value & Contract Specs

Tick value $12.50 per tick — $50 × the S&P 500 index.

The E-mini S&P 500 (ES) is the most heavily traded equity index future in the world, and for many traders it is the first — and often only — futures contract they ever trade. Each contract represents $50 times the S&P 500 index, so with the index at 5,000 a single ES contract controls $250,000 of notional exposure. The minimum price increment is 0.25 index points, which works out to $12.50 per tick: a routine 20-point session move swings each contract by $1,000.

That size is exactly why the math matters before entry. A 10-point stop on ES is 40 ticks, or $500 per contract — a figure that should be compared against your account's per-trade risk budget, not guessed at. Traders who find full-size ES too coarse for their account can trade the Micro E-mini (MES), which tracks the same index at one-tenth the multiplier. Use the calculator below to convert any entry, stop and contract count into dollars before the market does it for you.

Exchange: CME
Contract size: $50 × the S&P 500 index
Tick size: 0.25
Tick value: $12.50
Point value (multiplier): $50
Trading hours: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 4:15pm–4:30pm ET
Margin: Margin varies by broker and typically moves with volatility — check your broker for current initial/maintenance margin.

Open in the tick value calculator, pre-filled for ES

How ES tick value works

Tick value is the dollar amount one futures contract gains or loses when the price moves one minimum increment (one tick).

tick value = tick size × multiplier. For ES, that is 0.25 × $50 = $12.50 per tick, per contract.

One contract represents $50 × the S&P 500 index. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.

Frequently asked questions

What is the tick value for ES?: $12.50 per tick — a 0.25 tick size × a $50 multiplier (point value).
What is one ES contract worth?: One contract represents $50 × the S&P 500 index. Notional value = price × $50; use the tick value calculator with the current price for an exact figure.
Which exchange lists ES?: E-mini S&P 500 (ES) trades on the CME.
What are the trading hours for ES?: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 4:15pm–4:30pm ET.
How much margin do I need to trade ES?: Margin varies by broker and typically moves with volatility — check your broker for current initial/maintenance margin.
How is P&L calculated for ES?: P&L = (exit price − entry price) ÷ 0.25 tick size × $12.50 tick value × number of contracts. Use the tick value calculator to compute this directly.

More futures contract specs

See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.

Specs last reviewed 2026-06-01. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.