What is the tick value for MES?

$1.25 per tick — a 0.25 tick size × a $5 multiplier (point value).

What is one MES contract worth?

One contract represents $5 × the S&P 500 index. Notional value = price × $5; use the tick value calculator with the current price for an exact figure.

Which exchange lists MES?

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

What are the trading hours for MES?

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 MES?

Margin is roughly one-tenth of full-size ES and varies by broker — day-trade margins for micros are often only a few hundred dollars.

How is P&L calculated for MES?

P&L = (exit price − entry price) ÷ 0.25 tick size × $1.25 tick value × number of contracts. Use the tick value calculator to compute this directly.

CME

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

Tick value $1.25 per tick — $5 × the S&P 500 index.

Launched in 2019, the Micro E-mini S&P 500 (MES) scaled the world's most popular index future down to one-tenth of its size — $5 per index point instead of ES's $50. Every tick of 0.25 points is worth $1.25, so a full 10-point move on one MES contract is $50 rather than $500. Same index, same price ladder, same trading hours; only the dollars change.

That smaller unit is not just for beginners. Micros let any account size risk precisely rather than approximately: a trader who wants to risk $180 on a 12-point stop simply cannot do that with full-size ES (one contract would risk $600), but three MES contracts get within a few dollars of the target. Many traders also use MES to scale out of positions in pieces or to keep trading through a drawdown at reduced size. The calculator below converts ticks, points and contracts into exact dollar amounts for MES.

Exchange: CME
Contract size: $5 × the S&P 500 index
Tick size: 0.25
Tick value: $1.25
Point value (multiplier): $5
Trading hours: Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 4:15pm–4:30pm ET
Margin: Margin is roughly one-tenth of full-size ES and varies by broker — day-trade margins for micros are often only a few hundred dollars.

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

How MES 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 MES, that is 0.25 × $5 = $1.25 per tick, per contract.

One contract represents $5 × 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 MES?: $1.25 per tick — a 0.25 tick size × a $5 multiplier (point value).
What is one MES contract worth?: One contract represents $5 × the S&P 500 index. Notional value = price × $5; use the tick value calculator with the current price for an exact figure.
Which exchange lists MES?: Micro E-mini S&P 500 (MES) trades on the CME.
What are the trading hours for MES?: 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 MES?: Margin is roughly one-tenth of full-size ES and varies by broker — day-trade margins for micros are often only a few hundred dollars.
How is P&L calculated for MES?: P&L = (exit price − entry price) ÷ 0.25 tick size × $1.25 tick value × number of contracts. Use the tick value calculator to compute this directly.

More futures contract specs

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Specs last reviewed 2026-07-07. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.