COMEX
Silver (SI) Tick Value & Contract Specs
Tick value $25.00 per tick — 5,000 troy ounces of silver.
Silver futures (SI) are famously the rowdier sibling of gold: one COMEX contract covers 5,000 troy ounces, with a minimum tick of $0.005 per ounce worth $25 per contract. That tick value — double ES's — is the first hint of the contract's character. A one-dollar move in silver is $5,000 per contract, and silver routinely moves in percentage terms two to three times as much as gold.
The combination of industrial demand (solar, electronics) and monetary/safe-haven flows gives silver its dual personality, and the contract's dollar volatility demands genuinely conservative sizing: even a 20-cent adverse move — small by silver's standards — costs $1,000 per contract. Exchange margins are set accordingly, and brokers raise them quickly whenever the metal starts moving. Before trading SI, use the pre-filled tick value calculator below to translate your planned stop distance into dollars per contract; the resulting number is almost always larger than intuition suggests.
- Exchange
- COMEX
- Contract size
- 5,000 troy ounces of silver
- Tick size
- 0.005
- Tick value
- $25.00
- Point value (multiplier)
- $5000
- Trading hours
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET
- Margin
- Margin varies by broker — silver's higher volatility typically means higher margin than gold, per contract.
How SI 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 SI, that is 0.005 × $5000 = $25.00 per tick, per contract.
One contract represents 5,000 troy ounces of silver. P&L for a move from entry to exit is (exit − entry) ÷ tick size × tick value × contracts.
SI contract months and ticker symbols
A futures ticker is three parts: the root, a one-letter delivery month, and the year. SIZ2026 is the December 2026 SI contract. The month letters skip I and L, which would read as 1 and 7 on a ticker.
| Code | Month | Listed for SI? |
|---|---|---|
| F | January | Yes — SIF |
| G | February | Yes — SIG |
| H | March | Yes — SIH |
| J | April | Yes — SIJ |
| K | May | Yes — SIK |
| M | June | Yes — SIM |
| N | July | Yes — SIN |
| Q | August | Yes — SIQ |
| U | September | Yes — SIU |
| V | October | Yes — SIV |
| X | November | Yes — SIX |
| Z | December | Yes — SIZ |
All twelve months are listed; volume concentrates in March, May, July, September and December.
Which SI contract am I looking at?
Most charts default to the continuous front-month series rather than a dated contract — one stitched-together chart that rolls to the next month as the current one nears expiry. Every platform spells it differently, which is why the same contract appears under so many names.
| Written as | Platform | Meaning |
|---|---|---|
| SI1! | TradingView | Continuous front-month contract. "2!" is the next one out, and a dated contract is written in full, e.g. SIZ2026. |
| SI00 | Barchart | Continuous front-month series. "SIZ26" style codes name a specific month and year instead. |
| SIc1 | Refinitiv / Reuters | Continuous front month; c2 is the second month out. |
| /SI | thinkorswim, tastytrade | The leading slash marks it as a future rather than a stock. A specific month is /SIZ26. |
| SI=F | Yahoo Finance | The "=F" suffix denotes the front-month futures series. |
| $SI | StockTwits, social | A cashtag, not an exchange symbol. It usually means the front month, but it is informal and ambiguous. |
A dated code such as SIZ26 always means one specific contract; the continuous forms never do. Check which you are quoting before comparing a price to someone else’s — around a roll they differ.
Frequently asked questions
- What is the tick value for SI?
- $25.00 per tick — a 0.005 tick size × a $5000 multiplier (point value).
- What is one SI contract worth?
- One contract represents 5,000 troy ounces of silver. Notional value = price × $5000; use the tick value calculator with the current price for an exact figure.
- Which exchange lists SI?
- Silver (SI) trades on the COMEX.
- What are the trading hours for SI?
- Sun–Fri 6:00pm–5:00pm ET, with a daily trading halt 5:00pm–6:00pm ET.
- How much margin do I need to trade SI?
- Margin varies by broker — silver's higher volatility typically means higher margin than gold, per contract.
- What are the SI contract months?
- SI lists January, February, March, April, May, June, July, August, September, October, November and December. All twelve months are listed; volume concentrates in March, May, July, September and December.
- What does SIZ2026 mean?
- It is one specific SI contract: the root SI, the delivery-month code Z, and the year. Z is December, so SIZ2026 is the December 2026 contract. The codes run F G H J K M N Q U V X Z for January through December — I and L are skipped because they read as 1 and 7 on a ticker.
- What is SI00, SI1! or /SI?
- All three name the same thing: the continuous front-month SI contract, written differently by different platforms. Barchart uses SI00, TradingView SI1!, thinkorswim and tastytrade /SI, Yahoo Finance SI=F, and SI on social media is usually written $SI. None of them is a separate instrument — each stitches together whichever dated contract is currently the front month.
- How is P&L calculated for SI?
- P&L = (exit price − entry price) ÷ 0.005 tick size × $25.00 tick value × number of contracts. Use the tick value calculator to compute this directly.
More futures contract specs
- HG — CopperTick value $12.50 · COMEX
- PL — PlatinumTick value $5.00 · NYMEX
- SIL — Micro SilverTick value $5.00 · COMEX
- GC — GoldTick value $10.00 · COMEX
See all futures contract specs or use the futures contract & tick value calculator with any symbol or custom specs.
Specs last reviewed 2026-09-06. Exchanges can amend contract specs — always confirm against the exchange or your broker before trading.