Micro futures field guide
Micro futures are smaller CME Group contracts. This field guide is education, not a trade recommendation. Contract terms can change; use the linked CME specifications as the controlling source.
At a glance
| Contract | Underlying | Tick size | Tick value | Full-size relation |
|---|---|---|---|---|
| MNQ | Nasdaq-100 | 0.25 index points | $0.50 | 1/10 of E-mini Nasdaq-100 |
| MES | S&P 500 | 0.25 index points | $1.25 | 1/10 of E-mini S&P 500 |
| MGC | Gold | $0.10 per troy ounce | $1.00 | 1/10 of Gold futures |
| MCL | WTI crude oil | $0.01 per barrel | $1.00 | 1/10 of WTI crude oil |
Every number is from CME Group: MNQ, MES, MGC, and MCL.
MNQ: Micro E-mini Nasdaq-100
MNQ tracks the Nasdaq-100. CME lists a 0.25-point minimum price fluctuation and a $0.50 tick value. It is one-tenth the size of E-mini Nasdaq-100 (NQ). Large Nasdaq-100 constituents, semiconductor and software news, earnings, Treasury yields, and broad risk sentiment can move the market. See CME MNQ specifications.
MES: Micro E-mini S&P 500
MES tracks the S&P 500. CME lists a 0.25-point minimum price fluctuation and a $1.25 tick value. It is one-tenth the size of E-mini S&P 500 (ES). Large index constituents, macro releases, earnings, interest rates, and policy news can move the market. See CME MES specifications.
MGC: Micro Gold
MGC is a 10-troy-ounce gold futures contract. CME lists a $0.10-per-ounce minimum price fluctuation, equal to $1.00 per contract tick; it is one-tenth the size of the 100-troy-ounce Gold futures contract. Real yields, the U.S. dollar, central-bank communication, inflation data, and geopolitical developments can move gold. See CME MGC specifications.
MCL: Micro WTI crude oil
MCL is a 100-barrel WTI crude oil futures contract. CME lists a $0.01-per-barrel minimum price fluctuation, equal to $1.00 per contract tick; it is one-tenth the size of the 1,000-barrel WTI crude oil contract. Inventory reports, OPEC+ communication, refinery and production disruptions, economic data, and geopolitical developments can move crude oil. See CME MCL specifications.
Trading hours in Eastern Time
CME Globex hours vary by product and holiday calendar. CME product pages list nearly continuous weekday electronic trading with a daily maintenance break. Verify the current schedule directly on the MNQ, MES, MGC, and MCL pages. **UNVERIFIED: a single current ET schedule statement is intentionally not repeated because CME schedules change for holidays and daylight-saving transitions.**
FAQ
Are micro futures the same market as full-size futures?
They are separate contracts with linked underlying markets and smaller contract sizes. Specifications, liquidity, and spreads can differ.
Is a tick the same thing as a point?
No. A tick is the smallest allowed price increment. For MNQ and MES, CME lists a 0.25-index-point tick.
Where can I confirm current terms?
Use the CME specification page linked in each contract section and the current CME holiday calendar.