Micro futures explained: MNQ and MES
Micro E-mini futures are one-tenth-size versions of the E-mini index futures. MNQ (Micro Nasdaq-100) is worth $2 a point and MES (Micro S&P 500) $5 a point, so you can trade NQ and ES price moves with a tenth of the dollar risk.
What a micro contract is
A micro follows exactly the same futures price as its E-mini. When NQ is at 20,000, MNQ is at 20,000; when NQ rises 10 points, so does MNQ. Only the dollar value of each point changes: one tenth.
- MNQ: Micro E-mini Nasdaq-100. $0.50 a tick, $2 a point.
- MES: Micro E-mini S&P 500. $1.25 a tick, $5 a point.
Dow (MYM) and Russell 2000 (M2K) micros exist too; QuantLogic analyzes the NQ and ES families only.
Why traders use micros
- Smaller risk per idea. A 30-point NQ stop is $600 on NQ and $60 on MNQ.
- Finer sizing. Risk exactly $150 on a 25-point stop with 3 MNQ, something one NQ cannot do.
- Scaling. Take partial profits or add to a winner one contract at a time.
- Prop-firm evaluations. Micros keep each loss small against a trailing drawdown; see trailing drawdown explained.
The catch: costs per contract
Commissions and exchange fees are charged per contract and are not one tenth of the E-mini's. Ten micros cost more to trade than one E-mini for the same exposure, so heavy micro traders eventually move up. The MNQ vs NQ guide covers when.
When micros trade
The same hours as NQ and ES: Sunday 6:00 PM ET to Friday 5:00 PM ET, with a daily break from 5:00 to 6:00 PM ET. See NQ and ES trading hours by session.
Trading micros? See what your trades are telling you
Connect Tradovate read-only or upload your trades. QuantLogic reads MNQ together with NQ and MES with ES, so your micro and E-mini trades form one record, each on 1-minute market context. Explore the free demo first.
No card needed for the demo. Read-only: QuantLogic never places orders.
Questions
- What are micro futures?
- Exchange-traded futures one tenth the size of the standard E-mini contracts. The index micros launched in 2019 on the S&P 500 (MES), Nasdaq-100 (MNQ), Dow (MYM) and Russell 2000 (M2K).
- How much is one MNQ point worth?
- $2 per contract. MNQ moves in 0.25-point ticks worth $0.50.
- Do micro futures trade the same hours as E-minis?
- Yes. MNQ and MES trade on CME Globex nearly 24 hours a day, Sunday evening to Friday afternoon, with a daily one-hour break, the same as NQ and ES.
- Are micro futures good for beginners?
- They are the usual starting point because a mistake costs a tenth as much. The market is the same, so the skill you build carries straight over to NQ and ES.
More free guides and tools
MNQ vs NQ (and MES vs ES)
Micro or E-mini: tick values, sizing, costs and which one fits your account.
NQ, MNQ, ES and MES tick value calculator
Tick and point values, plus points, ticks and dollars for any trade, with commissions and R multiple.
NQ and ES trading hours by session
Asia, London and New York sessions in ET and CT, the daily break and the weekend.
Trailing drawdown explained
End-of-day vs intraday trailing, the lock, and why unrealized profit counts.
Educational content, not investment advice. Futures trading involves substantial risk of loss. See the risk disclosure.