MNQ vs NQ (and MES vs ES)
MNQ is the micro version of NQ: the same Nasdaq-100 futures price and the same 0.25-point tick, at one tenth of the size. One NQ point is $20, one MNQ point is $2. The same goes for MES and ES. Here is how to choose between them.
MNQ, NQ, MES and ES side by side
| MNQ | NQ | MES | ES | |
|---|---|---|---|---|
| Index | Nasdaq-100 | Nasdaq-100 | S&P 500 | S&P 500 |
| Tick size | 0.25 | 0.25 | 0.25 | 0.25 |
| Tick value | $0.50 | $5 | $1.25 | $12.50 |
| Point value | $2 | $20 | $5 | $50 |
| A 20-point stop | $40 | $400 | $100 | $1,000 |
| Size steps | 1/10 of NQ | 1 NQ | 1/10 of ES | 1 ES |
Sizing: why most smaller accounts start with MNQ
NQ often moves 20 to 40 points in a few minutes. On one NQ that is $400 to $800; on one MNQ it is $40 to $80. With a $2,000 prop-firm drawdown, one full NQ stop of 25 points ($500) uses a quarter of the account; the same stop on 3 MNQ ($150) uses under a tenth.
Micros also let you scale: take a partial at the first target with 2 of 5 MNQ, or add one contract at a time, which is impossible with a single NQ.
Costs: when NQ is cheaper
Commissions and exchange fees are charged per contract, and a micro does not cost one tenth of an E-mini to trade. Once you regularly trade 10 or more MNQ, one NQ usually gives the same exposure for a fraction of the fees. Put your own commission into the futures calculator to compare.
Prop-firm limits
Most futures prop firms cap how many contracts you can hold, and many count ten micros as one E-mini against that cap. Some allow micros only on some plans. Check your firm's rules, and see futures prop firms for NQ and ES traders for what to compare.
Which one to trade
- MNQ or MES when your stop on one E-mini would be more than about 1% to 2% of your account or more than a fifth of a prop-firm drawdown, or when you want to scale in and out.
- NQ or ES when you consistently trade ten or more micros, where the per-contract costs start to matter.
See whether your size is the problem
Connect Tradovate read-only or upload your trades. QuantLogic reads MNQ with NQ and MES with ES, puts every trade on 1-minute market context and shows where your results come from, per contract or in total. Explore the free demo first.
No card needed for the demo. Read-only: QuantLogic never places orders.
Questions
- What is the difference between MNQ and NQ?
- Size only. Both track the same Nasdaq-100 futures price with a 0.25-point tick. One MNQ is one tenth of one NQ: $2 a point instead of $20, $0.50 a tick instead of $5.
- Are 10 MNQ the same as 1 NQ?
- In profit and loss, yes: ten MNQ move $20 a point, like one NQ. In costs, no: commissions and fees are charged per contract, so ten micros usually cost several times more to trade than one E-mini.
- Should a beginner trade MNQ or NQ?
- Usually MNQ. A normal NQ stop of 20 to 40 points risks $400 to $800 on one NQ but $40 to $80 on one MNQ, and micros let you add or remove size in small steps.
- Is MES vs ES the same comparison?
- Yes. MES is one tenth of ES: $5 a point and $1.25 a tick, against $50 and $12.50.
More free guides and tools
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.
Micro futures explained
What MNQ and MES are, what a point is worth, and how traders use them.
NQ vs ES: which to trade
Nasdaq-100 or S&P 500 futures: movement, risk per point and how they move together.
Best futures prop firms for NQ and ES traders
How to choose a firm for index futures, and what each one runs on.
Educational content, not investment advice. Futures trading involves substantial risk of loss. See the risk disclosure.