NQ vs MNQ vs NNQ futures: points, ticks and size
NQ, MNQ and NNQ are CME futures based on the Nasdaq-100. One point is worth $20, $2 and $0.20 per contract, respectively. The difference between NQ and MNQ, and NNQ futures, is contract scale: the same index move produces different dollar gains or losses. NNQ is CME’s E-nano contract and its minimum tick is 0.50 index points, not 0.25.
One index, different exposure
All three track the Nasdaq-100 (NDX), with CME Globex codes NQ, MNQ and NNQ. They use the March, June, September and December quarterly cycle; CME lists five quarterly months for MNQ and the nearest two for NNQ. CME lists a general Sunday 6:00 p.m. to Friday 5:00 p.m. Eastern session for all three, with daily maintenance from 5:00 to 6:00 p.m. Check additional trading halts, current hours and holidays with CME and your broker before trading.
The same 25-point move
With one of each contract, a favorable 25-point move is a gross $500 on NQ, $50 on MNQ and $5 on NNQ. A move against you produces losses of the same amounts. These figures exclude fees and slippage. Multiply again by your contract count if you trade more than one.
Outright contract specifications
| Contract | CME Globex | Per point | Minimum tick | Per tick |
|---|---|---|---|---|
| E-mini Nasdaq-100 | NQ | $20 | 0.25 points | $5 |
| Micro E-mini Nasdaq-100 | MNQ | $2 | 0.25 points | $0.50 |
| E-nano Nasdaq-100 | NNQ | $0.20 | 0.50 points | $0.10 |
These are outright futures ticks, not calendar-spread increments. An NNQ tick spans twice as many index points as an NQ or MNQ tick. Dollar values are per contract and before costs.
Which contract fits your account and stage?
Start with the distance to your stop in index points and the maximum dollar loss you can accept. Calculate position size at each contract scale. A smaller scale can help you size more precisely, but it does not remove leverage, fees, slippage or losses. Check actual liquidity and execution costs on your platform. Margin is collateral to hold a position, not the maximum possible loss; requirements change and your broker can impose different terms. Check current CME and broker requirements rather than choosing by margin alone.
Official sources: CME E-nano FAQ · CME Micro E-mini FAQ · CME NQ. Check current hours, holidays and requirements there.
NQ, MNQ and NNQ calculator
Common mistakes
Scaling without recalculating risk
One NQ equals ten MNQ or one hundred NNQ in point value. Recalculate stop risk in dollars and total contract count.
Mixing up points and ticks
One point is not one tick: NQ and MNQ have four 0.25-point ticks per point; NNQ has two 0.50-point ticks.
Treating margin as maximum loss
Margin is collateral, not a loss cap. Adverse moves can cost more than posted margin; check CME and your broker.
Frequently asked questions
How much is one NQ, MNQ or NNQ point worth?
Per contract, one point is $20 for NQ, $2 for MNQ and $0.20 for NNQ before costs. Multiply by the point move and number of contracts.
Does NNQ also have a 0.25-point tick?
No. CME sets the NNQ outright tick at 0.50 points and $0.10. NQ and MNQ outright ticks are 0.25 points, worth $5 and $0.50, respectively.
What are the expiry months and trading hours?
The quarterly cycle is March, June, September and December. CME lists the general session Sunday 6:00 p.m. through Friday 5:00 p.m. ET, with daily maintenance from 5:00 to 6:00 p.m. ET. Confirm additional halts, holidays and broker schedules.
Which contract should I choose for my account?
There is no universal choice. Calculate your stop risk and costs, check available liquidity, and verify current margin with CME and your broker. A smaller per-point value does not guarantee a smaller total loss if you add contracts.
Track points and dollars in context
Keep instrument, contract count and costs separate in your Journal so you can compare your own trades at the right scale.