NQ, ES, MES & MNQ Explained
These are the ticker symbols for the two most-traded index futures and their micro versions. ES is the E-mini S&P 500. NQ is the E-mini Nasdaq-100. MES and MNQ are the micro versions — one-tenth the size, and the best place for beginners to start. Here's what each one is and what a move is actually worth.
ES — E-mini S&P 500
The ES tracks the S&P 500 index. It's the most-watched, deeply liquid index future. It moves in 0.25 ticks worth $12.50 each, so a full point ($50) is four ticks. It's smoother and generally less volatile than the Nasdaq.
NQ — E-mini Nasdaq-100
The NQ tracks the tech-heavy Nasdaq-100. It's more volatile and faster-moving, which is why momentum day traders love it. It moves in 0.25 ticks worth $5.00 each, and one point is worth $20. Bigger daily ranges mean bigger opportunity — and bigger risk.
MES & MNQ — the micros
MES (Micro E-mini S&P) and MNQ (Micro E-mini Nasdaq) are exactly 1/10th the size of ES and NQ. That means:
- MES: $5 per point (vs. $50 on ES).
- MNQ: $2 per point (vs. $20 on NQ).
Micros let you trade the same markets with a fraction of the risk — ideal for learning, building consistency, and passing prop-firm evaluations without oversized swings. See our beginner's how-to →
Which should you trade?
Start on micros (MES/MNQ) while you build skill. Choose ES if you want smoother, steadier moves, or NQ if you want speed and volatility. Many day traders focus on one and master how it moves rather than jumping between both. New to the whole thing? Read What Are Futures? first.
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What is NQ vs ES?
NQ is Nasdaq-100 futures (faster, more volatile, $20/pt). ES is S&P 500 futures (smoother, $50/pt). MNQ and MES are their micro versions at 1/10th the size.
Are micros good for beginners?
Yes — MES and MNQ let you trade the real market with much smaller risk per tick, which is perfect for learning and passing prop evaluations.
Contract specs can change — verify current tick values with the CME/your broker. Educational content only, not financial advice. Trading futures carries substantial risk of loss.