Handle
A handle is trader slang for one full point of price movement in an index futures contract. On ES, one handle equals four ticks and is worth $50. The term comes from the whole-number part of a price quote.
Handle is floor-trading slang that has carried over into screen trading. It refers to one full point of price movement: or sometimes to the whole-number portion of a price.
Two uses of “handle”
1. As a unit of movement
“ES ran 5 handles” means ES moved 5 full points: 20 ticks, worth $250 per contract. In this usage, handle and point are interchangeable.
2. As the whole-number part of a price
If ES is trading at 5,247.50, the handle is 5,247. When price moves from 5,247.xx to 5,248.xx, traders say it “changed handles.” This usage is common in live trading rooms and squawk services.
Why traders use the term
On the CME floor, the “handle” was the large printed number on the price board that changed infrequently. Pit traders assumed everyone knew the handle and only called out the fractional ticks. The terminology stuck in electronic trading culture.
Handle value by instrument
| Instrument | 1 Handle = | Dollar value |
|---|---|---|
| ES | 1 point / 4 ticks | $50.00 |
| NQ | 1 point / 4 ticks | $20.00 |
| MES | 1 point / 4 ticks | $5.00 |
| MNQ | 1 point / 4 ticks | $2.00 |