Micro Futures
Micro futures are futures contracts sized at one-tenth of their standard E-Mini equivalent. They offer the same market exposure with a fraction of the capital requirement, making them practical for smaller accounts and precise position sizing.
Micro futures are CME Group contracts that track the same underlying index or commodity as standard futures but at 1/10th the notional size. They were launched in May 2019 and quickly became the most actively traded futures contracts by volume.
Available micro futures contracts
| Micro Contract | Tracks | Tick Value | Standard Equivalent |
|---|---|---|---|
| MES | S&P 500 | $1.25 | ES ($12.50/tick) |
| MNQ | Nasdaq 100 | $0.50 | NQ ($5.00/tick) |
| M2K | Russell 2000 | $0.50 | RTY ($5.00/tick) |
| MYM | Dow Jones | $0.50 | YM ($5.00/tick) |
| MGC | Gold | $1.00 | GC ($10.00/tick) |
| MCL | Crude Oil | $1.00 | CL ($10.00/tick) |
Why micro futures matter
Smaller accounts: You can trade ES-equivalent exposure with a fraction of the margin. A typical prop firm intraday margin for MES is around $40–$100 vs $400–$1,000 for ES.
Precise position sizing: Instead of choosing between 1 and 2 ES contracts, you can trade 5 MES, 7 MES, 12 MES: whatever matches your risk model exactly.
Learning with real consequences: Micros have real P&L, so the psychological experience is genuine. But a 10-tick adverse move on MES is $12.50, not $125.
Micros vs standard contracts
The price action is identical: MES and ES track the same S&P 500 index. The only differences are notional size, margin, and tick value. Charts, setups, and analysis are fully interchangeable.
Many traders start on micros and scale to standard contracts as their account grows, using the relationship (10 MES = 1 ES) to manage position size across account tiers.