NQ (E-Mini Nasdaq 100)
NQ is the E-Mini Nasdaq 100 futures contract. It tracks the 100 largest non-financial companies on the Nasdaq exchange and is known for its large intraday ranges and sensitivity to tech sector moves.
NQ (ticker: /NQ) is the E-Mini Nasdaq 100 futures contract, listed on the CME Group’s Globex platform. It tracks the Nasdaq-100 index, which includes the 100 largest non-financial companies listed on the Nasdaq: dominated by mega-cap tech names like Apple, Microsoft, Nvidia, Amazon, and Meta.
Contract specifications
| Spec | Value |
|---|---|
| Underlying | Nasdaq-100 Index |
| Multiplier | $20 per point |
| Tick size | 0.25 points |
| Tick value | $5.00 |
| Point value | $20.00 |
| Trading hours | Sun–Fri, 6:00 PM – 5:00 PM ET (23h) |
| Expiry | Quarterly (Mar, Jun, Sep, Dec) |
NQ vs ES
NQ and ES are the two most popular equity index futures for day traders. Key differences:
| NQ | ES | |
|---|---|---|
| Point value | $20 | $50 |
| Typical daily range | 200–500+ points | 40–80+ points |
| Dollar range equivalent | $4,000–$10,000+ | $2,000–$4,000+ |
| Sensitivity to tech | High | Moderate |
| Volatility | Higher | Lower |
NQ tends to make larger moves in percentage and point terms. A 1% move in the Nasdaq-100 at 20,000 points = 200 NQ points = $4,000 per contract. The same 1% on ES at 5,200 points = 52 ES points = $2,600 per contract.
P&L math
| Move | Ticks | NQ value | MNQ value |
|---|---|---|---|
| 1 tick | 1 | $5.00 | $0.50 |
| 1 point | 4 | $20.00 | $2.00 |
| 10 points | 40 | $200.00 | $20.00 |
| 100 points | 400 | $2,000.00 | $200.00 |
Who trades NQ
NQ attracts traders who want larger intraday ranges: more opportunity but also more risk per contract. Traders who find ES “too slow” often migrate to NQ, though they also need to size accordingly to maintain the same dollar risk per trade.
The Micro equivalent (MNQ) allows traders to participate in NQ moves at 1/10th the risk.