Futures8 min read
NQ vs MNQ: sizing Nasdaq futures responsibly
Know the current NQ and MNQ multipliers and ticks from CME, then size contracts to a fixed dollar risk with neutral, verifiable math and examples.
By TerraTrade Team
Publication date: Oct 4, 2026. Contract specifications in this guide were checked against CME Group’s official product pages on the same date and should always be verified live before placing orders E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
What changes between NQ and MNQ? The contract math#
| Contract | Symbol | Multiplier (USD × index pt) | Minimum tick (index pts) | Tick value (USD) | Dollar per 1 index point (USD) |
|---|---|---|---|---|---|
| E-mini Nasdaq-100 | NQ | $20 E-mini Nasdaq-100 Futures Contract Specs - CME Group | 0.25 E-mini Nasdaq-100 Futures Contract Specs - CME Group | $5.00 (derived from $20 × 0.25) E-mini Nasdaq-100 Futures Contract Specs - CME Group | $20.00 E-mini Nasdaq-100 Futures Contract Specs - CME Group |
| Micro E-mini Nasdaq-100 | MNQ | $2 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group | 0.25 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group | $0.50 (derived from $2 × 0.25) Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group | $2.00 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group |
Convert ticks, points, and dollars quickly#
- Tick size on both contracts: 0.25 index points E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Dollar per point: NQ $20/pt; MNQ $2/pt E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Tick value: NQ 0.25 × $20 = $5; MNQ 0.25 × $2 = $0.50 E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Per-contract risk at a stop (points) = stop_points × dollars_per_point
- Per-contract risk at a stop (ticks) = stop_ticks × tick_value
- Contracts = target_dollar_risk ÷ per-contract risk
A 5-step procedure to size NQ vs MNQ neutrally#
- State the maximum dollars you’re willing to lose if your stop is hit.
- Define your stop distance in index points or ticks from entry (1 point = 4 ticks, because tick = 0.25 points) E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- Convert that distance to dollars per contract using $20/pt or $5/tick for NQ; $2/pt or $0.50/tick for MNQ E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- Compute contracts = target_dollar_risk ÷ per-contract risk. Round down to a whole number; consider one more micro if you need finer granularity.
- If you mix NQ and MNQ, remember 1 NQ ≈ 10 MNQ in exposure and P/L sensitivity E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Neutral risk examples: equalizing NQ and MNQ#
Example A — same dollar risk, same stop distance#
- Target risk: $100; planned stop: 10 ticks (2.5 index points).
- Per-contract loss if stop is hit:
- NQ: 10 ticks × $5 = $50 E-mini Nasdaq-100 Futures Contract Specs - CME Group
- MNQ: 10 ticks × $0.50 = $5 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Contracts to risk ≈ $100:
- NQ: $100 ÷ $50 = 2 contracts
- MNQ: $100 ÷ $5 = 20 contracts
- Takeaway: MNQ allows much finer increments; you can add or remove $5 of risk per 10-tick stop per micro contract. NQ changes risk in $50 steps at the same stop size E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Example B — same number of contracts, different nominal risk#
- Hold 1 contract; stop = 4 ticks (1.0 index point).
- Risk per single contract if stop is hit:
- 1 NQ: 4 ticks × $5 = $20 E-mini Nasdaq-100 Futures Contract Specs - CME Group
- 1 MNQ: 4 ticks × $0.50 = $2 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Takeaway: 1 MNQ carries 1/10 the P/L sensitivity of 1 NQ. That’s useful for learning, precision scaling, or trading smaller accounts within your risk limits E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Example C — size to a larger target risk with a wider stop#
- Target risk: $1,000; stop = 10.0 index points (40 ticks).
- Per-contract loss if stop is hit:
- NQ: 10.0 × $20 = $200 E-mini Nasdaq-100 Futures Contract Specs - CME Group
- MNQ: 10.0 × $2 = $20 Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group
- Contracts to risk ≈ $1,000:
- NQ: $1,000 ÷ $200 = 5 contracts
- MNQ: $1,000 ÷ $20 = 50 contracts
Notional exposure at a sample index level#
Notional = index level × contract multiplier. For illustration only, if the Nasdaq‑100 index were at 17,500:
- NQ notional = 17,500 × $20 = $350,000 per contract E-mini Nasdaq-100 Futures Contract Specs - CME Group
- MNQ notional = 17,500 × $2 = $35,000 per contract Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group Relationship: 1 NQ ≈ 10 MNQ in notional and in P/L per point or per tick E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group. Always update the index level you use for sizing to what’s live when you place the trade.
Pre-trade checklist: position sizing and verification#
- Confirm the instrument: NQ (E-mini Nasdaq-100) or MNQ (Micro E-mini Nasdaq-100) on CME E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- Reconfirm multiplier and minimum tick on CME; compute tick value and dollars per point from those E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- Set your maximum dollar risk for the trade in advance; write it down in your plan.
- Translate your chart stop to index points or ticks; double-check against depth-of-market.
- Calculate per-contract risk and the number of contracts; round down to stay within your risk limit.
- If you need finer granularity, consider substituting or mixing MNQ (remembering the 10:1 relationship) E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- Account for slippage and commissions when stress-testing worst-case P/L on the stop.
- Document the setup, stop logic, and position size in your journal so you can audit slippage and variance later.
Sizing trade-offs: strengths and limitations
NQ strengths
- ✓You want larger notional per contract and can tolerate $5 per tick per contract swings (Source: E-mini Nasdaq-100 Futures Contract Specs - CME Group).
- ✓You plan to scale in/out with fewer clips and are comfortable with coarser risk increments (Source: E-mini Nasdaq-100 Futures Contract Specs - CME Group).
- ✓You’re matching or hedging larger index exposure and prefer fewer line items.
NQ trade-offs
- —Coarser risk granularity than MNQ; $5 per tick per contract can overshoot small risk steps compared with $0.50 per tick on MNQ (Source: E-mini Nasdaq-100 Futures Contract Specs - CME Group) (Source: Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group).
- —Larger P/L swings per contract may exceed smaller risk budgets if position size isn’t reduced.
- —Fewer scaling increments; adding or trimming risk occurs in larger dollar steps than with micros.
MNQ strengths
- ✓You want precise scaling and tighter control of dollar risk steps (e.g., $0.50 per tick per contract) (Source: Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group).
- ✓You’re testing or refining a process with smaller P/L swings per contract (Source: Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group).
- ✓You need to combine exposures (e.g., replace fractions of an NQ with multiples of MNQ) (Source: E-mini Nasdaq-100 Futures Contract Specs - CME Group) (Source: Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group).
MNQ trade-offs
- —Finer granularity requires more contracts to reach a target size (10 MNQ ≈ 1 NQ) (Source: E-mini Nasdaq-100 Futures Contract Specs - CME Group) (Source: Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group).
- —Order management becomes more complex with higher contract counts.
- —Per-tick P/L is smaller, so commissions and slippage can represent a larger percentage of P/L.
Verification links (primary sources)#
- CME — E-mini Nasdaq-100 (NQ) contract specifications E-mini Nasdaq-100 Futures Contract Specs - CME Group.
- CME — Micro E-mini Nasdaq-100 (MNQ) contract specifications Micro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
- CME — Micro E-mini equity index fact card (confirms 1/10 size relationship) Micro E-mini Futures.
FAQ#
Is MNQ exactly 1/10 the size of NQ?
Yes. Per CME, MNQ’s multiplier is $2 per index point versus NQ’s $20 per point, so MNQ is exactly 1/10 the notional and P/L sensitivity of NQ E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Do NQ and MNQ use the same tick size?
Both NQ and MNQ quote in 0.25 index‑point minimum ticks on CME E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
What are the tick values and dollars per point?
NQ moves $5.00 per 0.25‑point tick and $20.00 per 1.00 point. MNQ moves $0.50 per 0.25‑point tick and $2.00 per 1.00 point E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
How do I calculate notional exposure per contract?
Multiply the current Nasdaq‑100 index level by the contract multiplier: NQ = index × $20; MNQ = index × $2. Example at index 17,500: NQ ≈ $350,000; MNQ ≈ $35,000 E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Does today’s index level change tick value or dollars per point?
No. The dollar effect of a 1‑tick or 1‑point move is fixed by the multiplier and tick size on CME, independent of where the index is trading. What changes with index level is the notional (index × multiplier) E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
How do I size the number of contracts for a given stop?
Use contracts = target_risk ÷ (stop_points × dollars_per_point). For example, to risk $100 with a 1‑point stop: NQ per‑contract risk = 1 × $20 = $20 → 5 contracts; MNQ per‑contract risk = 1 × $2 = $2 → 50 contracts E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Close and key reminder#
Final reminder: the arithmetic behind NQ vs MNQ contract size is simple and fully defined by CME’s live specs. If you always translate your stop to points or ticks, convert to dollars, and size contracts to a fixed risk, you’ll keep your exposure consistent across both products—and your journal will show comparable trades you can reliably learn from E-mini Nasdaq-100 Futures Contract Specs - CME GroupMicro E-mini Nasdaq-100 Index Futures Contract Specs - CME Group.
Sources#
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