MES futures: how the Micro E-mini S&P 500 works
MES moves on the exact same chart as ES. The only thing that changes is the size: each tick is worth $1.25, not $12.50.
At a glance
| Item | MES (Micro E-mini S&P 500) |
|---|---|
| What it is | A small futures contract on the S&P 500, one tenth the size of ES |
| Tick size | 0.25 index points |
| One tick is worth | $1.25 ($5 per full point) |
| Busiest hours (ET) | 9:30–11:00 am and 3:00–4:00 pm |
| What moves it most | Same as ES: the Fed, CPI, jobs data, big tech earnings |
| Trading hours | Sunday 6 pm to Friday 5 pm ET, daily break 5–6 pm ET |
Check cmegroup.com for current specs. They can change.
The 10-to-1 relationship
Here's the key idea. 10 MES contracts = 1 ES contract in dollar terms.
- ES: 1 point = $50. MES: 1 point = $5.
- Same price, same candles, same levels.
- MES just lets you take a smaller slice.
That's why MES matters for beginners. With ES, the smallest step up is $12.50 a tick. With MES, you can size in steps of $1.25 a tick. Your size can follow your plan instead of the contract.
What moves it
Everything that moves ES moves MES, tick for tick.
- Fed days. FOMC statement at 2:00 pm ET, press conference at 2:30 pm.
- Inflation and jobs. CPI and the jobs report both land at 8:30 am ET.
- Earnings season. The biggest US companies carry a lot of weight in the index.
- Yields. Rising long-term rates often weigh on stock prices.
When it's busiest
MES follows the S&P 500's daily rhythm. Most of the movement comes after the US stock market opens at 9:30 am ET, and again in the last hour before 4:00 pm.
Overnight, MES can be thin. The gap between the buy price and the sell price (the Spread) may widen at quiet hours. The ET hours stay fixed all year, because CME sets them in Chicago time and both cities change clocks together.
Its personality
- A twin, not a cousin. MES isn't a different market. It's ES at a smaller size.
- Less traded than ES, so at 3 am ET you may see a slightly wider gap between prices.
- Great for practice sizes. Moving from paper trading to small live trades is easier when one tick is $1.25.
- Same weekend gap risk. Futures close Friday 5 pm ET. News over the weekend can make Sunday open at a different price than Friday's close.
- Expires quarterly, like ES: March, June, September, December.
Reading it with our method
Read the chart exactly as you would ES. Mark the last places price turned around on the daily and 1-hour charts first. Trade in the direction of the bigger chart.
On your entry chart, wait for a candle body to close past a level. Tails don't count.
Then size from the stop. Example: your stop is 6 points away. That's 24 ticks × $1.25 = $30 of risk per MES contract. If your plan allows $90 of risk, that's 3 contracts. Run it through the futures tick value calculator or the position size calculator. A math example, not a promise.
Common mistakes
- Thinking "micro" means "safe". Ten MES carries the same risk as one ES. Size is what matters, not the contract name.
- Adding contracts after a loss. Small contracts make it easy to quietly double up. Keep the size your plan set. See revenge trading.
- Skipping the practice step. MES is a good next step after practice on past charts, not a replacement for it.
- Ignoring fees. Fees per contract don't shrink as much as the contract does. Check them with your broker.
Questions
How much is one MES point worth?
$5 per point. One tick is 0.25 points, which is $1.25.
Is MES good for beginners?
It lets you trade the S&P 500 in small steps, which makes sizing easier. It still uses leverage, and losses are always possible, so practice first and keep risk small.
Do MES and ES move the same?
Yes. They track the same index and move point for point. Only the dollar value per point differs: $5 for MES, $50 for ES.
How much money do you need to trade MES?
Brokers set their own margin, so it varies. What matters more is your risk per trade. See how much money to start trading.
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