NQ (E-mini Nasdaq-100 Futures)
The E-mini Nasdaq-100 futures contract — the most volatile of the major equity index futures, tracking the Nasdaq-100 index with $20 per point and $5 per 0.25-tick.
What is NQ (E-mini Nasdaq-100 Futures)?
NQ is the symbol for the E-mini Nasdaq-100 futures contract, traded on CME Globex. It is the second-most actively traded equity index future in the world (after ES), with daily volume routinely exceeding 500,000 contracts. The contract represents $20 multiplied by the Nasdaq-100 Index — so if the index is at 18,000, one NQ contract represents $360,000 of notional exposure.
NQ is the volatility-focused complement to ES at every futures prop firm. While ES typically moves 30-50 points intraday ($1,500-$2,500), NQ typically moves 200-400 points intraday ($4,000-$8,000). This 2-3x volatility multiplier makes NQ the favored contract for aggressive day traders, scalpers seeking larger ticks, and momentum traders. The downside: drawdown risk per move is also 2-3x larger.
NQ tracks the Nasdaq-100 Index — the largest 100 non-financial companies on the Nasdaq stock exchange (Apple, Microsoft, Amazon, Nvidia, Meta, Google, Tesla, Netflix, etc.). Tech-sector concentration means NQ amplifies tech earnings reactions, AI-driven rallies, and rate-sensitive moves more than ES (which is more diversified).
How NQ (E-mini Nasdaq-100 Futures) works
NQ contract specifications (May 2026):
- Symbol: NQ (sometimes shown as NQ1! or @NQ on platforms)
- Exchange: CME (Chicago Mercantile Exchange) Globex
- Underlying: Nasdaq-100 Index (top 100 non-financial Nasdaq stocks)
- Multiplier: $20 per index point
- Tick size: 0.25 index points
- Tick value: $5 per tick
- Contract months: March (H), June (M), September (U), December (Z) — quarterly cycle
- Trading hours: Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily 1-hour break (5:00-6:00 PM ET)
- RTH (Regular Trading Hours): 9:30 AM-4:00 PM ET
- Settlement: Cash settled
- Last trading day: Third Friday of contract month
Margin requirements:
- Day-trading margin: $500 per contract at most prop firms (matches ES at most firms)
- Initial margin (CME exchange minimum): ~$23,000 (higher than ES due to higher notional and volatility)
- Maintenance margin: ~$21,000
- Notional value: $20 × current index level (~$360,000 at index 18,000)
Volatility comparison NQ vs ES:
- Average daily range NQ: 200-400 points ($4,000-$8,000)
- Average daily range ES: 30-50 points ($1,500-$2,500)
- Per-tick dollar value: NQ $5 vs ES $12.50 — but NQ moves more ticks, so daily $ swing is larger
- Tech earnings sensitivity: NQ moves 2-3x more on Apple/Microsoft/Nvidia earnings than ES
Position-size limits at prop firms ($50K accounts, May 2026):
- Apex, TPT, Tradeify, Lucid: typically 5 NQ contracts max on $50K. Some firms count NQ + ES correlated — verify per firm.
Worked example
Setup: Trader on TPT $50K PRO funded account holds 1 NQ contract long from 18,005, with stop at 17,990 (15 points = $300 risk) and target at 18,035 (30 points = $600 reward).
Trade math:
- Entry: 1 NQ @ 18,005.00 long
- Stop loss: 18,005 – 15.00 = 17,990.00 (= 60 ticks × $5 = $300 risk)
- Take profit: 18,005 + 30.00 = 18,035.00 (= 120 ticks × $5 = $600 reward)
- Risk/reward: 1:2
Outcome — target hit:
- Price reaches 18,035.00 within 12 minutes (NQ is fast).
- Gross P&L: +30 points × $20 = +$600
- Commission: ~$3.50 round-trip on Tradovate Active or $2.50 on NinjaTrader Lifetime
- Net P&L: ~$596.50
Drawdown buffer comparison vs ES: Same trade structure on ES would have been $50 per point × 6 points = $300 reward (vs $600 on NQ). The 2x dollar payoff per equivalent percentage move is why aggressive traders prefer NQ. But the 2x downside is also real — a 15-point NQ stop is $300 vs the ES equivalent of $150.
NQ scalping daily example: Trader runs 8 round-trips per day on NQ, average +$80/winner (8 ticks), -$60/loser (6 ticks), 60% win rate. Daily expected: 8 × (0.6 × $80 – 0.4 × $60) = +$192/day before commission. After ~$28 commission: +$164/day. Monthly: +$3,280 — first-payout threshold met within 2 weeks on $50K account.
NQ (E-mini Nasdaq-100 Futures) vs related concepts
Side-by-side comparison of NQ (E-mini Nasdaq-100 Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| NQ (E-mini Nasdaq-100 Futures) this term | The E-mini Nasdaq-100 futures contract — the most volatile of the major equity index futures, tracking the Nasdaq-100 index with $20 per point and $5 per 0.25-tick. | Specific Contracts |
| MNQ (Micro E-mini Nasdaq-100 Futures) | The Micro E-mini Nasdaq-100 futures contract — exactly one-tenth the size of NQ, tracking the Nasdaq-100 index with $2 per point and $0.50 per 0.25-tick. | Specific Contracts |
| ES (E-mini S&P 500 Futures) | The E-mini S&P 500 futures contract — the most actively traded equity index future in the world, tracking the S&P 500 index with $50 per point and $12.50 per 0.25-tick. | Specific Contracts |
| MES (Micro E-mini S&P 500 Futures) | The Micro E-mini S&P 500 futures contract — exactly one-tenth the size of ES, tracking the S&P 500 index with $5 per point and $1.25 per 0.25-tick. The most popular contract for new and small-account traders. | Specific Contracts |
| Futures Contract | A standardized agreement to buy or sell a specific quantity of an underlying asset at a predetermined price on a specified future date — the foundational instrument of futures markets. | Futures Mechanics |
| Point Value | The dollar value of a one-point price movement on a futures contract — equal to the contract multiplier; a key input to position sizing math. | Futures Mechanics |
| Margin | The capital deposit required to open and hold a futures position — set by the exchange (initial margin) and broker (day-trade margin), typically 5-15% of contract notional value. | Futures Mechanics |
Why traders fail NQ (E-mini Nasdaq-100 Futures)
Treating NQ like ES on stop sizes. A 5-point ES stop is $250 risk per contract. The same 5-point stop on NQ is $100 risk per contract — but NQ moves 5 points in 30 seconds during volatile sessions. Most NQ scalpers use wider stops (10-20 points = $200-$400) and accept the wider risk per trade.
Sizing NQ identically to ES at the same dollar account. 5 NQ contracts at a $50K account expose you to 2-3x the dollar volatility of 5 ES. If your strategy works on ES at 5 contracts, scaling to 5 NQ contracts often blows the account during normal NQ moves.
Trading NQ on tech-earnings days without size adjustment. NQ can move 100+ points in 60 seconds on FOMC, CPI, or major tech earnings. A 1-contract NQ position is suddenly +/-$2,000 in a minute. Most experienced NQ traders cut size by 50-75% on event days or simply step aside.
Not respecting the 1-hour daily break. NQ closes 5:00-6:00 PM ET daily. Stops left in the market across the break can fill at unexpected prices when the market reopens, especially during news flashes. Most prop firms automatically close positions at break if open near close — verify per firm.
Frequently asked questions about NQ (E-mini Nasdaq-100 Futures)
What is NQ futures?
NQ is the symbol for the E-mini Nasdaq-100 futures contract, traded on CME Globex. It tracks the Nasdaq-100 Index (top 100 non-financial Nasdaq stocks) at $20 per index point with 0.25 tick size ($5 per tick). NQ is the second-most actively traded equity index future in the world after ES, with daily volume routinely exceeding 500,000 contracts.
How much is one tick on NQ?
One tick on NQ is 0.25 index points and equals $5 in profit or loss. So a 4-tick move is 1.00 index points ($20). A 20-tick move is 5.00 index points ($100). The contract has a multiplier of $20 per index point.
Is NQ more volatile than ES?
Yes, considerably. NQ typically moves 200-400 points intraday ($4,000-$8,000 per contract dollar swing), while ES typically moves 30-50 points ($1,500-$2,500). NQ is 2-3x more volatile than ES on a daily-range basis. This makes NQ favored by aggressive scalpers and momentum traders, but also higher-risk for new traders.
What is the day-trading margin for NQ?
Day-trading margin for NQ is $500 per contract at most futures prop firms (Apex, Tradeify, TPT, Lucid, FundedNext, Phidias). The CME exchange initial margin for overnight holds is approximately $23,000 per contract (higher than ES due to higher notional value and volatility). Day margin is much lower because positions are flat by end of day.
Should I trade NQ or MNQ on prop firm accounts?
Choose by account size and volatility comfort. NQ is $20 per point — fast, big moves. MNQ is one-tenth at $2 per point — same trading patterns at smaller dollar swings. For $50K+ accounts and traders with NQ experience, NQ is appropriate. For $25K accounts or learning the contract, MNQ gives 10 contracts of equivalent exposure to 1 NQ with smaller per-tick swings.
When does NQ trade?
NQ trades Sunday 6:00 PM ET to Friday 5:00 PM ET, with a 1-hour daily break (5:00-6:00 PM ET). Most active session is Regular Trading Hours (RTH) from 9:30 AM-4:00 PM ET. Asian session (overnight US) and European session (3:00-9:30 AM ET) also see meaningful NQ volume, especially during major Asian or European tech-stock moves.