YM (E-mini Dow Jones Industrial Average Futures)
The E-mini Dow Jones futures contract — tracks the 30-stock Dow Jones Industrial Average with $5 per point and $5 per 1-tick. Lower-volatility cousin of ES.
What is YM (E-mini Dow Jones Industrial Average Futures)?
YM is the symbol for the E-mini Dow Jones Industrial Average futures contract, traded on CBOT (part of CME Group) via Globex. It tracks the Dow Jones Industrial Average — 30 large-cap blue-chip US stocks. The contract represents $5 multiplied by the Dow, so at 40,000 one YM contract represents $200,000 of notional exposure.
YM has lower dollar volatility per point than ES because the Dow has fewer (30) and more concentrated stocks vs S&P 500’s 500. Daily ranges of 200-400 Dow points translate to $1,000-$2,000 per YM contract. The combination of $5/tick (smaller dollar swings), tight bid-ask, and moderate range makes YM popular among new traders learning prop firm size discipline before scaling to ES.
However, YM has thinner liquidity than ES (200,000-300,000 daily volume vs ES’s 1.5M+), limiting its appeal for high-frequency strategies.
How YM (E-mini Dow Jones Industrial Average Futures) works
YM contract specifications (May 2026):
- Symbol: YM (sometimes YM1! or @YM)
- Exchange: CBOT (Chicago Board of Trade) Globex — part of CME Group
- Underlying: Dow Jones Industrial Average
- Multiplier: $5 per index point
- Tick size: 1 index point (NOT fractional like ES/NQ)
- Tick value: $5 per tick
- Contract months: March, June, September, December
- Trading hours: Sun 6:00 PM ET-Fri 5:00 PM ET, 1-hour daily break
- Settlement: Cash settled
Margin: Day-trading $500 per contract at most prop firms. CME initial margin ~$8,500. Notional value at Dow 40,000: $200,000.
Volatility comparison:
- YM daily range: typically 200-400 Dow points = $1,000-$2,000 per contract
- ES daily range: typically 30-50 S&P points = $1,500-$2,500 per contract
- NQ daily range: typically 200-400 Nasdaq points = $4,000-$8,000 per contract
Liquidity: 200,000-300,000 daily contracts during RTH. Bid-ask typically 1 tick ($5).
Why YM is underused vs ES: Most prop firm traders default to ES because liquidity is 5-7x deeper, ES tick value ($12.50) gives more dollar P&L per equivalent move, and ES is the de facto US equity benchmark. YM’s role: traders specifically wanting Dow blue-chip exposure or smaller dollar swings.
Worked example
Setup: Trader on Apex $50K account holds 1 YM contract long from 40,005, stop at 39,975 (30 points = $150 risk), target at 40,065 (60 points = $300 reward). Risk/reward 1:2.
Outcome — target hit:
- Price reaches 40,065 over the next 30 minutes.
- Gross P&L: +60 points × $5 = +$300
- Commission ~$3.50 round-trip → Net ~$296.50
Comparison vs equivalent ES trade: Same percentage move on ES (60 Dow points ≈ 6 S&P points) at 1 ES = $300 reward. So 1 YM and 1 ES deliver similar dollar P&L per equivalent move — but ES has more liquidity, tighter spreads. Most traders prefer ES for the same dollar P&L.
YM (E-mini Dow Jones Industrial Average Futures) vs related concepts
Side-by-side comparison of YM (E-mini Dow Jones Industrial Average Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| YM (E-mini Dow Jones Industrial Average Futures) this term | The E-mini Dow Jones futures contract — tracks the 30-stock Dow Jones Industrial Average with $5 per point and $5 per 1-tick. Lower-volatility cousin of ES. | 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 |
| 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. | Specific Contracts |
| RTY (E-mini Russell 2000 Futures) | The E-mini Russell 2000 futures contract — tracks the Russell 2000 small-cap index with $50 per point and $5 per 0.10-tick. Higher volatility than ES, smaller liquidity than NQ. | 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 YM (E-mini Dow Jones Industrial Average Futures)
Choosing YM over ES “because Dow is more famous.” ES is more liquid, more efficient, more widely traded. Brand recognition doesn’t translate to better trading conditions. Most experienced prop firm traders default to ES.
Trading YM with ES-sized stops in dollar terms. A $200 stop on ES is 4 ES ticks; on YM it’s 40 YM ticks. The numerical-tick difference confuses new traders setting stops by tick count rather than dollar amount.
Holding YM through news at full size. Despite lower per-point dollar volatility, YM still moves 200+ points on FOMC days. Position sizes calibrated for YM’s typical 100-200 point range can be inadequate during 300-500 point news days.
Confusing YM with the Dow ETF (DIA). YM is the standard E-mini Dow futures contract at $5/point. There is no “Micro” Dow contract — YM IS the small-size Dow vehicle.
Frequently asked questions about YM (E-mini Dow Jones Industrial Average Futures)
What is YM futures?
YM is the E-mini Dow Jones Industrial Average futures contract, traded on CBOT via Globex. Tracks the Dow Jones Industrial Average (30 large-cap US stocks) at $5 per index point with 1-point tick size ($5 per tick). YM has lower dollar volatility than ES.
How much is one tick on YM?
One tick on YM is 1 index point and equals $5 in profit or loss. Unlike ES/NQ which trade in 0.25-point ticks, YM trades in whole-point increments. So a 30-point Dow move on YM is 30 ticks ($150).
Is YM more or less volatile than ES?
YM has slightly lower per-contract dollar volatility than ES on a typical day — $1,000-$2,000 daily range vs ES's $1,500-$2,500. On percentage-of-index basis, the Dow and S&P move similarly (high correlation).
What is the day-trading margin for YM?
Day-trading margin for YM is $500 per contract at most futures prop firms (matches ES). CME exchange initial margin for overnight holds is approximately $8,500 per contract.
Should I trade YM or ES on prop firm accounts?
For most prop firm traders, ES is the better default — deeper liquidity, tighter spreads, more dollar P&L per percentage move. YM is appropriate for traders specifically wanting Dow blue-chip exposure or smaller dollar swings for learning. Most prop firm traders only touch YM for occasional Dow-specific plays.