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.
What is MES (Micro E-mini S&P 500 Futures)?
MES is the symbol for the Micro E-mini S&P 500 futures contract, traded on CME Globex. It is the micro-sized version of ES, with all specifications exactly one-tenth of the standard contract: $5 per index point (vs ES’s $50), $1.25 per 0.25-tick (vs ES’s $12.50). Notional value at index 5,000 is $25,000 per contract (vs ES’s $250,000).
MES launched in 2019 as part of CME’s Micro family designed to make index futures accessible to retail traders with small accounts. The contract has become the dominant entry-point for new futures traders and remains the preferred contract on $25K-$50K prop firm accounts where 1 ES contract represents too much risk per position.
The key insight: MES tracks the EXACT same S&P 500 index as ES with the EXACT same intraday price action. There is no “different” market — just smaller position units. A trader running 10 MES contracts has the same notional exposure as 1 ES, but each tick of price movement is $12.50 across all 10 MES vs $12.50 on 1 ES — identical aggregate dollar P&L. The benefit of MES is granularity: you can size 1, 2, 3, 4, … 10+ contracts whereas ES jumps in $50 per-point units.
How MES (Micro E-mini S&P 500 Futures) works
MES contract specifications (May 2026):
- Symbol: MES (sometimes shown as MES1! or @MES)
- Exchange: CME Globex
- Underlying: S&P 500 Index (same index as ES)
- Multiplier: $5 per index point (1/10 of ES’s $50)
- Tick size: 0.25 index points (same as ES)
- Tick value: $1.25 per tick
- Contract months: March (H), June (M), September (U), December (Z)
- Trading hours: Sunday 6:00 PM ET to Friday 5:00 PM ET, with daily 1-hour break
- RTH: 9:30 AM-4:00 PM ET
- Settlement: Cash settled
- Last trading day: Third Friday of contract month
Margin requirements:
- Day-trading margin: $50 per contract at most prop firms (1/10 of ES’s $500)
- Initial margin (CME exchange minimum): ~$1,320 (1/10 of ES)
- Notional value: $5 × current index level (~$25,000 at index 5,000)
Liquidity: MES daily volume is roughly 600,000-1M contracts during active sessions — solid liquidity but thinner than ES. Typical bid-ask spread is 1 tick (0.25 points = $1.25) during RTH, occasionally 2 ticks during overnight or low-volume periods.
Position-size limits at prop firms ($50K accounts, May 2026):
- Apex $50K: Up to 50 MES contracts max (10 ES equivalent)
- TPT $50K: Up to 50 MES
- Tradeify $50K: Up to 50 MES
- Lucid $50K: Up to 50 MES
When to choose MES over ES: (1) account size under $50K, (2) learning prop firm sizing discipline, (3) running multiple positions across correlated contracts (MES + MNQ avoids over-concentrating), (4) testing strategies before scaling to ES.
Worked example
Setup: New prop firm trader on Apex $25K Performance Account. Strategy: 5 round-trips per day on MES, average +$30 per winner (24 ticks = 6 points), -$22 per loser (17 ticks ≈ 4.25 points), 60% win rate.
Daily P&L math:
- Per trade: 3 winners × $30 = +$90; 2 losers × $22 = -$44
- Gross daily: +$46
- Commission: ~$3.50 round-trip × 5 = $17.50
- Net daily: ~$28.50
Drawdown comparison MES vs ES on $25K account:
- Apex $25K trailing drawdown: $1,500
- MES at 1 contract: each 6-point loss is $30. Drawdown buffer absorbs ~50 consecutive 1-contract losses — generous.
- ES at 1 contract: each 6-point loss is $300. Drawdown buffer absorbs ~5 consecutive losses — tight.
Monthly progression: +$28.50/day × 20 days = +$570 net. Hit Apex $25K first-payout target ($1,500) in ~3 months. Slower than ES at 5 contracts would deliver, but vastly safer drawdown profile and time to develop trading discipline.
Scaling path: After consistent MES profits, traders typically migrate to MES at 4-5 contracts ($20-$25 per point notional, similar to 0.4-0.5 ES), then to 1 ES contract once size discipline is solid. Most prop firm careers start at 1 MES and scale up over 6-12 months.
MES (Micro E-mini S&P 500 Futures) vs related concepts
Side-by-side comparison of MES (Micro E-mini S&P 500 Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| MES (Micro E-mini S&P 500 Futures) this term | 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 |
| 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 |
| 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 |
| 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 |
| 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 MES (Micro E-mini S&P 500 Futures)
Skipping MES for ES “because the dollar swings are bigger.” ES dollar swings are bigger because they’re 10x the position size. Same percentage moves, same skill required. MES lets you learn the trading without having a single bad day blow your account.
Trading 10 MES instead of 1 ES “to spread risk.” 10 MES is identical exposure to 1 ES — same dollar P&L per tick, same total risk. The only diversification benefit is granularity (you can scale 1-2-3 contracts up). It is NOT actually less risky than equivalent ES.
Not adjusting strategy for MES tick value. A 5-tick stop on ES is $62.50; on MES it is $6.25. New traders sometimes use ES-sized stops on MES and end up with stops so wide they rarely fill, killing the strategy’s risk/reward profile.
Confusing MES with ES on order entry. Most platforms list ES and MES separately. Click-trading the wrong contract is a common error — you intended 1 MES (small position) but submitted 1 ES (10x larger). Always verify the contract symbol before sizing.
Frequently asked questions about MES (Micro E-mini S&P 500 Futures)
What is MES futures?
MES is the symbol for the Micro E-mini S&P 500 futures contract, traded on CME Globex. It tracks the S&P 500 Index at $5 per index point with 0.25 tick size ($1.25 per tick) — exactly one-tenth the size of the standard ES E-mini contract. MES is designed for retail traders with smaller accounts and the most popular contract on $25K prop firm accounts.
What is the difference between MES and ES?
MES is exactly 1/10 the size of ES. MES point value is $5 vs ES $50; MES tick value is $1.25 vs ES $12.50. Both track the same S&P 500 Index with identical price action. The only difference is position-size granularity — MES lets you size 1-50 contracts in small dollar increments, while ES jumps in $50-per-point units.
How much is one tick on MES?
One tick on MES is 0.25 index points and equals $1.25 in profit or loss. So a 4-tick move is 1.00 index points ($5). A 20-tick move is 5.00 index points ($25). The contract has a multiplier of $5 per index point — exactly 1/10 of ES.
Should I trade MES or ES on prop firm accounts?
Choose MES for accounts under $50K, when learning prop firm sizing discipline, or when running multi-contract correlated strategies. Choose ES for $50K+ accounts with established sizing skill, when maximum dollar P&L per trade matters, or when commission per dollar of P&L favors larger contracts. Most prop firm traders start on MES and graduate to ES.
What is the day-trading margin for MES?
Day-trading margin for MES is $50 per contract at most futures prop firms — exactly 1/10 of the $500 ES day margin. The CME exchange initial margin for overnight holds is approximately $1,320 per contract. This makes MES extremely accessible for small-account retail traders.