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.
What is MNQ (Micro E-mini Nasdaq-100 Futures)?
MNQ is the symbol for the Micro E-mini Nasdaq-100 futures contract, traded on CME Globex. It is the micro-sized version of NQ, with all specifications exactly one-tenth of the standard contract: $2 per index point (vs NQ’s $20), $0.50 per 0.25-tick (vs NQ’s $5). Notional value at index 18,000 is $36,000 per contract (vs NQ’s $360,000).
MNQ launched in 2019 alongside MES as part of CME’s Micro family. While MES is the more popular micro (S&P trading is more common at retail level), MNQ is the standard entry point for traders specifically wanting Nasdaq exposure or higher volatility intraday strategies. NQ’s 2-3x dollar volatility multiplier vs ES persists in MNQ vs MES — MNQ moves more per percentage point of index than MES does.
For new prop firm traders, MNQ delivers all the technical-trading characteristics of NQ (faster moves, larger range, tech-earnings sensitivity) with 1/10 the dollar exposure. A trader can run 10 MNQ contracts as identical-exposure equivalent to 1 NQ — same notional, same aggregate dollar P&L per tick — but the granular sizing lets them scale 1-2-3-4 contracts up incrementally.
How MNQ (Micro E-mini Nasdaq-100 Futures) works
MNQ contract specifications (May 2026):
- Symbol: MNQ (sometimes shown as MNQ1! or @MNQ)
- Exchange: CME Globex
- Underlying: Nasdaq-100 Index (same index as NQ)
- Multiplier: $2 per index point (1/10 of NQ’s $20)
- Tick size: 0.25 index points
- Tick value: $0.50 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
Margin requirements:
- Day-trading margin: $50 per contract at most prop firms (1/10 of NQ’s $500)
- Initial margin (CME exchange minimum): ~$2,300 (1/10 of NQ)
- Notional value: $2 × current index level (~$36,000 at index 18,000)
Liquidity: MNQ daily volume is roughly 250,000-500,000 contracts during active sessions — solid for micro contracts but thinner than MES. Typical bid-ask spread is 1 tick (0.25 points = $0.50) during RTH, occasionally 2 ticks overnight or in low-volume periods.
Volatility comparison:
- MNQ daily range: typically 200-400 points = $400-$800 per contract
- MES daily range: typically 30-50 points = $150-$250 per contract
- MNQ is 2-3x more volatile than MES on a daily-range basis
Position-size limits at prop firms ($50K accounts, May 2026):
- Apex $50K: Up to 50 MNQ contracts max
- TPT $50K: Up to 50 MNQ
- Same scaling as MES; some firms restrict cumulative micro count across MES + MNQ.
Worked example
Setup: Trader on Tradeify $50K Growth funded account holds 5 MNQ contracts long from 18,005, with stop at 17,990 (15 points × 5 contracts × $2 = $150 risk) and target at 18,035 (30 points × 5 × $2 = $300 reward).
Trade math:
- Entry: 5 MNQ @ 18,005.00 long
- Stop loss: 17,990 = 15 points × 5 × $2 = $150 risk
- Take profit: 18,035 = 30 points × 5 × $2 = $300 reward
- Risk/reward: 1:2
Comparison to 1 NQ:
- Exposure: 5 MNQ = 1 × 5/10 NQ-equivalent = 0.5 NQ. Half the size of 1 NQ.
- Tick value: 5 MNQ × $0.50 = $2.50 per tick — vs 1 NQ at $5/tick (half).
Scaling progression: Trader graduates from 5 MNQ → 10 MNQ (= 1 NQ equivalent) → 1 NQ direct → 2 NQ as account grows and skill stabilizes. Over 6 months, total dollar P&L scales 4x while risk-adjusted size grows steadily.
Tradeify daily payout impact: Average daily P&L on 5 MNQ scaling strategy: ~$140/day net. With Tradeify’s daily payouts, that’s $140/business day cash flow. Over 20 trading days/month = $2,800/month. Cumulative payouts cross $15K Lucid scaling threshold in ~5 months — example of micro-contracts producing meaningful real money on accelerated payout cycles.
MNQ (Micro E-mini Nasdaq-100 Futures) vs related concepts
Side-by-side comparison of MNQ (Micro E-mini Nasdaq-100 Futures) against the most commonly confused alternatives.
| Concept | Definition | Category |
|---|---|---|
| MNQ (Micro E-mini Nasdaq-100 Futures) this term | 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 |
| 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 |
| 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 |
| 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 MNQ (Micro E-mini Nasdaq-100 Futures)
Trading MNQ with NQ-sized stops. A 15-point NQ stop is $300 risk on 1 NQ. The same 15-point stop on 5 MNQ is $150 — but on 1 MNQ it’s only $30. Many new traders use NQ-style stop distances on too-few MNQ contracts, ending up with stops so wide that they barely affect P&L when hit.
Sizing MNQ at full ES-equivalent volatility on small accounts. 10 MNQ contracts have 2-3x the daily-volatility dollar exposure of 10 MES contracts. On a $25K account, 10 MNQ is much more aggressive than 10 MES — calibrate position sizing to actual dollar swings, not contract count.
Confusing MNQ with NQ on order entry. Most platforms list NQ and MNQ separately. Click-trading the wrong contract leads to 10x the intended position. Always verify the symbol before submitting orders, especially when switching between NQ and MNQ in the same session.
Not adjusting commission expectations for micro contracts. Per-contract commission is the same on MNQ as on NQ (~$3.50 round-trip on Tradovate Active). At 10 MNQ = 1 NQ equivalent, the trader pays 10x more in commission for the same notional position. For high-frequency traders, this commission drag can significantly impact strategy P&L.
Frequently asked questions about MNQ (Micro E-mini Nasdaq-100 Futures)
What is MNQ futures?
MNQ is the symbol for the Micro E-mini Nasdaq-100 futures contract, traded on CME Globex. It tracks the Nasdaq-100 Index at $2 per index point with 0.25 tick size ($0.50 per tick) — exactly one-tenth the size of the standard NQ E-mini contract. MNQ is the standard entry point for retail Nasdaq futures traders and the most popular micro after MES.
What is the difference between MNQ and NQ?
MNQ is exactly 1/10 the size of NQ. MNQ point value is $2 vs NQ $20; MNQ tick value is $0.50 vs NQ $5. Both track the same Nasdaq-100 Index with identical price action. MNQ provides granular position sizing for traders too small for full NQ contracts. 10 MNQ has the same exposure as 1 NQ.
How much is one tick on MNQ?
One tick on MNQ is 0.25 index points and equals $0.50 in profit or loss. So a 4-tick move is 1.00 index points ($2). A 20-tick move is 5.00 index points ($10). The contract has a multiplier of $2 per index point — exactly 1/10 of NQ.
Should I trade MNQ or NQ on prop firm accounts?
Choose MNQ for accounts under $50K, when learning Nasdaq trading volatility, or when running multi-contract correlated strategies. Choose NQ for $50K+ accounts with established sizing skill. Most prop firm traders start on MNQ at 1-5 contracts, scale to 10 MNQ (= 1 NQ equivalent), then transition to direct NQ contracts.
Is MNQ more volatile than MES?
Yes, considerably. MNQ typically moves 200-400 points intraday ($400-$800 per contract dollar swing), while MES typically moves 30-50 points ($150-$250 per contract). MNQ is 2-3x more volatile than MES on a daily-range basis — the same volatility ratio as NQ vs ES. MNQ favored by aggressive scalpers; MES favored by calmer traders.