NQ Futures · Futures / Comparison
NQ vs MNQ: Which Nasdaq Futures Contract Should You Trade?
By Hamza Hamed, Founder of HamedTrades · Published · Updated · 3 min read
Direct answer: NQ and MNQ both provide Nasdaq-100 futures exposure, but MNQ is one-tenth the size of NQ. CME specifies NQ at $20 per index point and MNQ at $2 per point. Both use a 0.25-point minimum tick, making the tick values $5 for NQ and $0.50 for MNQ.
NQ can move quickly, so contract size matters. NQ and MNQ follow the same Nasdaq-100 futures market but create very different dollar swings.
NQ Contract Value
CME specifies NQ at $20 × the Nasdaq-100 Index. One point is $20; the 0.25-point tick is $5.
MNQ Contract Value
MNQ uses $2 × the Nasdaq-100 Index. One point is $2; the 0.25-point tick is $0.50. MNQ is one-tenth NQ.
| Feature | NQ | MNQ |
|---|---|---|
| Multiplier | $20/point | $2/point |
| Tick | 0.25 | 0.25 |
| Tick value | $5 | $0.50 |
| 25-point move | $500 | $50 |
Why Scale Matters
A 25-point stop on one NQ equals $500. The same stop on one MNQ equals $50. A trader with a $200 budget cannot fit one NQ at that stop, but can potentially use MNQ.
Example
18-point stop: NQ risks $360; MNQ risks $36. Five MNQ equal $180 of planned price risk.
Ten MNQ Equal One NQ
Ten MNQ = $20 per point, the same point exposure as one NQ. MNQ is not inherently low risk if the trader uses too many contracts.
Volatility
NQ can react sharply to CPI, FOMC, yields, mega-cap earnings and semiconductor news. A 30-point move is $600 per NQ but $60 per MNQ. Smaller contracts can make it easier to give a valid setup enough room.
Margin Is Not Risk
Low intraday margin can tempt traders to overleverage. Ignore how many contracts the broker permits and calculate risk from stop distance × point value × contracts.
Scaling With MNQ
Four MNQ equal $8 per point, exposure NQ cannot provide because one NQ is already $20 per point. That makes micros useful for partial entries and exits.
Bottom Line
NQ and MNQ offer the same market at different scales. Use the contract that allows the real technical stop while keeping dollar risk acceptable. MNQ is a precision sizing tool, not merely a “small account” version.
Frequently Asked Questions
How much is one NQ point?
$20 per contract.
How much is one MNQ point?
$2 per contract.
How many MNQ equal one NQ?
Ten.
What is the NQ tick value?
$5 for a 0.25-point tick.
What is the MNQ tick value?
$0.50 for a 0.25-point tick.
Primary Sources
Related HamedTrades Guides
Learn With HamedTrades
HamedTrades teaches contract selection as a risk decision. NQ and MNQ show why the same chart can require very different sizing. Explore HamedTrades.
About the Author
Hamza Hamed is the founder of HamedTrades. He creates educational content about SPX, SPY, QQQ, ES futures, NQ futures, options, position sizing, risk management, market structure and trade review.
Educational Disclaimer
HamedTrades provides educational content and market commentary only and does not provide personalized investment, financial, legal or tax advice. Trading stocks, options, futures and other financial instruments involves substantial risk of loss and may not be appropriate for everyone. Examples in this guide are simplified for education and do not represent guarantees, recommendations or promises of future results. Past performance does not guarantee future results.