ES (E-Mini S&P 500)
ES is the E-Mini S&P 500 futures contract: the most actively traded equity index futures contract in the world. With a tick value of $12.50 and deep liquidity across nearly 24 hours, it is the benchmark instrument for futures day traders.
ES (ticker: /ES) is the E-Mini S&P 500 futures contract, listed on the CME Group’s Globex platform. It has been the defining instrument of retail futures trading since its launch in September 1997.
Contract specifications
| Spec | Value |
|---|---|
| Underlying | S&P 500 Index |
| Multiplier | $50 per point |
| Tick size | 0.25 points |
| Tick value | $12.50 |
| Point value | $50.00 |
| Trading hours | Sun–Fri, 6:00 PM – 5:00 PM ET (23h) |
| Expiry | Quarterly (Mar, Jun, Sep, Dec) |
Why ES dominates
Liquidity: ES consistently trades over 1 million contracts per day. The bid-ask spread is almost always exactly 1 tick ($12.50), and orders of 10–50 contracts fill with minimal slippage even during volatile sessions.
Nearly 24-hour access: ES trades from Sunday 6 PM ET through Friday 5 PM ET, with only a 1-hour daily break. This means traders can react to overnight news, economic releases, and global market moves in real time.
Institutional participation: ES is used by hedge funds, prop desks, and market makers for hedging and speculation, which contributes to its liquidity and fair pricing.
P&L math
| Move | Ticks | ES value | MES value |
|---|---|---|---|
| 1 tick | 1 | $12.50 | $1.25 |
| 1 point | 4 | $50.00 | $5.00 |
| 10 points | 40 | $500.00 | $50.00 |
| 50 points | 200 | $2,500.00 | $250.00 |
Notional value
At 5,250 index points, one ES contract controls $262,500 of notional S&P 500 exposure. This is why margin exists: you are not paying the full notional but are exposed to its full movement.
ES vs NQ
ES is less volatile than NQ in percentage terms but moves more in point-dollar terms. Many traders prefer ES for its more orderly price action; others prefer NQ for its larger intraday ranges. Both are highly liquid and suitable for day trading.