ES vs MES and GC vs MGC: Contract Sizes, Tick Values and Which to Trade

Why Micro Contracts Exist

Full-size futures contracts carry large dollar values per point. Micro contracts, introduced at one-tenth the size, let traders take positions whose risk fits a smaller account and let larger traders scale in and out with finer control. The underlying market is the same; only the multiplier differs.

S&P 500: ES and MES

• ES (E-mini S&P 500): $50 per index point. Minimum tick is 0.25 points, worth $12.50.
• MES (Micro E-mini S&P 500): $5 per index point. Minimum tick is 0.25 points, worth $1.25.

A 10-point stop therefore risks $500 on one ES contract and $50 on one MES contract, before fees.

Gold: GC and MGC

• GC (Gold futures): 100 troy ounces. Each $1 move in price equals $100. Minimum tick is $0.10, worth $10.
• MGC (Micro Gold): 10 troy ounces. Each $1 move equals $10. Minimum tick is $0.10, worth $1.

A $5 stop risks $500 on one GC contract and $50 on one MGC contract, before fees.

How to Choose

Work backward from risk, using a three-step approach:

1. Decide the dollar amount you are willing to risk on one trade, from your account size and risk percentage.
2. Measure your stop distance in points or dollars from the setup.
3. Divide risk by stop-distance value per contract. If the answer is below one full-size contract, use micros.

Example: a $300 risk budget with a 10-point ES stop is $500 per ES contract, which is too large. Six MES contracts risk $300 for the same stop. Micros let you match the risk exactly instead of rounding up to a size that is too big.

Considerations Beyond Size

• Fees: commissions per contract are roughly proportional to size, so a position of ten MES can cost more in fees than one ES equivalent. Check your broker's rates.
• Liquidity: ES and MES are both highly liquid. Micro Gold is liquid but spreads can be wider than GC at quiet times.
• Consistency: micro and full-size contracts track the same levels, so the analysis you do for one applies directly to the other.

Levels Apply to Both

DepthLevel's daily levels are expressed in ES terms for SPX and for Gold futures, so they apply whether you trade the full-size or micro contract. Specifications are set by the exchange and can change, so confirm current values on the CME Group website before sizing.