Instrument · 4 min read

MES: Micro E-mini S&P 500

Everything that decides whether MES fits a funded account: tick value, point value, margin, sessions, which prop firms offer it, and how many contracts the drawdown buffer actually supports at each account size.

MES contract specifications

	Detail
Full name	Micro E-mini S&P 500
Tick size	0.25 index points
Tick value	$1.25
Point value	$5.00
Contract size	1/10 of ES
Day-trading margin	~$40–$100 intraday at prop firms; CME overnight around $2,455
Sessions	Sunday 5:00 PM – Friday 4:00 PM CT, with a daily maintenance halt
Prop firms	Every major futures prop firm

How many contracts fit each prop account size

Account	Drawdown buffer	Contracts	Why
25K	$1,000–$1,500	1–2	At $5 per point a 20-point stop is $100. The S&P's narrower range makes this workable where MNQ is not.
50K	$2,000–$2,500	2–5	Five contracts move $25 per point. A 40-point stop is $1,000 — watch the ratio.
100K	$3,000–$3,500	4–10	Ten MES equals one ES in exposure with no liquidity penalty.
150K	$4,500–$5,000	8–15	Above this, ES becomes cleaner for single-exit strategies.

The buffer decides the size, not the contract cap. Firms commonly permit 15 minis or 150 micros on a 150K account — far above what the drawdown floor supports. Run the arithmetic on the sizing checker or the position size calculator.

What this means for a systematic strategy

MES sits between MNQ and MGC on cost per point at $5, and its real advantage is range rather than tick value: the S&P moves proportionally less than the Nasdaq, so a percentage-based stop translates into fewer dollars. For a strategy that sizes off volatility rather than a fixed point stop, that makes MES the most forgiving of the three micros on a small account.

The trade-off is that the same low volatility caps the upside per trade. A strategy that needs a 100-point Nasdaq move to pay will wait a long time for the equivalent on the S&P.

FAQ

How much is one MES point worth?

$5.00 per point, or $1.25 per tick (one tick is 0.25 index points). Ten MES contracts equal one ES in exposure.

Is MES better than MNQ for a small prop account?

Often yes. The S&P's narrower range means a volatility-based stop costs fewer dollars than the same stop on Nasdaq, so MES tolerates slightly more contracts on a 25K account.

What is the day trading margin for MES?

Roughly $40 to $100 per contract at prop firms and futures brokers, against a CME overnight requirement near $2,455.

Contract specifications verified September 2026 against CME Group and current futures specification trackers. Prop firm availability cross-checked against the rules cards. Margins vary by broker and rise during volatility; confirm before trading.

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