Category: Futures Trading | Last Updated: April 2026
Understanding the difference between the E-mini and Micro E-mini versions of a futures contract is critical for Vector clients — picking the wrong one can result in a trade that's 10 times bigger than you intended. This article focuses on NQ vs MNQ, but the same principle applies to ES vs MES and other E-mini / Micro pairs.
| Contract | Name | Point Value |
|---|---|---|
| NQ | E-mini Nasdaq-100 (full-size) | $20 per point |
| MNQ | Micro E-mini Nasdaq-100 | $2 per point (1/10 of NQ) |
| ES | E-mini S&P 500 (full-size) | $50 per point |
| MES | Micro E-mini S&P 500 | $5 per point (1/10 of ES) |
Micros are designed to give retail traders the same exposure at 1/10 the size — same directional move, but the P&L swing is ten times smaller.
If your strategy is configured for MNQ but your chart is loaded with NQ (or vice versa), every trade will be 10x larger or 10x smaller than intended. On a losing trade, that can mean a drawdown breach or an oversized loss; on a winning trade, the risk/reward profile no longer matches what the strategy was designed for.
Example: - 10 MNQ contracts at $2/point = $20 per point total exposure - 10 NQ contracts at $20/point = $200 per point total exposure
Same number of "contracts," but 10x the risk and P&L.
Before enabling any strategy on a chart:
Future row in the instrument dropdown when loading a symbol. Typing "NQ" will show multiple matches (Stock, CFD, Future, Micro Future) — select the row that matches what you intend to trade.NQ and MNQ (and ES/MES) are the same underlying market at different contract sizes — the Micro is 1/10 the size. Loading the wrong one means trading at 10x or 1/10x of the intended exposure, which can materially change your results or breach a drawdown. Always verify the instrument you're loading before enabling a strategy.
Understanding Mini vs. Micro Futures Contracts