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NQ vs MNQ: Nasdaq-100 Futures Explained

NQ and MNQ are two futures contracts that follow the same index, the Nasdaq-100, at different sizes. Many automated strategies for NinjaTrader® trade one or both of them, so it helps to understand how they differ. This page covers the basics. It is part of our guide to NinjaTrader® automated strategies.

What are NQ and MNQ?

  • NQ is the E-mini Nasdaq-100 futures contract, traded on the CME Group's electronic exchange.
  • MNQ is the Micro E-mini Nasdaq-100 futures contract. It follows the same index but is one tenth the size of NQ.

Both contracts settle quarterly (March, June, September and December), so you will see contract names such as "NQ 12-26" in NinjaTrader®.

The key numbers

For both contracts the minimum price move (one tick) is 0.25 index points. The difference is what a move is worth:

  • NQ: $20 per index point, so one tick is $5.00.
  • MNQ: $2 per index point, so one tick is $0.50.

Check the current specifications on the CME Group's website before you trade, since exchanges can change them.

Why the size matters

A price move that changes your account by a given amount in NQ changes it by one tenth as much in MNQ. That has practical effects:

  • Position sizing: MNQ lets you size a position in smaller steps, and lets a smaller account trade the same index.
  • Risk per trade: a stop-loss of the same number of points risks ten times as much in NQ as in MNQ.
  • Costs: commissions and fees are charged per contract. Because one MNQ contract is a tenth of the size, costs are a larger share of the trade, and they can matter more for a system that trades often.

Margin requirements are set by your broker and change over time, so ask your broker rather than relying on a figure you read online.

Is MNQ just a small NQ?

For the price index, yes. In practice the two have different trading volume, and fills and spreads can differ a little. A strategy that works well on one is not guaranteed to behave the same on the other, so test on the contract you intend to trade.

Strategies that trade NQ and MNQ

The VX9 Night and Day Trading System is a fully automated NinjaTrader® strategy designed for NQ and MNQ. It is available as a subscription or a purchase. You can also browse all our NinjaTrader® strategies.

Before running any automated strategy, read how to run it on a simulated account first, and use our checklist for evaluating an automated trading system.

Futures trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Past performance is not necessarily indicative of future results.