What is MNQ?
MNQ is the Micro E-mini futures contract for the Nasdaq‑100 index. It moves with the index and is cash‑settled (no shares deliver). It’s “micro” size, so each point is a small, easy dollar amount.
Core Specs (remember these)
- Tick size: 0.25 index points
- Tick value: $0.50 per contract
- Point value: $2.00 per contract (MNQ = $2 × index)
- Notional value: ≈ $2 × index level per contract
- Trading hours (Central Time): Sun–Fri 5:00 pm → 4:00 pm next day, daily break 4:00–5:00 pm
- Contract months: Quarterly — Mar (H), Jun (M), Sep (U), Dec (Z)
- Expiration/Settlement: Cash‑settled to the Nasdaq‑100 Special Opening Quotation on the third Friday of the contract month. Most traders close/roll beforehand.
Basic Mechanics
- Margin & leverage: You post a deposit (margin) and your P/L changes tick‑by‑tick in cash.
- Long or short: You can buy first (long) or sell first (short); no special shorting rules.
- Rolling: To continue past expiry, close the current month and open the next (often staged as a calendar spread).
Tastytrade — Quick Start (Web/Desktop)
- Find the contract: In the symbol box, type /MNQ. Pick the expiry you want (e.g., Sep, Dec).
- Open an order ticket: Choose Buy or Sell, set Qty (start with 1), choose Order Type (Limit is common; Market fills now).
- Attach a bracket (OCO): On the ticket, look for an Advanced/Bracket or OCO option to add both a Take‑Profit and a Stop‑Loss that cancel one another. If you don’t see it, expand the advanced settings.
- Choose TIF: DAY or GTC (Good‑Til‑Canceled) as you prefer.
- Send & confirm: Review the dollar risk and click Send. Your position will appear in the Positions pane with P/L updating in real time.
Tip: To avoid holding through the daily break (4–5 pm CT) or the final settlement, close or roll beforehand.
How to Manage
- Bracket/OCO: Keep a linked stop‑loss and take‑profit. When one fills, the other cancels.
- Trail the stop: If price moves your way, move your stop to reduce risk or lock a gain.
- Overnight risk: MNQ trades nearly 24h. News can move price while you’re away.
- Roll the month: Near expiry, close the current month and open the next (you can stage it as two orders or a calendar spread) so your exposure continues.
How to Exit / Sell
- Close a long: Sell the same number of MNQs you bought (your platform may have a one‑click Flatten).
- Close a short: Buy back the same number you sold.
- Into expiration: Either close or roll before the final settlement Friday morning.
Two Clear Examples
Example 1 — Simple Up Move
You buy 1 MNQ at 18,000.00 and later sell at 18,005.00.
- Move = +5.00 points
- Dollar P/L = 5 × $2 = $10
- Tick view = 20 ticks × $0.50 = $10
Example 2 — Bracketed Short
You sell 2 MNQ at 17,500.00, with take‑profit 17,492.00 and stop‑loss 17,504.00.
- Target: 8 points × $2 × 2 = $32 gain
- Risk: 4 points × $2 × 2 = $16 loss
Numbers ignore commissions/fees.
MNQ Points → Dollars Calculator
Specs recap: Tick size = 0.25 points · Tick value = $0.50 per contract · Point value = $2.00 per contract.
$2.00
With 1 contract and a +1.00 point move, P/L = +$2.00 (which is 4 ticks × $0.50).
Formula: $ per point = $2 × contracts. Ticks = points ÷ 0.25. P/L flips sign if you’re short and price rises. Educational only.