The raw quoted value of NQ is strictly called the "price" or the "index level", but it is not the actual dollar value of the contract itself.
To understand how the NQ (E-mini Nasdaq-100 futures) contract works, you must differentiate between its quoted price and its monetary contract value.
Quoted Price vs Monetary Contract Value
The Quoted Price (Index Level): When you see NQ trading at a number like 28,400.00, that number represents index points, not a direct dollar cost. In trading software and exchanges, this is officially referred to as the futures price or "last price".
The Dollar Value (Notional Value): The actual financial value of one NQ contract is much larger than that number. To find the real dollar value, you must apply the contract's fixed multiplier.
How to Calculate the Actual Value
The Chicago Mercantile Exchange (CME) sets a fixed multiplier of $20 USD per index point for the standard E-mini Nasdaq contract (NQ).
Actual Contract Value = Quoted Price x $20 USD
Example Calculation:
If the NQ quoted price is 28,400.00
- Quoted Price: 28,400.00 index points
- Multiplier: $20 USD per point
- Actual Value: $568,000 ($20 x 28,400)
Key Terms for NQ Trading
When discussing NQ numbers on a trading floor, use these precise terms to avoid confusion:
- Price / Last Price: The current index point quote displayed on the chart.
- Notional Value: The total underlying dollar value handled by one single contract.
- Point Value: The dollar amount gained or lost per 1.00 full index point move ($20.00).
- Tick Value: The dollar amount gained or lost per minimum price fluctuation (0.25 index points = $5.00).
- Margin: The actual cash collateral required in your account to trade that contract (usually a small fraction of the total notional value).
So how does Micro contract (MNQ) scale these numbers?
The Micro E-mini Nasdaq-100 contract (MNQ) scales all standard NQ financial numbers down to exactly one-tenth (1/10th) of their size.
This smaller size makes it much more affordable for retail traders to manage risk.
Key Scaling Metric Breakdown
The Quoted Price (Index Level): This number remains exactly identical to the standard NQ contract. If NQ is trading at 28,400.00, MNQ will also display a quoted price of 28,400.00.
The Multiplier: This is scaled down to $2 per index point (instead of the standard $20).
Side-by-Side Financial Comparison
Metric | Standard Contract (NQ) | Micro Contract (MNQ)
Quoted Price | 28,400.00 points | 28,400.00 points
Multiplier | $20.00 per point | $2.00 per point
Notional Value | $568,000.00 | $56,800.00
Minimum Tick Size | 0.25 points | 0.25 points
Tick Value | $5.00 per tick | $0.50 per tick
Calculating Actual MNQ Value
To find the true dollar value of one Micro contract, multiply the identical quoted price by the smaller $2 multiplier.
Micro Contract Value = Quoted Price x $2 USD
Example Calculation:
If the market is trading at 28,400.00:
- Quoted Price: 28,400.00 index points
- Multiplier: $2 per point
- Actual Value: $56,800 ($2 × 28,400)
Risk Management: A 100-point drop costs $2,000 on NQ, but only costs $200 on MNQ.
Margin Requirements: Brokers require roughly one-tenth of the capital to open an MNQ position compared to NQ.