One contract isn't the same across micros. On a typical day, a Micro Nasdaq covers about $715 from high to low; a Micro Gold, $316; a Micro Crude, $191. With the same $2,000 trailing drawdown, that's 2.8 typical Nasdaq days versus 10.5 crude days. In exchange, costs weigh 4.1 times more in crude.
We calculated it from the statistics of 4,916 real sessions of the three (the same ones our futures simulator uses). Percentages come from the whole history. Dollars come from the price of the last session in the data: Nasdaq at 31,376 points, gold at $4,147 an ounce and crude at $86.09 a barrel. If prices move a lot, the dollar figures move in the same proportion.
The three micros, in dollars per contract
| MNQ | MGC | MCL | |
|---|---|---|---|
| Tick value | $0.50 | $1.00 | $1.00 |
| Daily range, quiet day (10th pct.) | $375 | $176 | $111 |
| Daily range, typical day (median) | $715 | $316 | $191 |
| Daily range, busy day (90th pct.) | $1,396 | $623 | $354 |
| Typical 1-minute move | $23.18 | $12.10 | $7.26 |
| Round-trip cost (commission + 1 tick) | $1.70 | $2.20 | $2.20 |
| Cost in typical 1-minute moves | 0.07 | 0.18 | 0.30 |
| Typical days in a $2,000 trailing drawdown | 2.8 | 6.3 | 10.5 |
| Trend days | 38% | 32% | 33% |
Cost: $0.60 commission per contract per side and 1 tick of slippage when exiting at market or on a stop. Your broker or firm may charge something different. A trend day closes far from where it opened: more than 60% of its range away.
What the numbers say
- "One contract" is not a risk measure. A Micro Nasdaq moves about 2.3 times as many dollars as a Micro Gold and 3.7 times as many as a Micro Crude. Switching micros with the same number of contracts changes your risk completely.
- The trailing drawdown holds up very differently. With 1 contract and a $2,000 trailing, a single busy Nasdaq day (90th percentile) covers $1,396: 70% of your cushion. In crude, 18%.
- Costs hit the smaller micros harder. A round trip costs $1.70 in the Nasdaq and $2.20 in crude, but crude moves far less per minute. For a scalper with small targets, crude and gold need a higher win rate just to cover costs (see the break-even win rate calculator).
- More trend days in the Nasdaq. 38% of its days close far from the open, versus 32% for gold and 33% for crude.
So which one should I pick?
It depends on your strategy, not on the micro. But three rules come out of the table:
- Size in dollars, not contracts. If your typical Nasdaq stop is $40, the same "feel" for the market in crude would be about $11. Work out how many contracts fit with the contracts calculator.
- If you scalp, check the cost in minutes. The higher it is, the more price has to move your way just to break even.
- Trade your micro's hours. Each one has its spikes: the Nasdaq at the open, gold at 8:30 am New York time and crude at 10:30 am and at settlement (see what time each one moves the most).
Educational content based on our own experience. Not investment advice. Firm rules change: check them on each firm's website. This article contains no affiliate links.