M2K Futures (Micro E-mini Russell 2000): Tick Value, Expiries, Order Flow

M2K contract specifications

The rulebook defines M2K as $5 times the Russell 2000, quoted in index points. The minimum increment is 0.1 point, equal to $0.50 per contract. Ten ticks make a point, so one index point is worth $5. M2K is cash-settled: the expiring month settles to a special opening quotation of the index on the third Friday of the contract month. Senzoukria's contract table carries the same tick, multiplier and venue (CME); the simulated account, the picker's tick hint and the heatmap's price grid read them from it.

M2K expiry rule and next contracts

Trading in an expiring M2K contract ends at the regularly scheduled start of trading on the New York Stock Exchange on the day of the final settlement price, the third Friday of the contract month. If the index is not scheduled to be published that Friday, settlement moves to the first preceding business day on which it is.

June 18, 2027 is the observed Juneteenth holiday, so the exchange calendar puts the M2KM7 last trading day on June 17, 2027. Senzoukria's expiry engine counts Monday to Friday without a holiday table and uses June 18, 2027 instead, so its picker keeps M2KM7 listed until then. For M2KZ6, the default moves to the next listed month on December 10, 2026 (8 calendar days before December 18, 2026), and M2KZ6 stays selectable with its badge until that date.

M2K tick value and P&L arithmetic

• 10 ticks (1 point) = 10 × $0.50 = $5 per contract.
• A 3-point stop is 30 ticks: 3 × $5 = $15 per contract, $45 on 3 contracts.
• The same 3 points on RTY are worth $150 per contract.
• One tick of slippage, the automatic backtest's default, costs $0.50 per M2K contract on each entry.

Reading M2K order flow

With row resolution off, Senzoukria's default, an M2K footprint shows ten rows per index point, each cell holding the volume traded at the bid and at the ask at that exact price. The fixed choices give 2 ticks = 0.2, 4 ticks = 0.4, 8 ticks = 0.8, 16 ticks = 1.6, 32 ticks = 3.2 points per row; grouping keeps bar totals exact, but the POC then names a row instead of a price.

M2K is a separate market from RTY. It does not trade while the primary RTY contract month is halted, but its executions and resting orders are its own: size thresholds calibrated on RTY do not transfer to M2K, and neither does a footprint read on the E-mini.

With a 0.10-point tick, ten ticks make an index point, and Senzoukria's power-of-two row steps never add up to exactly one point. Leave grouping off when alignment on whole points matters.

Using M2K in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type M2K; on September 25, 2026 the listed contract is M2KZ6 (December 2026).
• Heatmap and DOM show the book of that exact contract; the heatmap ladder header names the contract and its venue, CME.
• GEX overlay: levels computed from IWM options are converted to the M2K price with a spot ratio and labelled with the underlying ("CW · IWM"); an options data source is required.
• Replay lists M2K in the Indices group and replays the broker's tick history, without the order book. In the automatic backtest, set Point value ($) to 5; the field defaults to 2, the MNQ value.