SI Futures (Silver): Tick Value, Expiries, Order Flow

SI contract specifications

The contract unit is 5,000 troy ounces, quoted in dollars and cents per troy ounce. The minimum fluctuation is $0.005 per troy ounce, so one tick is worth $25 per contract and a one-dollar move is $5,000. Open contracts are settled by delivery during the delivery month. Senzoukria's contract table holds the same tick and multiplier on the COMEX venue code.

SI expiry: first notice day and last trading day

No trades are made after the third-to-last business day of the delivery month. Delivery can take place on any business day of that month, so notices begin on first notice day, the last business day of the previous month.

Senzoukria's picker does not wait for either date. Its expiry engine lists a metal contract only until the third-to-last business day of the month before delivery, two business days ahead of first notice day, so that a deliverable contract is never proposed as the default. For SIZ6, the default moves to the next listed month on November 22, 2026 (4 calendar days before November 26, 2026), and SIZ6 stays selectable with its badge until that date. SIU6 still trades in its delivery month until September 28, 2026, but the picker stopped listing it before its first notice day, August 31, 2026. The exchange calendar also lists other months (F, G, J, M, Q, V, X); Senzoukria's catalogue uses H, K, N, U, Z to choose its default contract.

SI tick value and P&L arithmetic

• One tick = $0.005 × 5,000 = $25.
• 10 ticks ($0.05 per troy ounce) = $250 per contract.
• A stop of $0.10 per troy ounce is 20 ticks: $500 per contract, $1,000 on 2 contracts.
• The same $0.10 on SIL is $100 per contract.

Reading SI order flow

With row resolution off, an SI footprint has one row per $0.005 tick. The fixed steps give 2 ticks = 0.01, 4 ticks = 0.02, 8 ticks = 0.04, 16 ticks = 0.08, 32 ticks = 0.16 dollars per troy ounce per row; grouping keeps totals exact but moves the POC from a price to a row.

Silver moves in half-cent ticks worth $25, so two ticks make one cent and the fixed row steps give 1, 2, 4, 8 or 16 cents per row. SI's micro in Senzoukria's catalogue is SIL, the 1,000-ounce contract: the ratio is five to one, not ten to one, and the two contracts have separate books and tapes.

Using SI in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type SI; on September 25, 2026 the listed contract is SIZ6 (December 2026).
• Heatmap and DOM show that contract's book, with COMEX as the venue in the ladder header and prices printed with 3 decimals, the precision of the tick.
• Replay lists SI in the Metals group. In the automatic backtest, set Point value ($) to 5,000, the dollar value of a one-dollar move; the field defaults to 2.