TN Futures (Ultra 10-Year Note): Tick Value, Notice Days, Order Flow

TN contract specifications

The trading unit is U.S. Treasury notes with a face value of $100,000. Par is 100 points and one point is $1,000; the minimum fluctuation is one half of 1/32 of a point (0.015625 point), worth $15.625 per contract. The contract is settled by physical delivery of fixed-principal Treasury notes with an original term of not more than 10 years and a remaining term of not less than 9 years 5 months. Senzoukria's contract table carries the same tick and point value, on the CBOT venue code.

TN expiry: first notice day and last trading day

No trades in an expiring contract are made during the last seven business days of the contract month; positions left open are delivered no later than the last business day of that month. Because delivery can take place on any business day of the contract month, notices begin before it: the first notice day is the last business day of the previous month, weeks ahead of the last trading day.

Senzoukria's expiry engine retires TN contracts at first notice day rather than at the last trading day: past that date, its code notes, open interest has already migrated. The picker lists TNZ6 until November 30, 2026 and moves the default to the next month on November 26, 2026, 4 calendar days earlier.

May 31, 2027 is Memorial Day, so the exchange calendar puts the TNM7 first notice day on May 28, 2027. Senzoukria's expiry engine counts Monday to Friday without a holiday table and uses May 31, 2027 instead, so its picker keeps TNM7 listed until then.

TN tick value in 32nds

• One tick = 1/64 point = $15.625; one 32nd = 2 ticks = $31.25.
• One full point = 64 ticks = $1,000 per contract.
• A move of 10 ticks = 10 × $15.625 = $156.25; on 4 contracts, $625.
• A stop of one quarter point (16 ticks) risks $250 per contract.

Reading TN order flow

With row resolution off, a TN footprint has one row per 1/64 of a point. The fixed steps give 2 ticks = 1/32 point, 4 ticks = 1/16 point, 8 ticks = 1/8 point, 16 ticks = 1/4 point, 32 ticks = 1/2 point per row. Grouping keeps bar totals exact; the POC and imbalances then refer to rows, not prices.

TN has ZN's half-32nd tick and $1,000 point, but its deliverable notes sit closer to the 10-year point (at least 9 years 5 months remaining) than ZN's 6.5 to 8-year basket. Same tick, same dollar arithmetic, different book: thresholds tuned on ZN's depth do not carry over to TN.

Using TN in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type TN; on September 25, 2026 the listed contract is TNZ6 (December 2026), in the Treasuries family.
• Heatmap and DOM show that contract's book with the CBOT venue in the ladder header; prices are decimals of a point, not 32nds.
• Replay lists TN in the Rates group. In the automatic backtest, set Point value ($) to 1,000 for TN; the field defaults to 2, the MNQ value.
• Simulated account: stops and targets are entered in points, so a 1/2-point stop is $500 per contract.