ZN Futures (10-Year T-Note): Tick Value, Notice Days, Order Flow

ZN 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 at least 6 years 6 months and less than 8 years. Senzoukria's contract table carries the same tick and point value, on the CBOT venue code.

ZN 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 ZN 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 ZNZ6 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 ZNM7 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 ZNM7 listed until then.

ZN 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 ZN order flow

With row resolution off, a ZN 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.

Because ZN's tick is a binary fraction of a point, every fixed row step is a clean fraction too, and the 2-tick step reproduces the 32nds that bond traders quote. Contrast with RTY, whose 0.10-point tick never groups into a whole point. ZN and TN share this half-32nd tick; ZN's basket (6.5 to under 8 years remaining) is the shorter of the two, and each has its own book.

Using ZN in Senzoukria

• Symbol picker on a Rithmic or Databento CME source: type ZN; on September 25, 2026 the listed contract is ZNZ6 (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 ZN in the Rates group. In the automatic backtest, set Point value ($) to 1,000 for ZN; 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.