MNQ (Micro E-mini Nasdaq-100)
MNQ is the Micro E-mini Nasdaq-100 futures contract listed on CME Globex: it tracks the same index and quotes the same price as NQ, with a smaller multiplier, its own order book and its own executions. Order flow read on MNQ describes MNQ only.
Senzoukria · Glossary · Updated September 2026
Relation to NQ
MNQ and NQ track the same Nasdaq-100 index and are quoted at the same price with the same minimum increment. The difference lies in the multiplier: a one-point move is worth less on the micro than on the E-mini, as published in each contract's specification. That difference makes MNQ a sizing tool, but it does not make it a fraction of NQ's market. Each contract has its own symbol, ladder and tape, and CME reports their volumes separately.
Setting up a footprint on MNQ
| Setting | What it changes | Note |
|---|---|---|
| Contract | Which tape the chart is built from | MNQ, not NQ, if MNQ is what you trade |
| Row grouping | Number of rows and diagonals | Follows the vertical zoom in powers of two ticks; four ticks per row equals one index point |
| Bar type | How bars close | Keep one type fixed for a whole sample |
| Imbalance ratio | Which diagonals are flagged | Re-derived on MNQ size per level, not copied from ES |
| Session | Where session indicators reset | CME session open, not midnight |
In Senzoukria
MNQ is charted by picking it in the chart workspace "Symbol" field, after connecting a Rithmic plant that carries the market-data entitlement; the data itself is billed by the provider. The Replay screen offers a "Contract" search and a "Session to replay" list, so a recorded MNQ session can be replayed tick by tick with the same indicators as live, and the journal's "Replay" action requires a CME contract and an entry time. Session-based indicators such as "Session CVD" reset at each CME session open.
Common mistakes
- Executing on MNQ while the footprint, DOM and delta are built on NQ.
- Expecting MNQ depth to mirror NQ depth level for level.
- Reading contract counts as if one MNQ carried the same notional as one NQ.
- Leaving the chart on an expiring MNQ contract after the quarterly roll.
Related
- NQ and MNQ order flow settings
- Micro contracts
- NQ (E-mini Nasdaq-100)
- Footprint chart
- Session CVD indicator
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Frequently asked questions
- Does a big trade on NQ show up on my MNQ footprint?
- No. The two contracts have separate order books, so an execution on NQ is recorded in NQ's tape only. An MNQ footprint contains MNQ executions. Watching both can be informative, but the two must be charted as two instruments.
- How many ticks per row should an MNQ footprint use?
- Start from the exchange tick published in the contract specification and zoom until the rows are readable; the chart groups rows in powers of two ticks as you zoom. Four ticks per row gives one index point per level. The executions do not change; only the row count and the diagonals used for imbalance do.
- Why do my MNQ and NQ volume totals differ so much?
- Because they are different markets with different participants. On top of that, sources count different things: contract month versus continuous series, full session versus regular hours, and different session starts. Compare one contract, one session definition and one time window before drawing conclusions.