# What is E-mini futures?

> Also called: NQ, ES, E-mini Nasdaq-100, E-mini S&P 500, RTY, YM

**In short.** E-mini futures are the electronically traded, CME-listed contracts on the major US indices: NQ on the Nasdaq-100 ($20 per point, $5 per 0.25 tick), ES on the S&P 500 ($50 per point, $12.50 per tick), RTY on the Russell 2000 and YM on the Dow. They are the instruments most futures prop firms are built around, and the markets where order-flow tools are most used.

NQ is the order-flow trader's usual choice for its range (hundreds of points a day) and its clean book; ES for its depth and its link to SPX options (see GEX). Both trade nearly 23 hours a day: regular session 9:30 to 16:00 ET, a halt from 16:15 to 16:30, the trading day ends at 17:00 ET before the hour-long maintenance break; prop firm overnight rules refer to the firm's own cut-off, usually between 16:10 and 16:59 ET.

Quarterly expiry (March, June, September, December, the third Friday) means a roll to the next contract a week or so before; prop firms specify the roll date, and the data feed switches the continuous contract on it.

- Guides on this term: [GEX for futures traders: gamma levels on NQ and ES](https://fillprint.io/en/journal/gex-for-futures-traders)
- Guides on this term: [How many contracts to trade on a prop firm account](https://fillprint.io/en/journal/position-sizing-for-prop-firm-drawdown)
- Calculators: [Position size calculator for prop firm accounts](https://fillprint.io/en/tools/position-size)
- Read next: [Micro futures](https://fillprint.io/en/glossary/micro-futures)
- Read next: [Tick and tick value](https://fillprint.io/en/glossary/tick-value)
- Read next: [GEX](https://fillprint.io/en/glossary/gex)

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