COMEX · SI · SIL
SI futures: COMEX silver
COMEX silver futures price 5,000 troy ounces per contract, which gives silver the largest tick value on this list: half a cent an ounce is $25, twice an ES tick. A one-dollar move in silver is worth $5,000 per contract.
- SI tick value
- $25.00
- $0.005 per troy ounce
- SI per point
- $5,000
- $1.00 per ounce
- SIL tick value
- $5.00
- Micro Silver
- Round trip, in R
- 0.081 R
- At a 0.8-ATR stop, screening engine
SI contract specifications
| Specification | SI · Silver | SIL · Micro Silver |
|---|---|---|
| Contract unit | 5,000 troy ounces | 1,000 troy ounces |
| Exchange | COMEX | COMEX |
| Tick size | $0.005 per troy ounce | $0.005 per troy ounce |
| Tick value | $25.00 | $5.00 |
| Value of a point | $5,000 | $1,000 |
| Settlement | Physically delivered | Physically delivered |
- Trading hours
- Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET on CME Globex, with a daily halt from 5:00 to 6:00 p.m. ET.
- SI contract months
- Most active: March, May, July, September, December (H, K, N, U, Z)
- SI last trading day
- The third-to-last business day of the contract month.
Exchange rules as published, checked 22 September 2026. Holidays shorten the hours, and the exchange’s own calendar is the authority on any single date.
What a move in SI is worth
Both SI contracts, by points, ticks or entry and exit. For every contract at once, use the tick value calculator; to size a position, the position size calculator.
One point on SI is $1.00 per ounce. Use a minus sign for a loss.
Profit or loss, one contract: $50,000.00
Silver (SI), COMEX: 5,000 troy ounces. Before commissions and slippage.
How SI trades
Silver keeps gold's hours and much of gold's calendar of drivers: the dollar, real interest rates, the Federal Reserve. It is also an industrial metal, used in electronics and solar panels, so it tends to move further than gold in percentage terms and to react to growth news that gold ignores.
Volume concentrates in March, May, July, September and December. Each contract stops trading on the third-to-last business day of its month and is physically delivered, so positions roll before the delivery period.
SI or SIL?
Micro Silver (SIL) is 1,000 troy ounces, one fifth of SI rather than one tenth: $5 a tick and $1,000 per one-dollar move. It follows SI's price and is physically delivered as well.
What the research record says about SI
Silver is one of the expensive tapes on the screening menu. A round trip at the menu's 0.8-ATR stop on 30-minute bars costs 0.081 R, against 0.012 R on NQ, so an idea on silver needs a wide bracket and a large edge per trade before it clears its costs.
Its paired gate is copper, the other industrial metal, and silver in turn is gold's paired gate: substitutes and shared inputs, chosen in advance rather than found by searching for correlations after the fact.
Screening an idea on SI
An idea on SI is written in the Strategy Language on its own bars, in the regular session: time bars from one minute to a week, or bars that are not time bars. Those are point-and-figure, kagi and line break, drawn from 1-minute closes at any size; their signals come from the bars and their fills from the underlying 1-minute prices.
It can read 62 indicators (moving averages; oscillators such as RSI, Stochastic, MACD and CCI; volatility measures and bands such as ATR, Bollinger and Keltner; volume studies with VWAP; trend studies such as ADX and Supertrend; and community lines in their non-repainting versions); session levels such as the opening range and the prior day's high and low; and the clock and the calendar of scheduled releases; it enters at the market, on a stop or at a limit, and exits by its stop, its target, a trailing stop, a time limit or a condition.
Held overnight on day or week bars of the whole Globex session, a rule on SI is a swing screen, read on SI’s daily tape from March 2020 and graded candidate, promising, doubtful or dead rather than judged gate by gate. A position held overnight can open beyond its stop, so a loss can be larger than the stop you set.
The cost figures on this page are the menu's, at a 0.8-ATR stop on 30-minute bars: a screen written in the Strategy Language pays the same round trip for every contract it enters, and what that is in R depends on the stop you write, or on the ATR of its bars when you write none.
The menu, which the desk still offers beside the language, builds an idea on SI from the tape's own order-flow delta or close location in range, or one of 39 external legs in 7 families, with HG (copper) available as its paired gate.
- Market breadth 16
- Up / down volume 8
- Relative breadth 5
- Participation 2
- Volatility term structure 2
- Scheduled events 3
- Contract roll phase 3
Generated from the ledger, measured 28 October 2026. These describe specifications screened, not strategies traded.
From the research record
- SettledFiltering a signal by a state variable from the same barsRegime conditioning works when the state is exogenous and lagged; measured on the same bars it becomes arithmetic.
- SettledLetting walk-forward optimization choose your stopIt gravitates to the tightest stop whenever the objective restates the parameter, so score in dollars at constant risk instead.
SI futures questions
- What is the tick value of silver futures?
- One tick is $0.005 per troy ounce. That is worth $25 per SI contract and $5 per Micro Silver (SIL) contract.
- How much is a $1 move in silver futures worth?
- $5,000 per SI contract and $1,000 per SIL contract.
- What are the silver futures trading hours?
- SI trades on CME Globex from 6:00 p.m. ET on Sunday to 5:00 p.m. ET on Friday, with a one-hour halt from 5:00 to 6:00 p.m. ET every weekday.
- When do silver futures expire?
- The most active months are March, May, July, September and December. Each contract stops trading on the third-to-last business day of its month, and SI is physically delivered.
- Is Micro Silver one tenth of SI?
- No. Micro Silver (SIL) is 1,000 ounces, one fifth of the 5,000-ounce SI contract, and its tick is worth $5 against SI's $25.
- Why is silver expensive to trade with a short-term strategy?
- Its $25 tick is large against a typical intraday range, so slippage and commission take a bigger slice of each stop. At the menu's 0.8-ATR stop on 30-minute bars, a round trip costs 0.081 R in the screening engine, against 0.012 R on NQ.
Screen an idea on SI
Put a trading idea on SI through seven gates written down before the run, from real per-fill costs to a drift null and a walk-forward. The verdict comes back in seconds.