I'm used to looking at YM charts, a price is a price. Today I pulled up a chart of ECBOT ZF, I don't understand the price scale. It seems to not be linear, "120'007"... can somebody provide a link that tells me how to interpret that?
The 007 is three quarters of one thirty-second (the 5 is lopped off). 120'010 would be the next tick up, which is 120 and 1/32. http://www.cmegroup.com/trading/interest-rates/files/IR-179_USTreasury_FO_Fact_Card.pdf
The 5 Year Note futures trade with a tick size of 1/4 of 1/32. 002 is 0.25/32 005 is 0.50/32 007 is 0.75/32 120'007 is 120 and 0.75/32