Hi, I have read the contract specifications on the CBOT site many time, I still can't understand how tick values and points work on ZB and ZN, primarily because I am not used to fractional price quotes. For ZB, this is what it says on CBOT: "CBOT: Tick Size: Minimum price fluctuations shall be in multiples of one-half of one thirty second point per 100 points ($15.625 per contract)... Par shall be on the basis of 100 points." I understood here that the value of a tick is $15.625 per contract, and the size of a tick is 16/100, i.e. 0.16. Is that correct? I don't have a clue about the last sentence ('par shall be on the basis of 100 points'). Then it says: "CBOT: Price Quote: Points ($1,000) and one-half of 1/32 of a point; i.e., 80-16 equals 80-16/32, 80-165 equals 80-16.5/32." Here this has completely confused me. Does this mean a point is worth $1,000? Is this the same point that was mentioned above in the context of the tick value? Where did this come from? Could someone please explain in plain English? I want to calculate the value of a daily range, how do I do that?