Treasury futures traders
Treasury Futures Trading Journal
Treasury futures price in fractions of a point — 32nds, 64ths, even 256ths — not the decimal ticks every other futures contract on this site uses. That's not a cosmetic difference: getting the tick math wrong on a Treasury contract silently misstates P&L in a way a decimal-tick contract wouldn't let happen, which is exactly the kind of error a journal exists to catch rather than repeat.
The fractional tick structure, contract by contract
30-Year T-Bond (ZB) ticks in 1/32 of a point (0.03125) worth $31.25. 10-Year T-Note (ZN) ticks in 1/64 (0.015625), worth $15.625. 5-Year T-Note (ZF) ticks in 1/128 (0.0078125), worth $7.8125. 2-Year T-Note (ZT) ticks even finer, worth the same $7.8125 per tick on a larger $2,000 point value. Fillbook calculates P&L using each contract's real fractional tick value automatically — no manual 32nds-to-decimal conversion required.
The curve moves together, but not identically
ZT, ZF, ZN, and ZB all react to the same rate environment, but shorter-duration contracts (ZT) typically move less per basis point than longer-duration ones (ZB) — the same Fed news doesn't produce the same dollar move across the curve. Logging trades by contract rather than lumping "Treasuries" together is what makes that difference visible in your own results.
Fed decisions are the dominant volatility event
FOMC rate decisions, the Fed chair's press conference, and key inflation/employment data routinely move the entire Treasury curve within minutes of release. Tagging trades around these scheduled windows separates "how did I trade the news" from "how did I trade a normal session" instead of averaging the two together.
Prop-firm accounts and Treasury futures
Treasury futures' point values mean position sizing has real consequences for trailing drawdown and daily-loss limits inside an evaluation or funded account, the same as any other instrument — see the prop-firm trading journal page for the account-rule side of this.
Frequently asked questions
It's a convention carried over from the cash Treasury market, which has long quoted bond prices in fractions of a point rather than decimals. Each Fillbook-supported Treasury contract (ZB, ZN, ZF, ZT) has its own fraction size and real dollar tick value, calculated automatically rather than requiring manual conversion.
ZB (30-Year): $31.25 per 1/32 tick. ZN (10-Year): $15.625 per 1/64 tick. ZF (5-Year): $7.8125 per 1/128 tick. ZT (2-Year): $7.8125 per tick on a $2,000 point value.
Yes — P&L, R-multiple, and position sizing are calculated per contract using each Treasury contract's real fractional tick value, whether trades are imported via CSV or synced automatically from a supported platform.