Definitions for "Tick Size"
The smallest increment of price movement possible in trading a given futures/option contract.
Is the minimum point movement in each market, for example “the FTSE has moved 10 ticks” this equates to a 10 index point move in the FTSE.
This is the unit of minimum change of a contract. The exchange establishes the unit size of the minimum movement of the price of a contract and these are published in the Contract Rules and Contract Specifications.