5 yr treas note prices.... whaaaat?

M

maxpi

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?
 
Quote from maxpi:

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?
More...
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
 
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