How Do You Read Contract Specifications in MT5?
Contract specifications in MetaTrader 5 describe how each tradable symbol behaves on the trader’s account. They define the contract size, margin requirements, minimum and maximum order sizes, tick value, swap rates, trading hours, and several other parameters that determine the practical cost and mechanics of trading that symbol. Before opening a position in any instrument, particularly one the trader has not traded before, reviewing the specifications is a worthwhile step.
The information shown in the specifications window comes directly from the broker. It reflects how that specific broker has set up the symbol on the account in use. Different brokers, and different account types at the same broker, can show different values for the same symbol.
This article explains how to access the contract specifications in MT5, what each major field means, and how to interpret the values for practical trading decisions.
Accessing Contract Specifications
The simplest route in MT5 is via the Market Watch window:
- Open Market Watch with Ctrl+M or via the View menu
- Right-click on the symbol of interest
- Select Specification from the context menu
A window opens displaying all the specification fields for that symbol. The window is read-only; values cannot be changed from the platform side, since they are set by the broker.
Alternative routes include the Symbols dialog (Ctrl+U), where each symbol’s specifications can be viewed before adding the symbol to Market Watch, and the right-click menu on charts, which sometimes includes a Specification option depending on chart configuration.
Key Fields in the Specifications Window
The specifications window contains many fields. Some are essential for every trader to understand; others are technical and rarely consulted. The most important fields are covered below.
Contract size defines the underlying value of one lot. For forex majors, this is typically 100,000 units of the base currency for a standard lot. For metals, indices, and commodities, the contract size varies by instrument. EUR/USD with contract size 100,000 means a 1.00 lot trade controls 100,000 euros worth of exposure.
Volume minimum, volume maximum, and volume step define the smallest, largest, and step size for order volumes. A volume minimum of 0.01 means the smallest tradeable position is one micro lot. A volume maximum of 1000 means single orders cannot exceed that lot size at the broker. The volume step (often 0.01) defines the increment.
Margin currency specifies the currency in which margin requirements are calculated and held. This is usually the deposit currency of the account or a major currency related to the symbol.
Margin (sometimes shown as Initial margin or Margin required) is the amount of margin needed to open a one-lot position. This value is calculated based on the broker’s set leverage and the symbol’s notional value. For a EUR/USD standard lot at 1:30 leverage, the required margin would be approximately the notional value divided by 30.
Digits shows how many decimal places the price uses. EUR/USD typically shows 5 digits (1.08000), USD/JPY typically shows 3 digits (150.000). The number of digits affects how a pip is defined: a 5-digit forex pair uses the fourth decimal as the pip, with the fifth being a “pipette” or fractional pip.
Point is the smallest price change the symbol can register. For a 5-digit EUR/USD, the point is 0.00001. The pip is generally 10 points on 5-digit forex pairs.
Tick size is the smallest unit by which the symbol’s price can change. On most forex pairs this equals the point value.
Tick value is the monetary value of the smallest price change. For EUR/USD with a $10 per pip standard lot, the tick value is typically $1 (one tenth of a pip, on a 5-digit quote).
Stop level specifies the minimum distance, in points, that pending orders and stop loss / take profit levels must be from the current market price. A stop level of 30 points on a 5-digit pair means stops must be at least 3 pips from the current price. Attempting to place a stop closer than this distance produces an error from the broker.
Freeze level is the distance from the market price within which an order cannot be modified or deleted because it is too close to execution. A freeze level greater than zero means the broker is protecting itself from manipulation of orders as they approach execution.
Trade mode indicates the symbol’s current trading status. Possible values include Full trading, Close only (positions can only be reduced, not opened or increased), Long only, Short only, and Disabled. Trade mode can change based on time of day, broker maintenance, or market conditions.
Spread shows the current bid-ask spread, which may be displayed as fixed (a constant value set by the broker) or floating (varying with market conditions). For spread details that change with market liquidity, the value shown is typically the current snapshot rather than a guaranteed level.
Swap long and Swap short show the daily overnight financing rate for long and short positions, respectively. These values can be positive (the trader receives) or negative (the trader pays). The unit of these values varies: some brokers display swap in points, others in account currency, others in percentage. The displayed value should be checked against the broker’s documentation to confirm the unit.
Swap rollover days (often labelled “Trip swap day” or similar) identifies the day on which a triple swap is charged or credited to account for weekend settlement under T+2. This is typically Wednesday but can vary for some instruments.
Sessions lists the trading hours for the symbol. Forex pairs typically show continuous sessions through the working week. Other instruments such as indices, commodities, and CFDs may show specific open and close times each day.
Practical Use of Contract Specifications
Several practical decisions benefit from a quick check of the specifications window.
Calculating position sizes. The contract size and pip value determine how much the trader risks per pip of movement on a given lot size. For a EUR/USD standard lot with $10 per pip, a 50-pip stop loss represents $500 of risk. The specifications confirm these values for the specific symbol.
Confirming margin requirements. Before opening a large position, verifying the required margin against available equity prevents margin call or stop out scenarios. The margin field shows the cost of a one-lot position in the account currency.
Checking stop level constraints. Strategies that involve tight stops can be limited by the broker’s minimum stop level. If a strategy requires stops within 3 pips of entry but the broker’s stop level is 5 pips, the strategy cannot execute as designed without modification.
Identifying overnight cost. A position held over multiple days accumulates swap. Reviewing the swap rates before initiating a multi-day trade shows whether the position will earn or pay financing.
Confirming trading hours. For non-forex instruments such as indices and commodities, the trading hours are not 24-hour. Knowing when the symbol opens and closes prevents attempts to trade outside those hours.
MT4 Compared to MT5 Specifications
The procedure for viewing specifications is essentially the same in MT4. Right-clicking a symbol in the Market Watch and selecting Specification opens a similar window with most of the same fields.
The MT5 specifications window includes some fields that are not present or not as visible in MT4. These include the more detailed session schedule, the freeze level, and additional execution-related fields. MT5 also shows the trade execution mode (Instant Execution, Market Execution, Exchange Execution, or Request Execution), which affects how orders are processed.
Both versions show the same essential information: contract size, lot constraints, margin, tick value, stop level, swap, and trading hours.
Frequently Asked Questions
Where do I find contract specifications in MT5? Right-click any symbol in the Market Watch window and select Specification. A window opens with all the symbol’s specification fields. The Market Watch can be opened via View menu or Ctrl+M.
Do contract specifications differ between brokers? Yes. While the underlying instrument (such as EUR/USD) is the same, brokers set their own contract sizes, margin requirements, stop levels, swap rates, and other parameters. The specifications shown in MT5 reflect the configuration at the account’s broker.
What is the contract size for a forex standard lot? The contract size for a forex standard lot is typically 100,000 units of the base currency. EUR/USD standard lot represents 100,000 euros of exposure. The contract size is confirmed in the Specification window for the specific symbol.
What does the stop level mean? The stop level is the minimum distance, in points, that any stop loss, take profit, or pending order must be from the current market price. If the stop level is 30 points on a 5-digit forex pair, orders must be at least 3 pips away from the current price. Orders placed too close are rejected by the broker.
How do I read the swap values? Swap long and swap short represent the overnight financing charge or credit for holding a position for one day. Positive values mean the trader receives interest; negative values mean the trader pays. The unit of measure (points, dollars, or percentage) depends on broker configuration and should be confirmed in the broker’s documentation.
Can the contract specifications change? Yes. Brokers may update specifications based on market conditions, regulatory changes, or account type changes. Margin requirements often change around major news events. Trading hours can be adjusted for holidays. Major changes are typically announced by the broker in advance.
What is the difference between point and pip in MT5? A point is the smallest price increment the symbol can register. A pip is the conventional fourth decimal place for forex (or second decimal for JPY pairs). On 5-digit forex pairs, the pip equals 10 points. On 3-digit JPY pairs, the pip equals 10 points. The Digits field in the specification shows how many decimal places the price uses, which determines the relationship between points and pips.