Every instrument in MetaTrader 5 has a specification sheet that defines how orders, price movements, financing charges, and trading sessions work. These details can differ between symbols, even when their names look similar. Reading the specification before placing an order helps you estimate exposure, calculate risk, and avoid rejected orders or unexpected holding costs.
Opening the symbol specification
In MT5, open Market Watch, right click the instrument, and select Specification. On mobile versions, open the symbol details from the Quotes screen. The exact labels may vary slightly, but the main fields usually cover volume rules, contract terms, tick information, swap, execution settings, and trading sessions.
Do not assume that one symbol follows the same rules as another. A currency pair, metal, index contract, and cryptocurrency contract may use different calculation methods. Two symbols linked to the same underlying market can also have different contract sizes, minimum volumes, or session schedules.
Contract size and volume
Contract size is the quantity of the underlying asset represented by one full lot. If a hypothetical symbol has a contract size of 100 units, opening 1.00 lot creates exposure to 100 units. Opening 0.10 lot creates exposure to 10 units.
Contract size is not the same as the cash deposited to open a trade. It describes the position's underlying quantity. The required margin is calculated separately according to the symbol's margin method and the account settings.
Check these related volume fields:
- Minimum volume: the smallest permitted order size.
- Maximum volume: the largest permitted order size for one order or position, depending on the account rules.
- Volume step: the permitted increment between order sizes. A step of 0.01 allows sizes such as 0.10, 0.11, and 0.12 lots.
- Volume limit: where displayed, the maximum combined exposure allowed for the symbol in one direction.
An order can be rejected if its volume is below the minimum, above the maximum, or not aligned with the volume step.
Tick size and tick value
Tick size is the smallest price movement used for profit and loss calculations. It is not always identical to the final displayed decimal place. Tick value is the monetary change associated with one tick for a stated volume, commonly one lot.
For a simple contract quoted in the account currency, the basic relationship is:
Tick value per lot = contract size multiplied by tick size
Conversion may be required when the profit currency differs from the account currency. MT5 normally performs that conversion automatically, but the resulting tick value can change as the relevant conversion rate changes. Some specifications show separate tick values for profitable and losing movements because conversion paths or calculation rules may differ.
Worked hypothetical example
Imagine a $1,000 account trading a completely hypothetical contract. Its specification shows a contract size of 100 units, a tick size of $0.10, and a minimum volume of 0.01 lot.
For 1.00 lot, the tick value is 100 multiplied by $0.10, which equals $10 per tick. For 0.10 lot, it is $10 multiplied by 0.10, which equals $1 per tick. If the stop is 30 ticks away, the estimated price risk is 30 multiplied by $1, which equals $30, before spread, commission, slippage, swap, or currency conversion.
That $30 represents 3 percent of the hypothetical $1,000 account. The example shows why contract size and tick information should be checked before choosing volume. A familiar looking lot size can produce very different monetary exposure on another symbol.
Swap and overnight holding
Swap is an adjustment applied when a position remains open across the symbol's rollover time. The specification normally lists separate values for long and short positions. Either side may be a charge, and a positive displayed figure should not be treated as permanent.
The swap calculation type matters. Swap may be expressed in points, money per lot, a percentage, or another contract based unit. The specification may also identify a weekday with a multiple swap adjustment. This commonly accounts for settlement days when markets are closed, but the exact rule belongs to the symbol specification.
To estimate the effect, identify the calculation type, position volume, long or short rate, rollover schedule, and account currency. Holding a position for several nights can materially change its total cost. Swap rules may be amended, so they should be checked again before a planned overnight trade.
Trading hours and order access
The Sessions area shows when quotes and trading are available for each weekday. Quote hours and trade hours may differ. A symbol can display prices while new orders are restricted, or stop quoting before an order can be modified.
Session breaks matter for pending orders, stop loss execution, and automated strategies. An order cannot normally execute while trading is closed. When the session reopens, the first available price may differ from the previous quote, creating slippage or a gap. Server time may also differ from the trader's local time, so confirm which time zone the displayed sessions follow.
Common mistakes
- Assuming that 1.00 lot has the same exposure on every symbol.
- Confusing tick size with the displayed number of decimal places.
- Using a fixed pip value without checking the contract and profit currency.
- Ignoring the volume step when entering a custom position size.
- Reading a swap number without checking whether it means points, money, or a percentage.
- Forgetting the multiple swap day when planning a multiday position.
- Assuming visible quotes mean orders can be placed immediately.
- Ignoring session breaks, holidays, and server time.
A practical pre-trade check
- Open the symbol specification directly from Market Watch.
- Record contract size, minimum volume, volume step, tick size, and tick value.
- Calculate the monetary loss at the planned stop distance.
- Check commission and swap terms if the position may remain open overnight.
- Confirm the trading session covers entry, management, and planned exit times.
- Reduce the volume or avoid the trade if the calculated risk exceeds your limit.
Educational content only, not investment advice. Leveraged trading can lose more than you expect.