A contract specification is the set of rules the broker's server applies to a symbol: how many units one lot holds, the smallest price step, which currency margin is held in, the swap rates, and when trading is open. Reading it before you size a trade tells you what a price move will cost or pay. It also shows why an order might be rejected.
How to open the specification window
In MetaTrader 5 (desktop)
- Open the Market Watch window (View menu, or Ctrl+M).
- Right-click the symbol you want.
- Choose Specification.
You can also open View → Symbols (Ctrl+U), select a symbol in the tree and look at its properties. If a symbol is missing from Market Watch, right-click inside the window and choose Symbols or Show All.
In MetaTrader 4
The symbol specification in MT4 opens the same way: right-click the symbol in Market Watch and choose Specification. MT4 shows fewer fields than MT5, and some names differ. For example, MT4 lists "Profit calculation mode" and "Margin calculation mode" separately.
On mobile and web
The MetaTrader mobile apps and WebTerminal show symbol details from the symbol's menu in the quotes list. The exact label depends on the app version. See Mobile apps and MT WebTerminal.
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The fields that matter
| Field | What it tells you |
|---|---|
| Digits | How many decimals the price is quoted with |
| Contract size | Units of the base asset in a lot |
| Tick size | Smallest possible price change |
| Tick value | Profit or loss of a lot for a move of a tick |
| Margin currency | Currency the margin requirement is calculated in |
| Profit currency | Currency profit and loss are calculated in before conversion |
| Calculation | Margin formula type (Forex, CFD, CFD Index, Futures and so on) |
| Stops level | Minimum distance from the current price for stops and pending orders |
| Freeze level | Distance at which open orders near the price can no longer be changed |
| Swap type, long, short | How overnight financing is charged or paid |
| Minimal / maximal volume, volume step | Allowed lot sizes |
| Sessions | Quoting and trading hours, in server time |
Contract size
The MT5 contract size is the number of units behind one lot. For currency pairs it is the amount of the base currency. For metals it is usually ounces, and for indices it is the number of index units per lot. Two brokers, or two account types at the same broker, can use different contract sizes for symbols that look alike. Always read the size for the account you trade on.
Position value = lots × contract size × price.
Tick size and tick value
Tick size is the smallest step the price can move. Tick value is what that step is worth for a lot. MT5 shows it in the account currency or the profit currency, depending on the build and the symbol. Your profit or loss for any move is:
Profit = (price change ÷ tick size) × tick value × lots
A pip is a conventional unit, not a field in the window. On pairs quoted with an extra decimal, a pip equals several ticks. To get the pip value, divide the pip size by the tick size, then multiply by the tick value. For indices, metals and crypto CFDs there is no standard pip, so work in ticks or points.
Pip value in MT5
Use the calculator below for pip value. Enter the symbol, lot size and account currency, and it shows the value of a pip in both the quote currency and your account currency.
Fill in the empty fields to see the result.
Check the result against the tick value in the specification window. If they disagree, the contract size you assumed is probably wrong. For more calculators, see Calculators.
Margin currency and calculation
Margin currency is the currency the requirement is first calculated in. For a currency pair this is normally the base currency. The terminal then converts the amount to your account currency. The Calculation field shows which formula applies. The margin rates (initial and maintenance) adjust it per symbol.
Leverage multiplies your exposure, so a small price move can use up the margin quickly and trigger a stop-out. Leveraged forex and CFD trading can lose money fast. Read Risk management before you size positions.
Swap long and swap short
A swap is the financing charge or credit applied to positions held past the daily rollover. Swap long applies to buy positions and swap short to sell positions. Swap type tells you the unit: points, money in a currency, or an interest percentage.
The window also shows the weekday when the rollover is charged at a multiple to cover the weekend. A negative value is a cost. Details are on Swap fees, and Islamic account questions are on Islamic finance.
Trading sessions
Sessions are listed for each weekday in two rows: quotes (prices stream) and trades (orders accepted). Times are in server time, which is shown in the Market Watch clock and may differ from Pakistan time. Outside trade sessions, the server rejects new orders and changes to existing ones.
Stops level and freeze level
Stops level is the minimum distance, in points, between the current price and a stop loss, take profit or pending order. Place one closer and the server returns an "invalid stops" error. Freeze level blocks changes to orders that are already very close to the trigger price.
When no stops level is set, a stop can still be refused if it falls inside the spread. See Stop loss and take profit, Pending orders and MetaTrader errors.
Volume limits and execution
Minimal volume, maximal volume and volume step set the lot sizes you can enter. Execution (market or instant) and filling (fill or kill, immediate or cancel, return) decide how an order is matched. An order with an unsupported filling type is rejected. Your account's mode also changes how positions are shown; see Hedging vs netting.
Points to keep in mind
- Specifications can change, for example around holidays or in volatile markets. Re-check them before large or long-held positions.
- The same symbol name can have different specifications on different account types. If you trade with Exness, check the current conditions for your account in the Exness personal area or on the official site.
- For readers in Pakistan: per the SECP, offshore platforms have no Pakistani licence or oversight and offer no legal protection or recourse. Read Law and regulators for the regulatory position.
Frequent questions
Where is the symbol specification in MT4?
Right-click the symbol in Market Watch and choose Specification. MT4 shows fewer fields than MT5.
Why is my MT5 contract size different from another broker's?
Each broker sets its own contract sizes, and they can differ by account type. Read the size in your own terminal.
How do I calculate pip value in MT5?
Divide pip size by tick size, then multiply by tick value and your lot size. The pip calculator on this page does it for you.
What does "invalid stops" mean?
Your stop loss, take profit or pending price is closer to the market than the stops level allows, or it sits inside the spread.
Are session times in Pakistan time?
No. They are in the broker's server time, which may differ from Pakistan time.
Is a positive swap guaranteed to stay positive?
No. Swap rates are updated by the broker and can change at any time.
