MT5 Contract Specification: Read the Symbol Before Trading
The MT5 contract specification describes the symbol’s trading conditions. Reading it is a practical way to avoid importing assumptions from another instrument, broker or account. A familiar currency label does not establish the contract size, permitted quantity, pricing increments or order settings for the symbol you actually selected.
Begin with the exact symbol name and account context. Then read each relevant field with its unit and supporting broker terms. This guide provides a worksheet for doing that. It does not calculate a suitable trade size, recommend a product or claim that a specification screen replaces the account agreement.
Where to find the MT5 contract specification
According to MetaQuotes’ official Market Watch help, the Specification command in a symbol’s context menu opens its contract information. The window contains parameters supplied by the broker. It includes contract size, price and volume settings, execution conditions and session information.
Check the account and server before saving a copy. Retain the full symbol name, including a suffix or contract date. Add an observation timestamp to your notes. A screenshot without that context can be mistaken for a different configuration later. A field copied from a tutorial should remain a tutorial example until you verify it in your account.
Start with identity and units
Read the symbol’s description as well as its short label. Ask which product the contract represents and which legal agreement governs it. Keep those answers beside the screenshot. The same underlying market can appear through different products, and a recognizable name is not enough to identify the contractual relationship.
Next, write the unit beside every number you extract. A value expressed in lots is not directly interchangeable with a value expressed in underlying units or money. If you cannot explain the unit, mark the field unresolved. Do not guess simply because another broker used a familiar convention.
Contract size and quantity need separate lines
Contract size tells you what a lot represents for the symbol. Requested volume tells you how many lots an instruction specifies. Keep those two entries separate in your worksheet. Multiplying them can be a useful arithmetic check of the stated units, but it does not establish acceptable risk, margin sufficiency or a suitable position.
Use a fictional example only to check your understanding of units. If a hypothetical specification says one lot represents twenty units, then three lots represent sixty units before any other considerations. Label the numbers fictional. Do not reuse them in a live ticket or present the arithmetic as a recommendation about exposure.
Read the permitted volume range and increment
Record the minimum, maximum and step fields together. An amount can fall between the minimum and maximum while still failing an increment rule. Your worksheet should therefore ask two questions: does the amount fit the stated range, and does it fit the allowed step? The broker must confirm the applicable interpretation for the actual symbol.
Also ask whether an aggregate volume limit applies to outstanding positions and pending instructions. A permitted single-ticket amount is not necessarily the complete account constraint. Keep any unanswered question visible. A rejected instruction does not establish which field caused the problem unless the response and applicable rules support that conclusion.
Price precision is not the entire pricing rule
The number of displayed decimal places and the minimum price change are different fields. Copy both labels rather than combining them into one “precision” entry. A screen can display a finely formatted number without establishing that every such number is an allowed instruction price. Ask support if the relationship is unclear.
For stop-related distances, retain the unit supplied in the specification. Avoid converting a field into an informal pip measure without checking the symbol convention. If your notes contain a conversion, show the assumption explicitly. That gives support a clear place to identify an error instead of forcing it to reverse-engineer your arithmetic.
MT5 contract specification order settings
Review the permitted order types, execution settings, fill conditions and expiry options as separate categories. A platform-wide list of features does not establish that the symbol supports every item. Record the current configuration rather than selecting the combination used by a tutorial on a different account.
This distinction also matters for automated software. Ask the developer how the application reads symbol restrictions and validates its instructions. A successful login is not proof that every instruction will satisfy the current settings. Obtain an explanation of rejection handling and record reconciliation, with the exact environment identified.
Sessions and time basis deserve attention
Copy the relevant quoting and trading session information with its time basis. Do not assume that a time shown by the server means your own local time. If the relationship is unclear, ask the broker for a dated explanation that includes any relevant seasonal time changes.
A market price visible outside a trading session does not, by itself, prove you can submit or execute the intended instruction at that moment. Keep the session question separate from data availability. Your worksheet should identify what the screen displays and what the contract permits rather than treating those as the same fact.
Costs require the complete fee context
Review any spread, swap and commission information with the broker’s current fee schedule. Retain the unit, direction, timing and account scope of each charge. A small number shown beside one cost category is not a complete cost comparison. Leave a total blank if you do not have the required inputs.
Ask about any discrepancy between the platform specification and the written schedule. Quote the exact field and document version in the request. Do not silently choose the lower number to complete a comparison table. The difference may need clarification before the information supports a conclusion about the service.
A worksheet for the MT5 contract specification
| Category | Record in your notes |
|---|---|
| Identity | Account, server, exact symbol, product description and date |
| Size | Contract size, units, volume range and increment |
| Prices | Displayed digits, price step and distance-field units |
| Instructions | Supported types, execution, fill and expiry settings |
| Timing | Sessions and their documented time basis |
| Costs | Charge units, relevant schedule and unanswered differences |
Add a source column so each entry can be traced to the screen, official help or broker document. These sources have different roles. Platform help explains a label; the account configuration supplies its current value; the agreement supplies contractual context. Avoid asking one source to establish all three.
When values differ from an old screenshot
First check whether the old screenshot refers to the same account, server and symbol. Then compare the observation dates and document versions. A difference deserves investigation, but the screenshots alone may not explain its cause. Preserve both records without overwriting the older one.
Send support a concise list of the differing fields and ask which current values apply. Remove passwords and unnecessary account details from attachments. If the answer introduces a new contract document, save its effective date. Do not describe a historical screenshot as a current specification after you learn that its context has changed.
Frequently asked questions
Can I use another broker’s specification?
Use it only as a labelled comparison source. It cannot establish the conditions of your own symbol. Verify each relevant field in the intended account and read the applicable terms. Similar names do not remove the need for that check.
Does this screen establish regulatory protection?
No. Identify the contracting legal entity and relevant jurisdiction through the account agreement and appropriate regulatory sources. A technical specification describes an instrument’s configuration; it does not complete the legal-entity review or determine available protection by itself.
Does a valid ticket mean the product is suitable?
No. Technical validity and suitability are different questions. The MT5 contract specification can help explain constraints without recommending a trade. Understanding a field does not remove the possibility of substantial loss from leveraged products.
Editorial scope and disclosure
By Best Forex Brokers Editorial. This is a documentation-based guide with a fictional unit example, not a report of broker testing. Our editorial methodology explains the site’s evidence standards.
Best Forex Brokers may earn commissions from qualifying referral links elsewhere on this site. This guide contains no broker referral recommendation; platform references are informational.
This is not financial advice or investment advice. Leveraged forex and CFDs can cause substantial losses. Product availability, account rules and legal protections depend on your jurisdiction and contracting entity.
