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How to Check Contract Specifications in MT5 Before You Trade

How to Check Contract Specifications in MT5 Before You Trade

Find contract specifications in MT5 and learn which fields to check for trade size, price increments, margin, swap and order restrictions before trading.
Before placing an order, it is worth answering three questions: what does the selected volume represent, what trading conditions apply, and will the proposed order fit the instrument's rules?
MT5 contract specifications are a useful starting point.
They describe the symbol available through the connected broker account. Reading them can prevent a familiar-looking instrument name from being mistaken for a familiar set of conditions.
This guide explains where to find the information and how to turn it into a practical check. It does not require placing an order.

Open the specification on MT5 desktop

Confirm that you are connected to the intended account and server. For a DecodeFX account, use the server supplied in the account confirmation information rather than guessing from a similar name. [1]
On the desktop terminal, follow this route:
  1. Open Market Watch from the View menu.
  2. Locate the exact instrument. Include any prefix or suffix shown with its name.
  3. Right-click that instrument in Market Watch.
  4. Select Specification.
The window displays trading conditions supplied for that symbol. Some fields depend on the instrument type and broker configuration. [2]
As you work, keep a brief note of the server, account type, full symbol name and the time you checked it. This makes a later comparison meaningful: a specification copied from a different environment is not a reliable reference for your intended order.

Find the same information on mobile

In MT5 for Android, go to Quotes, open the symbol's context menu and choose Properties. MetaQuotes documents this screen as the location for symbol trading terms. [3]
On iPhone and iPad, use the symbol's context menu in Quotes and select Properties. The mobile documentation also identifies this as the symbol-conditions screen. Menu presentation can differ between app versions. [4]
Treat desktop and mobile as two ways to inspect the account's instrument, not as separate reasons to assume different contract sizes. When two screens seem inconsistent, first check that they refer to the same server, account and complete symbol name.

Six groups of fields to read first

Field groupWhat you are checkingWhy it matters
Contract sizeUnderlying units represented by one lotConverts a volume label into exposure
Minimum, maximum and stepPermitted order volumes and incrementsHelps explain an invalid-volume message
Digits and tick sizeDisplay precision and permitted price incrementsA price can look precise but use an invalid increment
Profit and margin currenciesUnits used in those calculationsPrevents confusing quote, profit and account money
Trading mode and sessionsWhether trading is permitted and whenVisible prices do not by themselves establish permission to trade
Stops and financing termsOrder-distance rules and holding-cost settingsHelps assess an order and an overnight position
These fields serve different purposes; none is a substitute for the others. The symbol-properties reference distinguishes volume limits, increments, calculation modes and trade restrictions. [5]

Example 1: the same lot number can represent different exposure

Imagine two hypothetical gold symbols. Symbol A represents 100 ounces per lot. Symbol B represents one ounce per lot. A 0.10-lot order therefore represents ten ounces on A but only 0.10 ounce on B.
The order-ticket number is identical, but the exposure differs by a factor of 100. This is why the full symbol and contract size belong in a pre-trade note, rather than a note that says only "gold, 0.10 lot".
These figures illustrate a comparison. They do not describe two products available at DecodeFX.

Example 2: decimal places do not establish the volume step

Suppose a symbol allows a minimum of 0.01 lot and volume changes in steps of 0.01 lot. Volumes of 0.02, 0.03 and 0.04 fit those assumptions. A requested 0.035 lot does not.
When an order is rejected, compare the requested value with all relevant limits. If the minimum permitted trade is already larger than the exposure you intended, the answer is not to increase the order simply to satisfy the platform. Reconsider the transaction instead.
A similar distinction applies to prices. A hypothetical instrument may display two decimal places while requiring increments of 0.05. Prices ending in .00, .05 and .10 can fit that rule; .03 would not. Display precision and an executable increment answer different questions.

Example 3: a stops level is not a risk recommendation

If a hypothetical symbol uses a point size of 0.01 and a stops level of 50 points, the quoted distance corresponds to 0.50 price units. That is a placement rule, not a suggestion that 0.50 is a suitable stop distance.
Which quote is relevant depends on the order and direction. For typical over-the-counter Forex positions, MT5 checks stop-loss conditions against bid for long positions and ask for short positions. Exchange instruments can follow different triggering rules. [6]
A permitted stop level also does not guarantee the eventual execution price. It is possible to satisfy the placement rules while still facing execution risk when the market changes.

Read margin and swap without assuming the units

For margin, identify the calculation mode and any applicable initial-margin or rate settings. A calculation based on notional value and leverage is not appropriate for every instrument. Review current requirements for the proposed volume and direction, including other positions where relevant. [7]
For swap, check both the value and its calculation unit. A displayed number is not necessarily a dollar amount: financing may be expressed in points, a currency amount or a percentage. Long and short settings can differ. [3]
Keep the two checks separate. Margin answers a collateral question; financing concerns carrying a position across the applicable holding period. Neither replaces the calculation of potential trading profit or loss.

What to check when the order still will not go through

Use a diagnostic sequence rather than repeatedly submitting the same instruction. Confirm the account and symbol, permitted trading session, requested volume, price increment and order-distance rules. Then check available margin and the platform's actual error message.
MT5 supports different execution and filling arrangements, so order handling also depends on the applicable instrument settings. A rejection message and its timestamp are more useful for investigation than the general statement that "MT5 is not working". [8]
When contacting support, provide the full symbol, platform version, server, approximate time and error message. Share account identifiers only through the appropriate private support channel, and do not post passwords or other authentication details.

Frequently asked questions

Do I need to place a trade to view the specification?

No. This guide's lookup process is a reading task. Opening a specification window is not an instruction to buy or sell.

Can I use a specification from a demo account for live trading?

Use it to learn the interface, but verify the intended live account separately. A screenshot or saved note should not be treated as a promise about another account's current settings.

Is the specification a complete list of every account charge?

Do not assume that it is. Also review the applicable account pricing and terms, particularly for charges not clearly identified in the symbol window.

Make specification checks a repeatable habit

Start with the DecodeFX MT5 platform page for platform information. When assessing a transaction, use the specification for your connected account and compare it with the relevant product terms. Resolve unclear fields before treating an order size as acceptable.
Risk notice: This material is general platform education, not personal investment advice. Example settings are hypothetical. Platform access or acceptance of an order does not establish that a trade is suitable. Leveraged CFDs involve a high risk of loss; availability and conditions vary by entity, jurisdiction and account.

Sources

[1] DecodeFX, MetaTrader 5 platform information and server guidance.
[2] MetaQuotes, Market Watch and Specification.
[3] MetaQuotes, Android Quotes and Symbol Properties.
[4] MetaQuotes, iPhone/iPad Quotes and Symbol Properties.
[5] MetaQuotes, Symbol properties.
[6] MetaQuotes, Types of orders.
[7] MetaQuotes, Margin calculation.
[8] MetaQuotes, Executing trades.