How to Read Contract Specifications on MT5
How to read contract specifications on MT5: where to find the Specification window, what each field means, and the four fields that decide your exposure, cost and risk before you place an order.
The contract specification is the page in MetaTrader 5 that tells you what one lot of an instrument actually is, what it costs to hold, and how much margin it needs. Every worked example on this site assumes you have read it for the instrument you are trading.
Key Takeaways
- Open it from Market Watch: right-click the symbol, choose Specification.
- Four fields decide the trade: Contract size, Margin (initial and maintenance), Swap Long / Swap Short, and Trade hours.
- Contract size is why one lot of EURUSD, one lot of gold and one lot of a share are completely different exposures.
- The Calculation field tells you how margin and profit are computed, not the legal form of the contract.
Where to Find It
- Open Market Watch (Ctrl + M if it is hidden).
- Right-click the symbol.
- Choose Specification.
On Web Trader the same window opens from the symbol's context menu.
The Fields, and Which Ones Matter
| Field | What it means | Why you care |
| Contract size | Units in one lot | Sets exposure and pip value. 100,000 on a major pair; different on every other asset class |
| Calculation | Margin and profit model: Forex, CFD, Futures, and others | Tells you how margin is computed; it is a platform setting, not a statement of the product's legal form |
| Initial margin / Maintenance margin | Margin to open, margin to keep | Many brokers set them equal. If they differ, the maintenance figure is what a held position needs |
| Margin percentage or leverage | The instrument's own requirement | Account leverage is a ceiling; the instrument figure is what applies |
| Swap Long / Swap Short | Overnight charge or credit per lot | See what is swap. Sign and size differ by direction |
| Swap type | Points, percentage or currency | How to read the swap numbers |
| 3-days swap | The day the triple charge applies | Wednesday on most currency pairs; varies elsewhere |
| Minimal volume / Maximal volume / Volume step | Smallest, largest and increment of order size | The floor for position sizing |
| Stops level | Minimum distance from the current price for a stop or limit | A stop-loss closer than this is rejected |
| Trade | Session hours by weekday | When the instrument is tradeable; see global market trading hours |
| Digits | Decimal places in the quote | Where the pip and the point sit |
| Spread | Current spread in points, or "floating" | Points, not pips: 9 means 0.9 pips on a five-digit quote |
Worked Example: Reading Three Specifications Side by Side
| EURUSD | XAUUSD | NVDA.US | |
| Contract size | 100,000 | 100 oz (typical) | 1 share (typical) |
| One lot at current price | ≈ $108,500 | ≈ $250,000 at $2,500/oz | ≈ $120 at $120/share |
| Value of one point per lot | $1 | See specification | See specification |
Three instruments, one word ("lot"), three exposures spanning three orders of magnitude. This table is the reason what is a lot ends with "check the specification".
The gold and share figures above are industry-typical examples, not MarketsAll's. Read the exact values for any instrument from its specification on the platform.
Why It Matters
Every number that decides whether a trade is affordable — margin, pip value, minimum size, overnight cost, the earliest stop you can place — is in this window. None of them is on the chart. A trader who sizes from the chart alone is sizing from a picture of the price with no information about the contract behind it.
Common Mistakes
- Reading spread as pips. It is in points.
- Assuming account leverage applies. The instrument's own margin figure is what applies, and it may be lower.
- Not checking the 3-days swap day before holding a position over it.
- Placing a stop inside the Stops level and wondering why it was rejected.
- Assuming the contract size from another instrument.
Where is the contract specification on MT5 mobile?
Tap and hold the symbol in Quotes, then choose Properties.
What does "Calculation: CFD" mean?
Margin and profit for the symbol are computed using the CFD model rather than the Forex model. It describes the arithmetic the platform uses, not the contract you signed; the client agreement covers that.
Why is the margin shown different from my account leverage?
Because each instrument has its own margin requirement, which can be higher than the account's maximum leverage implies. The instrument figure is the one that applies.
What is the Stops level?
The minimum distance in points between the current price and any stop or limit order. Orders closer than this are rejected. It can widen during volatile conditions.
Does the specification change?
Yes. Swap rates change with interest rates; margin requirements can change around events or at the broker's discretion. Check before trading an instrument you have not traded recently.
Related Guides
Pip · Lot · Swap · Position sizing · Balance, equity and margin in the MT5 terminal · Global market trading hours
Put this into practice
Open an account with MarketsAll and trade spot FX and CFDs on MetaTrader 5, with the spreads and account types set out on our account types page.
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