In MetaTrader 5 (MT5), checking the details of instruments—whether they are forex pairs, stocks, commodities, or cryptocurrencies—is crucial for making informed trading decisions. The platform allows traders to easily access detailed information about each instrument, including live prices, spreads, market depth, contract specifications, and trading conditions.
The Market Watch window is the first place to check instrument details. It displays a list of instruments with real-time bid and ask prices, the spread, and more. You can also use it to quickly access market orders.
Real-Time Prices: The bid price (the price at which the broker is willing to buy) and the ask price (the price at which the broker is willing to sell) are shown. These prices continuously update in real time.
Spread: The difference between the bid and ask price is shown, which represents the broker's profit from facilitating the trade.
High/Low for the Day: The highest and lowest prices of the instrument for the current day are displayed in the Market Watch.
For more detailed information, MT5 allows you to access specific instrument specifications, which provide vital details like contract size, tick value, margin requirements, and other trading conditions. This information is particularly useful for understanding how each instrument behaves in the market and its risk profile.
Right-click on the instrument in the Market Watch window.
Select "Specifications" from the context menu. A window will appear showing all relevant details of the selected instrument, such as:
Contract Size: The amount of the asset that one contract represents (e.g., 1,000 units for a standard forex contract).
Tick Size: The smallest possible price change for that instrument (e.g., 0.0001 for most forex pairs).
Tick Value: The monetary value of one tick movement.
Swap Rates: The overnight financing rate applied when holding a position overnight.
Leverage: The level of leverage allowed for the instrument.
Margin Requirements: How much margin is needed to open a position.
Trading Hours: The specific times when the instrument can be traded.
MT5 provides a detailed Symbols window where traders can check more advanced information on each instrument, including spreads, margin levels, and allowed order types.
In the Market Watch window, right-click and select "Symbols".
The Symbols window will appear, listing available instruments.
Select an instrument and click on "Properties" to view detailed specifications like:
Margin Calculation: The margin needed to open a position in the instrument.
Trading Conditions: The order types available, minimum and maximum volume, spread type (fixed or variable), and more.
A quick and effective way to gather additional details about an instrument is through the chart. The chart provides a visual representation of the price movements, where you can check trends, patterns, and historical data.
Right-click on an instrument in the Market Watch window.
Select "Chart Window" to open a new chart for the selected instrument.
You can zoom in/out on the chart, add technical indicators, and analyze the price movement over various time frames (e.g., 1-minute, 1-hour, 1-day).