What do tick size, tick value and contract size mean, and why do they matter when comparing instruments?
Short answer: Tick size is the smallest price step an instrument can make. Contract size is how many units one lot represents. Tick value is the money gained or lost per lot when price moves one tick, and it equals contract size multiplied by tick size, converted into the account currency when needed. The same 0.10 lot can therefore mean very different money risk on EURUSD, gold, an index and Bitcoin.
Why can't you compare instruments by lot size alone?
A lot is a unit of volume, not a unit of money. What one lot means depends on the instrument's contract size, and that is why traders who copy a familiar lot size from one market to another often find that the account reacts very differently.
On NordFX's published MT5 Pro specifications, one lot of EURUSD is 100,000 EUR, one lot of XAUUSD is 100 troy ounces, one lot of BTCUSD is 1 BTC, and one lot of an index CFD such as DE40 is 1 unit of the index. Entering 0.10 in the order window therefore opens four very different exposures.
Three fields in the specification explain the difference:
Field | What it tells you | Where it comes from |
Contract size | How many units of the underlying asset one lot represents | Published in the instrument specification |
Tick size | The smallest price increment the quote can move | Set by the symbol's price precision (digits) |
Tick value | The money result of one tick for one lot | Calculated from the two fields above |
What is tick size?
Tick size is the minimum change in the quoted price. If a symbol is quoted with 5 digits, the smallest step is 0.00001. If it is quoted with 2 digits, the smallest step is 0.01.
A tick is not always a pip. On a five-digit forex pair, a pip is 0.0001, which equals 10 ticks of 0.00001. On a three-digit yen pair, a pip is 0.01, which equals 10 ticks of 0.001. On gold quoted with two digits, one tick is 0.01, so a $1.00 move is 100 ticks.
What is contract size?
Contract size is the quantity of the underlying asset that one standard lot represents. It is the multiplier that turns a price change into money. Examples from NordFX's MT5 Pro contract specifications, checked in October 2026, show how much the multiplier varies.
Minimum volume matters as much as contract size, because it sets the smallest exposure you can take. Dogecoin, for example, is listed with a contract size of 1 DOGE and a minimum volume of 50, so the smallest position is 50 DOGE, while Ethereum is listed with a minimum volume of 0.1.
What is tick value, and how is it calculated?
Tick value is the profit or loss for one lot when the price moves by one tick: tick value = contract size × tick size. The result is in the instrument's quote currency. If your account currency is different, MT5 converts it at the current exchange rate.
The table below combines the published specification fields with calculated values for a USD account. Contract size, minimum volume and digits come from NordFX's MT5 Pro contract specifications (checked October 2026). The tick size column is the smallest price step implied by the digits, and tick value is contract size × that step.
Symbol | Contract size per 1.00 lot | Min volume | Digits | Tick size (from digits) | Calculated tick value per 1.00 lot | Calculated tick value per 0.01 lot |
EURUSD | 100,000 EUR | 0.01 | 5 | 0.00001 | $1.00 | $0.01 |
USDJPY | 100,000 USD | 0.01 | 3 | 0.001 | ¥100 (about $0.67 at an illustrative 150.00) | ¥1 |
XAUUSD | 100 oz | 0.01 | 2 | 0.01 | $1.00 | $0.01 |
UKOIL | 100 barrels | 0.1 | 2 | 0.01 | $1.00 | $0.01 |
XNGUSD | 10,000 MMBtu | 0.01 | 4 | 0.0001 | $1.00 | $0.01 |
BTCUSD | 1 BTC | 0.01 | 2 | 0.01 | $0.01 | $0.0001 |
DE40 | 1 | 0.01 | 1 | 0.1 | €0.10 | €0.001 |
USTEC | 1 | 0.01 | 2 | 0.01 | $0.01 | $0.0001 |
The table shows why tick value alone can mislead. EURUSD and XAUUSD both show $1.00 per tick for one lot, yet a EURUSD tick is 0.00001 while a gold tick is 0.01. What you actually experience is the value of a typical move, which is the number of ticks moved multiplied by tick value.
These tick sizes are calculated from the digits, not read from the platform, and the next section explains why.
Why does MT5 show a tick size of 0.00 for XAUUSD?
If you open the Specification window for XAUUSD on a NordFX account, the Tick size field reads 0.00 and Tick value reads 0, while Digits shows 2 and Contract size shows 100. This is not a mistake in your calculation. The Calculation field shows CFD Leverage, and MetaTrader's CFD calculation mode works out profit from the contract size and the price difference, so the tick fields are not used and may show zero.
In practice, treat the digits as your price step. Two digits means a step of 0.01, and 100 ounces × 0.01 gives $1.00 per step for one lot. That is the figure in the table above. This check was made on XAUUSD, so open the Specification window for each symbol you trade, and ask NordFX support if you need written confirmation of its settings.
What does the same 0.50 lot mean on three instruments?
Take a 0.50 lot position on a USD account and a typical short-term move on each instrument. Figures are illustrative and exclude spread, commission and swap.
Instrument | Move | Ticks moved | Tick value at 0.50 lot | Result |
EURUSD | 12 pips (0.0012) | 120 | $0.50 | $60.00 |
XAUUSD | $3.50 | 350 | $0.50 | $175.00 |
DE40 | 40 index points | 400 | €0.05 | €20.00 |
Check the first row: 0.50 lot is 50,000 EUR, and 50,000 × 0.0012 = $60. For gold, 0.50 lot is 50 ounces, and 50 × $3.50 = $175. For DE40, 0.50 lot is 0.5 index units, and 0.5 × 40 = €20. For crypto, a 0.10 lot of BTCUSD is 0.1 BTC, so a $250 move is worth $25.
Identical volume, three different money outcomes. A trader who copies 0.50 lot from one instrument to another is not copying the risk.
How do you check the specification in MT4 and MT5?
- Open Market Watch and right-click the symbol.
- Choose Specification (in MT5 you can also open Symbols and select the instrument).
- Read contract size, digits, calculation mode, minimum volume, volume step and the margin settings. Tick size and tick value may show zero, as explained above.
- Do the arithmetic once by hand before sizing the trade.
Fields and wording can differ between MT4 and MT5, and symbol settings can differ between platforms and account types. NordFX's own instrument guidance says exact symbols and specifications may not be identical on MT4 and MT5, so check the platform and account you actually trade on. You can read more about the platform on the MetaTrader 5 page.
How do tick value and contract size affect stop-loss and position size?
Position size follows from the money you are willing to risk, the stop-loss distance and the tick value: lots = risk amount ÷ (stop-loss distance in ticks × tick value per 1.00 lot).
Example for XAUUSD on a USD account. Risk $50 with a stop-loss $5.00 away. That is 500 ticks, and tick value is $1.00 per lot, so 50 ÷ (500 × 1.00) = 0.10 lot. Check: 0.10 lot is 10 ounces, and 10 × $5.00 = $50.
The same $50 risk on EURUSD with a 25-pip (250-tick) stop gives 50 ÷ (250 × 1.00) = 0.20 lot. Check: 20,000 EUR × 0.0025 = $50. Gold and EURUSD therefore need different lot sizes for the same dollar risk, which is exactly what comparing by lot size alone hides. The NordFX Trading Calculator can do the position size, pip value and margin calculation for supported instruments.
Why does a small tick size not mean a small risk?
A fine tick size only means the quote moves in small steps. It says nothing about how much each step is worth. EURUSD moves in steps of 0.00001, yet one tick is worth $1.00 per lot, exactly the same as a gold tick of 0.01. Bitcoin and index CFDs move in steps of 0.01 but carry a contract size of 1, so a single tick is worth only $0.01 per lot.
Is contract size the same as margin?
No. Contract size defines the exposure; margin is the collateral reserved against it. Margin depends on position value and the margin ratio or leverage that applies to the symbol, and NordFX lists different margin ratios for different instrument groups. For margin calculations, see the related guide How Much Margin Do You Need to Trade Gold? This article is about measuring what a price move is worth, not what it costs to open a trade.
What mistakes should you avoid when reading a specification?
- Assuming one lot is the same everywhere. One lot is 100,000 units on EURUSD, 100 ounces on gold and 1 BTC on Bitcoin.
- Treating a tick as a pip. On five-digit and three-digit symbols, a pip is 10 ticks.
- Ignoring the quote currency. USDJPY tick value is in yen and moves with the exchange rate when converted to a USD account.
- Reading zero as no value. A tick size of 0.00 in the Specification window does not mean a price move is worth nothing; use the digits and contract size instead.
- Skipping minimum volume and volume step. They limit how finely you can size a position.
- Using a specification from another broker or platform. Contract sizes, digits and minimum volumes can differ.
- Relying on an old specification. Settings can change, so check the live Specification window before trading.
Frequently asked questions
What is the difference between tick size and tick value?
Tick size is the smallest price step. Tick value is the money result of that step for one lot. Tick size is quoted in price units, tick value in currency.
Is a tick the same as a pip?
Not always. On a five-digit forex pair, one pip is 10 ticks. On symbols such as gold quoted to two digits, traders often use pip or point loosely for different sizes, so check the numeric step.
What is the contract size of gold at NordFX?
NordFX's published MT5 Pro specification lists XAUUSD at 100 oz per lot with a minimum volume of 0.01. Verify it in your platform before trading.
How do I calculate tick value?
Multiply contract size by the price step set by the digits, then convert to your account currency if the quote currency differs. For one lot of XAUUSD: 100 × 0.01 = $1.00. This works even when the platform's tick fields show zero.
Where can I see NordFX contract specifications?
On the MT5 Pro account page and the other account pages, and inside MT4 or MT5 through Market Watch and the Specification window.
How can you check instrument specifications at NordFX?
NordFX provides currency pairs, metals, energies, crypto CFDs, indices and stock CFDs through MetaTrader 4 and MetaTrader 5. Each account page publishes contract specifications by instrument group, including contract size, minimum volume, price precision and margin ratio. Compare the symbols you plan to trade there, then confirm contract size, digits and minimum volume in the platform's Specification window for your own account.
What should you remember?
Compare instruments by what one tick is worth and how many ticks your stop-loss covers, not by the number in the lot field. Read contract size, tick size, tick value and minimum volume first, and size every position from the money you are prepared to risk.
Risk warning: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Figures in this article are illustrative, exclude spread, commission and swap, and do not constitute financial advice. Specifications may change; always check the current values on your trading platform.
Go Back Go Back
