Checklist · Liquidity and Market Data
CFD Contract Specification: An Operator Review Sheet
Review a CFD symbol’s quantity, pricing, margin, financing and sessions using a synthetic specification sheet with version and acceptance checks.
Published Updated
Published by FxTrusts, a supplier of brokerage and prop firm technology. Prepared with AI-assisted research and drafting; reviewed against the cited public sources. Examples are illustrative. Product links describe our services.
Quick answer
A CFD contract specification defines how the instrument is quoted, sized, margined, financed and traded on the relevant platform. Review the complete configuration and account terms together. A familiar underlying name does not make two CFD contracts equivalent or turn a CFD into ownership of the underlying asset.
Identify the contract and its units
Record the provider symbol, underlying reference, contract size, quantity unit, minimum order, step and maximum. Include account and reporting currencies where they affect interpretation. A cash-settled derivative tied to a share, index or commodity should not be described as the underlying asset itself. The economic relationship, trading terms and applicable disclosures need their own review. A platform field alone does not establish regulatory availability for a client market.
Connect prices to calculations
Capture display precision, tick size, price source and relevant calculation mode. State how profit and loss and margin are calculated for this contract, including any conversion currency. A generic leverage figure cannot replace those details. MetaTrader’s Market Watch and MQL5 symbol documentation show the range of instrument fields that can differ. Check representative quantities and price changes so the written specification and observed platform result agree.
Read the lifecycle and calendar terms
Sessions, holidays, financing cutoffs, expiry or rollover behavior and corporate-action adjustments can affect an open position. Not all CFDs have the same lifecycle. Ask which terms apply, who updates them and how changes are communicated. Financing may use a different unit or multiplier from the headline price. A specification sheet should link to the effective terms rather than relying on an undated summary copied from an earlier symbol.
Turn the sheet into acceptance evidence
Select boundary tests for minimum quantity, invalid quantity step, invalid price tick, closed session and an account with insufficient margin. Record the expected result from the agreed specification, the observed result and any exception. This verifies a defined configuration; it does not establish that every platform or every FxTrusts arrangement has identical behavior. Preserve the version and approver so a later operational discrepancy can be reviewed against the correct settings.
A deliberately hypothetical index CFD sheet
The following values are invented for a specification-review exercise. They are not available product terms or a recommendation to trade. If quantity is two contracts and the index moves by three points, a linear 5 USD-per-point multiplier gives 30 USD of gross price P/L before costs and subject to direction. Margin and financing still require their separately declared rules.
| Field | Example value | Evidence to retain |
|---|---|---|
| Quantity unit | One contract | Provider specification |
| Multiplier | 5 USD per index point per contract | Calculation model |
| Minimum and step | 1 contract; step 1 | Order validation result |
| Price tick | 0.5 index points | Valid-price test |
| Margin and financing | Separate documented schedules | Effective version and sample reconciliation |
| Sessions | Provider calendar | Timezone and holiday updates |
Implementation checklist
- Record the contract identity and all quantity and price units.
- Verify margin, P/L and currency conversion with worked cases.
- Review financing, sessions and lifecycle adjustments separately.
- Keep a versioned specification linked to acceptance tests and actual terms.
Sources
These documents support the reference. Check the original publication for current requirements and the limits of its scope.
- MetaTrader 5 symbol specificationswww.metatrader5.com
- MQL5 symbol propertieswww.mql5.com
- MetaTrader 5 margin calculationwww.metatrader5.com
Continue with the broader guides
Connect this reference to platform selection and the wider operating workflow.