What is a point in MT5?

A point in MT5 is the smallest price step a symbol is quoted in: 0.00001 on a EURUSD price with five decimals, 0.001 on a USDJPY price with three. On those quotes 1 pip = 10 points, which is why an MT5 spread or an EA setting that reads “20” usually means 2 pips.

The point follows from the symbol’s Digits, which MetaTrader’s help defines as the “number of decimal places in the price of the symbol” (MT5 help: Market Watch). An Expert Advisor reads the two as SYMBOL_POINT and SYMBOL_DIGITS (MQL5 symbol properties).

Points vs pips in MT5

Each broker sets the digits per symbol, so the table shows common setups, not a rule. On indices, “point” means two things: traders say “a 40-point stop” and mean 40.0 index points, which on a 1-decimal quote is 400 MT5 points.

Worked example

The pip value calculator shows the value of one pip and one point for your lot size.

Where points appear in MT5

• Market Watch (Ctrl+M): right-click → Columns → Spread adds the live spread in points.
• Specification (right-click a symbol in Market Watch → Specification): Spread is “spread in points”, and Stops level is the “channel of prices (in points) from the current price, inside which one can’t place Stop Loss, Take Profit and pending orders” (MT5 help: Market Watch).
• MQL5: SYMBOL_SPREAD is the “spread value in points”, and SYMBOL_TRADE_STOPS_LEVEL is also counted in points.

The point is not always the same as the tick size, the minimum price change that MT5 uses to value a move. On forex they are usually equal, but on some futures and CFDs the tick is larger than the point. That is why sizing uses tick size and tick value rather than points.

Common mistake: a spread limit in the wrong unit

EA spread settings are usually in points, because that is what MT5 reports. For a 2-pip limit on EURUSD the setting is 20. Typing 2 allows only 0.2 pips, below the usual spread on most accounts, so most trades are skipped. The same 20 points on gold quoted to two decimals is $0.20 of price, so a limit that fits one symbol rarely fits another.

Points in PipWarden

The Max spread you can set per pair in PipWarden is in points, the same unit as the Spread column. If you set one, it is checked on the server and again by the EA with the live bid and ask right before the order is sent. A trade over the limit is skipped and logged as “Spread too wide”. When the EA’s own check is the one that refuses it, the log also shows the EA’s message with both numbers, for example “spread too wide: 35 points, limit 20”. A stop loss closer than your broker’s Stops level is skipped as “Stop too close”. For why spreads jump at 5 pm New York, see forex rollover spread; the full list of checks is on the features page.