Lots in Contracts

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Hello,

I would like to trade with the Symbol GER30 (German DAX) and contracts.

Question: What is one lot and how to convert it into contracts?

[dabbler]

Run this little script on a chart of whatever it is you want to trade and you will see in the top left corner of the chart

int start(){

   string str="";
   str= str + "MODE_DIGITS="        + DoubleToStr(MarketInfo(Symbol(),MODE_DIGITS),0)        +"\n";
   str= str + "MODE_SPREAD="        + DoubleToStr(MarketInfo(Symbol(),MODE_SPREAD),0)        +"\n";
   str= str + "MODE_STOPLEVEL="     + DoubleToStr(MarketInfo(Symbol(),MODE_STOPLEVEL),0)     +"\n";
   str= str + "MODE_TICKVALUE="     + DoubleToStr(MarketInfo(Symbol(),MODE_TICKVALUE),Digits)+"\n";
   str= str + "MODE_TICKSIZE="      + DoubleToStr(MarketInfo(Symbol(),MODE_TICKSIZE),Digits) +"\n";
   str= str + "MODE_POINT   ="      + DoubleToStr(MarketInfo(Symbol(),MODE_POINT),Digits)    +"\n";
   str= str + "MODE_MINLOT="        + DoubleToStr(MarketInfo(Symbol(),MODE_MINLOT),3)        +"\n";
   str= str + "MODE_MAXLOT="        + DoubleToStr(MarketInfo(Symbol(),MODE_MAXLOT),3)        +"\n";
   str= str + "MODE_LOTSIZE="       + DoubleToStr(MarketInfo(Symbol(),MODE_LOTSIZE),0)       +"\n";
   str= str + "MODE_MARGINREQUIRED="+ DoubleToStr(MarketInfo(Symbol(),MODE_MARGINREQUIRED),2)+"\n";
   Comment(str);
   
   return(0);
}

[[Deleted]]

I don't quite understand as I don't know what a lot exactly is.

[dabbler]

FlashX:
I don't quite understand as I don't know what a lot exactly is.

Well it depends on what you are trading. In FOREX a lot is typically 100,000 units of the left hand currency of the pair. But it can also be 10,000 with some brokers so you have to find out what your broker considers to be one lot. When trading gold (XAUUSD) one lot is 100 troy ounces. AFAIK a lot and a contract should be the same thing, but the term contract is less widely used (probably used more on futures).

http://www.babypips.com/school/lots-leverage-and-profit-and-loss.html

[[Deleted]]

[...] all trades are executed in standard sizes of 10,000 units of base currency per one lot.

So one contract = 100.000, means to have one contract I will need 10 lots?

[dabbler]

FlashX:

[...] all trades are executed in standard sizes of 10,000 units of base currency per one lot.

So one contract = 100.000, means to have one contract I will need 10 lots?

Why are you concerned about "contracts"? MQL4 doesn't deal in contracts, but lots, and I have already shown you how to see how big a lot is for your broker and the instrument you wish to trade. The script I gave you also tells you the TICKVALUE so you can see how much any particular price move is going to cost you or earn you. If you can fully explain the reason for the question then somebody may be able to offer more specific help.