Metatrader volume is the same concept as lots or lot size.
Metatrader 4 Volume
Metatrader 4 volume can be set in the upper left corner of the chart where the Buy and Sell pricing is. This is sometimes a dropdown box if you cannot see it, clicking the icon where it should be should show it.
The order ticket can also display the lot size you are about to trade.
Remember, the terms lot size, lots or volume are often used interchangeably.
Metatrader 4 Lot Sizes
Lot sizes generally range between 0.01 up to 100, however brokers can adjust this to a higher maximum. Some brokers will set a maximum of 40 lots on forex pairs.
Forex is generally traded at 1 lot : 100,000 units of the currency pair.
Indices are generally traded at 1 lot : 10,000 units of the index market.
To check what the minimum lots and maximum lots are, you can right click the symbol in the Market Watch, then click Symbol Properties and scroll through the parameters to find Maximum Lots and Minimum Lots and their corresponding numbers.
MetaTrader Volumes versus Real Market Volume
Since metatrader runs through a broker, not the entire market, the volume profile and market depth does not present a true picture of the market, but rather just what that broker is seeing. As you may know, a single broker is a small portion of the entire market when it comes to volume traded.
To get the real picture of volume and order flow running through the market, you will need to see the actual market data from the exchange itself. So how do you get this, and how do you see the volume profile and market depth? Let’s dive a little deeper.
Market Depth and Order Flow
As mentioned above, MT4 or MT5 don’t offer a full picture of the entire market when it comes to market depth and order flow information. To see full market data information direct from the exchange (how professionals make trading decisions) then you need access to it. To get market data, check out these providers as they offer market data free with their prop firm challenge.