How to Read a Forex Quote in MT4

A forex quote shows the live exchange rate between two currencies, expressed as the price at which the market will buy or sell one for the other. In MetaTrader 4, forex quotes appear as a pair of bid and ask prices that update in real time, along with the implied spread between them.

This guide covers what a forex quote is, how the bid and ask prices work, how to interpret the decimal places used at TIOmarkets, where to find live quotes inside MT4, and the symbol naming convention used on the MT4 platform.

What Is a Forex Quote?

A forex quote is the price of one currency expressed in terms of another. Every forex pair has a base currency (the first in the pair) and a quote currency (the second). The quote tells you how many units of the quote currency are required to buy one unit of the base currency.

For example, an EURUSD quote of 1.09000 means one euro costs 1.09000 US dollars. If EURUSD moves to 1.10000, one euro now costs 1.10000 US dollars, which is a stronger euro or a weaker US dollar (the two ways of describing the same move).

Quotes update continuously while the market is open. In MT4 at TIOmarkets, forex trading is available 24 hours a day, 5 days a week, with quotes refreshing on the Market Watch and on every open chart as new ticks arrive.

Bid, Ask, and Spread in MT4

A forex quote in MT4 has two parts: the bid and the ask.

The bid is the price at which the market will buy from you. If you are selling EURUSD, you sell at the bid.

The ask is the price at which the market will sell to you. If you are buying EURUSD, you buy at the ask.

The ask is always higher than the bid. The difference between them is the spread, expressed in pips (or sometimes in points). The spread represents the transaction cost of opening and closing a position at market. A position opened at the ask and closed at the bid (or vice versa) immediately faces a cost equal to the spread.

For example, if EURUSD shows bid 1.09000 and ask 1.09015, the spread is 1.5 pips. A buy position opens at 1.09015 and would need the bid to rise to 1.09015 or above before it shows a profit.

Spreads are variable and are typically higher than minimum figures shown. Spreads widen during low-liquidity periods such as overnight in the off-session and around high-impact news events.

5-Digit Pricing on Standard Pairs

TIOmarkets MT4 uses 5-digit pricing on standard forex pairs. This means quotes show five decimal places rather than the traditional four. For example, EURUSD is displayed as 1.09000 rather than 1.0900.

The fourth decimal place is what traders traditionally call a pip. The fifth decimal is one tenth of a pip, often called a point, a pipette, or a fractional pip. The pip is still the standard unit when traders talk about distances on the chart, while the point is the unit that order management tools such as the trailing stop dialog use internally.

A move from 1.09000 to 1.09100 is 10 pips, or 100 points.

5-digit pricing applies to non-JPY major and minor pairs at TIOmarkets, including pairs such as EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF, GBPCAD, EURAUD, GBPAUD, AUDCAD, and similar.

3-Digit Pricing on JPY Pairs

Pairs with the Japanese yen as the quote currency use a different convention. The yen is conventionally quoted at the second decimal place rather than the fourth, because one yen is worth a small fraction of a US dollar and additional decimals are not needed at the same level of precision.

At TIOmarkets, JPY pairs in MT4 use 3-digit pricing. For example, USDJPY is displayed as 150.000 rather than 150.00. The second decimal is the pip; the third is a point (one tenth of a pip).

A move from USDJPY 150.000 to 150.100 is 10 pips, or 100 points. A bid of 150.050 and an ask of 150.080 is a spread of 3.0 pips.

The same convention applies to other JPY-quoted pairs such as EURJPY, GBPJPY, AUDJPY, CADJPY, CHFJPY, NZDJPY, and SGDJPY.

Where to See Forex Quotes in MT4

Live forex quotes appear in two main places in MT4: the Market Watch window and the price scale on each chart.

The Market Watch window is opened with Ctrl+M or via View > Market Watch. It lists every symbol available on your account along with the current bid and ask. Right-clicking a symbol opens a context menu that includes Specification (contract details), Chart Window (open a chart for this symbol), and New Order (open the New Order window with this symbol pre-selected).

On a chart, the current price level appears on the right-hand price scale and as a horizontal line across the chart area. By default the chart shows the bid; the ask line can be enabled by right-clicking the chart, selecting Properties, and ticking "Show Ask line" on the Common tab.

The One Click Trading panel in the top left corner of the chart (if enabled) also shows the current bid and ask along with Buy and Sell buttons for immediate execution.

To see contract details for any symbol, right-click the symbol in the Market Watch window and select Specification. This shows the contract size, margin requirement, trading hours, and other details.

MT4 Symbol Names at TIOmarkets

At TIOmarkets, MT4 symbols use a "z" suffix. For example, the EURUSD pair appears as EURUSDz on MT4. GBPUSD is GBPUSDz, USDJPY is USDJPYz, and so on. The "z" suffix is part of TIOmarkets' MT4 symbol naming convention and does not change the instrument; EURUSDz is the same EURUSD pair you would see elsewhere.

MT5 uses standard symbol names without the "z" suffix, so the same pair appears as EURUSD on MT5.

If you switch between MT4 and MT5 at TIOmarkets, expect to see the "z" suffix on MT4 only.

Practical Considerations

Quotes shown in MT4 are live market quotes streamed from the TIOmarkets price feed. They reflect current bid and ask prices and update on every tick. The price you see immediately before you click Buy or Sell may not be the exact price at which your order fills, since the market may move between the click and the order reaching the server. Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions.

Spreads are variable. The minimum spreads shown on TIOmarkets pages are illustrative starting figures, and actual spreads can be higher depending on market conditions, the time of day, and the specific instrument.

For instruments other than forex, the same bid, ask, and spread concept applies, but contract sizes, decimal conventions, and minimum tick sizes vary by instrument. Right-click the symbol in Market Watch and select Specification to see the contract details for any given symbol.

Leverage on each instrument is subject to change depending on market conditions and applicable regulatory requirements.

Trading at TIOmarkets

TIOmarkets offers MetaTrader 4 and MetaTrader 5 on desktop, web, and mobile, across four account types. The Standard account is created automatically on registration with a minimum deposit of $20 or currency equivalent. The Raw and VIP Black accounts are opened separately through the client area. The Nano account is MT5 only with a $20 minimum deposit, USD only. Hedging is supported on all accounts. A swap-free Islamic account is available; contact TIOmarkets for eligibility and instrument requirements. Copy trading is available on both MT4 and MT5.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown. Leverage on each instrument is subject to change depending on market conditions and applicable regulatory requirements. You can review the full list of account types on the TIOmarkets accounts page.