# Products FAQs

### MARKET INFORMATION

Foreign exchange, also known as forex or FX, is the simultaneous buying of one currency while selling another. The forex market is available 24 hours a day, five days a week, and it’s one of the largest, most liquid financial markets in the world. You can learn more about what forex trading is in our education section.

The spread is the difference between the bid and the ask price. The bid price is the rate at which you can sell a currency pair, and the ask price the rate at which you can buy a currency pair.

With us, you can trade a large range of instruments with flexible spreads. That gives you a greater degree of price transparency on your trades.

What are base and quote/term currencies?

The base currency is the first currency in a currency pair. The quote or term currency is the second currency in a currency pair. For example, in the EURUSD currency pair, EUR is the base currency and USD is the quote currency.

How do I calculate the profit and loss value per pip?

The profit or loss per pip is always calculated based on the quote currency. The quote currency is the second currency in the pair – e.g. USD in the EURUSD currency pair.

If your ICM Capital account is in the same currency as the quote currency, any profit or loss made does not need to be converted. If not however, your profit or loss will be converted into your account currency at the spot rate at the time the position is closed.

In the table below, you can find our pip values. We calculate the pip value to the fifth decimal place, i.e. 0.00001, for all pairs except the Japanese yen (JPY) pairs where it’s calculated to the third decimal, i.e. 0.001.

Lot size Units of base currency (first currency in a pair) Profit and loss per pip in the quote currency (second currency in a pair) / for JPY pairs
1 100,000 1 term currency / JPY100
0.1 10,000 0.1  term currency / 10  JPY
0.01 1,000 0.01  term currency / 1  JPY

Calculation:

P&L per pip = trade volume x pip size

E.g. for EURUSD 1 lot trade:

P&L per pip = 100,000 x 0.00001 = USD1

What are the trading hours for the forex market?

You can trade forex from 22:00 Sunday server time until 22:00 Friday server time

GMT+1 for the period between March to October and GMT for the period October to March.

What’s the minimum and maximum trade volume I can place?

The maximum and minimum volume you can trade depends on your available margin and the product.

• FX the Min and Max Lots per trade:  0.01 lots - 500 lots.
• OTC Precious Metals Min and Max Lots per trade:  0.01 lots –500  lots
• Cash CFD Min and Max Lots per trade:  1 lot - 500 lots
What’s “order volume” in a forex trade?

The term “order volume” refers to the number of lots you want to trade.

One standard lot equals 100,000 units of the first currency in the pair, i.e. the base currency.

A volume of 0.1 lot equals 10,000 units of the base currency.

What leverage should I choose?

The leverage for your account can vary depending on the price volatility of the underlying asset.

In finance, leverage means borrowing money to add to your existing funds in such a way that the potential profit or loss is magnified. In trading, leverage is vitally important, and choosing the wrong leverage could result in large losses and damage your potential profits.

The leverage on your account is a significant factor in determining the amount of funds you’ll need to put up for a trade.

ICM Capital offers up to 1:200 leverage on major currency pairs, this means for example that with 1:200 for a margin deposit of \$1,000, you can control \$200,000 worth of currency. Appropriate use of risk management is important when trading forex as a high degree of leverage can lead to large losses as well as large gains.

What does ECN mean?

ECN means “Electronic Communication Network”. An ECN account gives you direct market access so that you can deal with other market counterparties, using ICM Capital. You can take advantage of non-dealing desk execution where spreads on forex start from 0.8 pips. Our liquidity is accumulated via tier one liquidity providers.

Are you a non-dealing desk (NDD) broker?

We are a NDD broker, providing account types that enable you to directly trade on market prices generated by LP's. The ECN accounts have no re –quote.

Do you offer ECN/STP accounts?

Yes, we do offer ECN. We can offer you ECN on our ICM Direct account type or Pro accounts via the MT4 platform.

We do not offer STP Account types.

What are pending orders?

A pending order is the client's commitment to buy or sell an instrument at a specified price in the future.

Most commonly, you can use a pending order to create an order that will be executed automatically if the exchange rate reaches a certain level. The order essentially contains two variables – price and duration. You can specify the price at which you wish to buy/sell a currency pair and also specify the duration that the order should remain active.

What’s the difference between instant execution and market execution?

An instant execution order is one that’s executed at the price on the screen.

When you place an instant execution order, the terminal sends the request to buy or sell at the current price on the screen. If the price is still available in the market, we execute the trade. If not, there will be a "re-quote" where were turn a new two-way price at which you can resubmit the order or have the option to cancel it. ICM Capital does not offer this type of execution.

A market execution orders one that’s executed at the best price available in the market. There are no re-quotes, but the price will not necessary be the one you saw on the screen when you placed the order.

The price the order is filled at may sometimes differ from the price seen on the platform because:

• the price may have moved from the last market snapshot, or
• the trade volume you requested maybe larger than the volume available in the market at the best tradable bid/offer (ask) price shown on the screen.
What’s a stop loss order?

Stop loss orders help you minimise losses in the event the market moves against you. If the price reaches a stop loss level, the position will be closed automatically.

What’s a take profit order?

A take profit order is used to locking profits if the market moves in your favour. If the price reaches a take profit level, the position will be closed automatically.

Take profit orders are useful when you’re unavailable to monitor your open positions.

How do I know when there’s a news announcement?

Major news can definitely affect the market and your trading. That’s why ICM Capital communicates email to client prior to major news release, and if should there be a change to the leverage or stop out level then this will also be communicated via email.

We also offer you an economic calendar where you can keep track of important news and figures announcements that can influence the market.

You may also find latest market new here.

Can news announcements affect my trades?

Yes, major news and announcements can often cause volatility or uncertainty in the forex market and this can affect all major currency pairs.

In times of uncertainty, orders are sometimes filled away from the desired price due to gaps in the market.

Is ICM Capital UK regulated?

ICM Capital Ltd is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. Our FCA Register number is 520965 and the company number 07101360.

ICM Capital can also be found on the Government Companies House

Is ICM Capital UK the same as ICM Capital Dubai?

Both ICM Capital UK and ICM Capital Dubai are part of the association of ICM Capital companies as one entity. ICM Capital Headquarters are located in the UK, as for the admin office is located in Dubai.

How are my funds protected?

ICM Capital is regulated by the Financial Conduct Authority (FCA) and therefore we need to adhere to the regulator’s rules and obligations. The FCA performs frequent checks to ensure businesses are fully compliant.

Under FCA client money rules, ICM Capital is required to segregate all client funds from our own funds, and this includes professional clients. This separation of accounts ensures that your money can never be used as a recoverable asset by UK's general creditors.

These funds are held in separate bank accounts. We take great care and diligence in their selection. Currently the client funds are held in Barclays Bank the world's top-tier banks.

The FSCS also protects the money in our segregated client accounts. If a bank holding the funds you have deposited with ICM Capital goes into liquidation, you will be able to claim up to £85,000 per person and per institution.

Eligibility depends on the status and the nature of your claim. Private individuals are generally protected. However, other types of claimants, such as businesses and charities, may be eligible depending on the type of claim.

What do the following terms on my MT4 platforms mean: balance, equity, margin, free margin and margin level?

When you’re trading on the Meta Trader platforms, you should learn the most important trading terms that are used. Here’s a short explanation:

Balance –total financial result of all completed transactions and deposit/withdrawal operations on the trading account

Equity – balance +/- floating profit/loss (Including the spread)

Margin – amount of funds being held in margin on open trades

Free margin – equity – margin held on open trades

Margin level (% free margin) – (equity/margin held on open trades) x 100

A buy/sell limit order is an instruction to deal if the price moves to a more favourable level than where it’s in the market now. That’s why these orders are sometimes called improvement orders. A limit order is a request to buy at a price lower than the current price or request to sell at a price higher than the current price.

If the current offer in GBPUSD is 1.61086, you might leave a limit order to buy at 1.61070.
If the current bid in GBPUSD is 1.61086, you might leave a limit order to sell at 1.61099.

A buy/sell stop order is an instruction to deal if the price moves to a less favourable level than where it’s in the market now (remember: it’s less favourable to buy at higher prices and to sell at lower prices). A stop order is a request to buy at a price higher than the current price or a request to sell at a price lower than the current price.

If the current price of spot EURUSD is 1.38985, you might leave a stop order to buy at 1.38998.
If the current price of spot EURUSD is 1.38985, you might leave a stop order to sell at 1.38975

What moving price is presented on the Charts?

How do I place a pending order?

Step 1: If you want to place a pending order, please open the "Order" window in one of the following ways:

• right click on the Market Watch window or on the "Trade" tab of the terminal window and select “New order from the context menu; or
• press the F9 button; or
• use the Tools -> New order menu sequence; or
• right-click on the chart window and select Trading -> New order from the context menu; or
• double-click on the currency pair in the Market Watch window.

Step 2: Then you can choose “Pending order” from the dropdown list:

How close to the current price can I place stop and limit orders?

On ICM direct and pro accounts, there is no minimum to enter your pending order from the market price on all FX pairs and spot metals.

For all other instruments there would be different limit and stop level, i.e. how many pips above/below market price, you can find that by clicking on the desired product.

ICM Direct account accumulates liquidity from major Tier 1 banks and top liquidity providers within one platform, allowing fast and robust execution of trading orders without additional slippage, ensuring you can optimise your daily trading activities. (No re-quotes).

Unfortunately, orders are never guaranteed because if volatility is high, prices can move quickly and we may not be able to obtain a quote for you at the price you requested.

Slippage can occur when orders are filled away from the desired price due to gaps in the market. This can sometimes happen because currency prices can be very volatile or liquidity can be thin. In these scenarios, orders can’t always be filled at the exact price, but at the next available price.

Can I lose more than I deposited?

Forex and CFDs are leveraged products. Leverage means borrowing money to add to your existing funds in such a way that the potential profit or loss is magnified. In trading, leverage is vitally important, and choosing the wrong leverage could result in large losses and damage your potential profits. When trading on leverage, your losses can exceed your deposits.

To reduce your risks, we have an automated risk management system in place where open positions are automatically closed out when the account margin level falls below the stop out level of the account.

What’s Gapping and why does it happen?

"Gapping" refers to an occurrence whereby the market moves from one quoted price and that this second quote is significantly different to the first. Where such an event happens and where the second quote is through an order level (Stop Loss, Limit or New Order), when the first quote was not, this may trigger a Gapping event.

What’s slippage and why does it happen?

Slippage can occur when orders are filled away from the desired price due to volatile and gapping in the market. This can sometimes happen because currency prices can be very volatile or liquidity can be thin. In these scenarios, orders can’t always be filled at the exact price, but at the next available price.

Am I able to place trades via email or telephone?

You can place trades via telephone.

If you don’t have access to your platform, you can call our Trading Desk to open, modify and close positions for you on + 44 207 634 9777. (24 hours 5 Days a week, from Sunday 22:00 to Friday 22:00 platform time).

Unfortunately we can’t accept trading instructions via email.

How do I calculate my margin?

Margin Requirement Calculation Formulas:
Example for calculating the margin requirement for ICM Direct trades is as follows:

Required Margin = (Trade Size (lot size) / leverage) * account currency exchange rate (if different from the base currency in the pair being traded).

Example:
Trading 1 lot of GBP/USD using 1:200 leverage with an account currency denominated in USD
1 lot = 100,000
Leverage = 200
Base currency/Account currency exchange rate = 1.58
100,000/200 = 500
500 * 1.58 = 790

Required margin on this trade is \$790.

What does “10 points” refer to on the MT4 platforms?

On the MT4 platforms, 10 points/pips is the same as one “standard” pip.

The MT4platforms assume that the last decimal place is a point/pip despite the fact that most currency pairs are quoted to four decimal places in the market (or to two decimal places for JPY pairs).

However ICM Capital offer five decimal places, also known as Fractional Pips - Instrument quote an extra decimal for our clients to take advantage of the fraction of a pip. These changes should benefit clients trading experience with fully transparent and automated trading conditions. Some of our major currency pairs that have traditionally been quoted to 4 decimal places are now quoted to 5 decimal places. And the JPY usually quoted to 2 decimal places is now quoted to 3 decimal places. These additional decimal places are known as fractional pips, 5th decimal pip or 10th pip.

Our prices are quoted at five decimal places (and three for JPY pairs) but the platform continues to assume that points/pips are calculated to the last decimal place, when in reality there is a further subdivision of a point/pip.

• provide lower spreads for popular currency pairs
• very competitive transaction costs
• more accurate and tighter spreads
• better liquidity with less slippage
How do I place a trailing stop on the MT4 platform?

Step 1: Right-click on the open position and select “Trailing Stop”.

Step 2: Specify the required level for your trailing stop:

Why was my trailing stop not executed on my MT4 platform?

In Meta Trader 4, trailing stops only remain active as long as you’re logged into the platform.

If you set a trailing stop and then log out of Meta Trader before the market moves in your favour by the number of points that you specified, the trailing stop loss order will not be placed.

I lost connection on my MT4 platform. Is my trailing stop still in place?

If you set a trailing stop and lose your server connection before the market moves in your favour by the number of points that you specified, the trailing stop loss order will not be placed.

If you set a trailing stop and lose server connection after the market moves in your favour, triggering the trailing stop, the stop loss order will not trail the market. It will work as a hard stop, fixed at the last price where the stop loss was at when you lost the connection.

If you don’t have access to your platform, you can call our Trading Desk to open, modify and close positions for you on + 44 207 634 9777 (24 hours, from Sunday 22:00 to Friday 22:00 UK time).

You can also contact the client services team between Mondays to Friday from 6am to 6 pm, GMT+1 UK time. Contact number +44 270 634 9770, Email - clientservices@icmcapital.co.uk and Live Chat located on the ICM Capital website.

Do you make margin calls?

No, we don’t. Instead, we have an automatic stop-out system in place. This means that if the equity on your account falls below the stop out level, the system will automatically start closing out your open positions, starting with the order making the greatest loss.

You can find our official stop out policy in clause 8 of our Terms of Business.

Some useful information:

Scenario 1: Equity > margin

Your margin level is more than 100% and you can enter new positions.

Scenario 2: Equity < or = margin

Your margin is less than or equal to 100% and you can’t enter new positions.

Scenario 3: Equity = or < The stop out Level

What’s a re-quote?

Re-quotes are missed prices caused by the market moving in the direction that you wish to trade. A re-quote occurs when you request to execute an order at a specific price that is no longer available and you’re offered a different quote. This can happen during fast-moving markets.

All ICM Direct (ECN), are on market execution with variable spreads –and will experience no re-quote.

How can I avoid re-quotes on the MT4 platform?

All ICM accounts are ECN are on market execution with variable spreads –and will experience no re-quote.

Is your MT4 forex trading hours in line with the New York close?

Our MT4 forex trading hours starts from 22:00 UK time on Sunday night and ends at 22:00 UK time on Friday night of each week.

This aligns the close of the market, on Friday, with the close of the trading week in New York at 17:00 EST.

GMT+1 for the period between March to October and GMT for the period October to March.

## TECHNICAL

General

How do I access the History Centre on the MT4 platform?

Increase the “Max bars in history” in Meta Trader 4 by clicking on Tools->Options->-Charts entering '9999999999999'.

Be aware that using larger volumes of data will increase the load on your PC.

How do I generate an account statement on the MT4 platform?

If you want to restore your history, please right-click within the Account History tab and select the option “All History”.

You can then print it by selecting “Save as Detailed Report”.

Please be aware that these are HTML files and you can paste the contents into Excel using Paste special->Unicode text.

What time does my MT4 platform show?

MT4 shows UK time so GMT+1 for period between March to October and GMT for the period of October to March.

What version of Windows do I need to operate the platform? What are the system requirements?

For MT4, you need to have Microsoft Windows 98SE/ME/2000/XP/Vista/7 or newer.

How can I open a trade on the MT4 platform?

There are several options.

Right-click on the Market Watch window or on the “Trade” tab of the terminal window and select “New order” from the context menu; or

press the F9 button; or

use the Tools->New Order menu sequence; or

right-click on the chart window and select Trading -> New Order from the context menu; or

double-click on the currency pair in the Market Watch window.

Once the "Buy" or "Sell" button is pressed and ICM Capital confirms the deal, your long or short position is open:

How can I close my trade on the MT4 platform?

Then, please click on the yellow close order button.

How can I partially close my trade on the MT4 platform?

Then you can change the order volume to the amount you wish to close.

After that, please click on the yellow close order button.

Does ICM Capital provide Expert Advisors (EAs)?

No, we don’t currently provide Expert Advisors.

Unfortunately, we’re also unable to recommend any Expert Advisors, nor comment on their performance, but you should be able to find these answers through various online resources and forums. We always recommend you perform your own research.

Do you offer a platform which shows market depth?

No, market depth is not available on MT4.

Are there times when the MT4 systems are not available? Why can I not log in to my account over the weekend?

The Meta Trader system is sometimes taken offline during the weekend in order to perform weekly maintenance. You’ll not be able to access the live or demo environments at these times.

Unfortunately, there’s no Meta Trader functionality to issue margin warnings on the MT4 platform.

Can I manage multiple accounts on MT4?

You can access several accounts through MT4. However, you can only be logged into one account at any given time on any one platform.

If you’d like to be logged into more than one account at the same time, you’ll need more than one instance of MT4 installed on your PC.

I can’t see all the currency pairs or instruments available on my MT4 account?

To view all the currency pairs and instruments available on your account, please right-click on the Market Watch Window and select “Show All” to display all symbols.

Alternatively, you can select “Symbols” to choose individual instruments that you’d like to show or hide within your Market Watch window.

Am I able to log in to more than one account simultaneously on one MT4 platform?

MT4 doesn’t allow you to log in to more than one account at a time.

If you’d like to log in to more than one account simultaneously, you can download another instance of the platform onto your PC and save this in another directory. You’ll then be able to run two instances of the platform.

What version of the MT4 do I have installed on my PC?

To find out the current version of the platform you have installed, please open your platform, from the top menu navigate to “Help” and choose “About”. This will indicate the version and build of the platform you have installed.

I get a “no connection” error message on my MT4 platform. What should I do?

Please left-click on the bottom right-hand corner of your platform. When a pop-up window appears, select “Rescan servers” so that the system can scan the best server available with the strongest connectivity. Then you can choose one of the servers from the list available.

Is it possible to access my MT4 ICM Direct account from different computers?

Yes. You can access your MT4 ICM Direct account from different computers at the same time. This also includes using mobile versions of both platforms.

How do I know if I am connected to my MT4 ICM Direct account?

The connection bars in the bottom right-hand corner of your platform will indicate if you’re logged in successfully.

Green bars indicate you’re logged into your account successfully.

Red bars indicate you’re not logged into your account.

I’ve lost connection on my MT4 platform. What should I do?

Please left-click on the bottom right-hand corner of your platform. When a pop-up window appears, select “Rescan servers” so that the system can scan the best server available with the strongest connectivity. Then you can choose one of the servers from the list available.

How can I generate an account statement on my MT4 platform?

To restore your history, please right-click within the Account History tab and select the option “All History”.

You can then print it by selecting “Save as Detailed Report”.

Please be aware that these are HTML files and you can paste the contents into Excel using Paste special -> Unicode text.

Increase the “max bars in history” in Meta Trader 4 by clicking on Tools->Options->-Charts and entering “9999999999999”.

Then please go to the History Centre in Meta Trader 4 by clicking on Tools->History Centre.

You can now choose the timeframe for the particular instrument you’re interested in (for example, double-click on EURUSD|1 min). Double-click on the instrument and press “Download”.

Meta Trader 4 should now download the full history of M1 quotes for the specific instrument selected directly from the History Centre and import it into MT4.

Troubleshooting

Why is my MT4 platform not working?

The connection bars in the bottom right-hand corner of your MT4 platform will indicate if you’re logged in successfully.

Green bars indicate you’re logged into your account successfully.

Red bars indicate you’re not logged into your account.

If the bars are red, please try to rescan the servers by left-clicking on the bottom right-hand corner of your platform. When a pop-up window appears, select “Rescan servers” so that the system can scan the best server available with the strongest connectivity. Then you can choose one of the servers from the list available.

If you get an error message saying “invalid account” in the bottom right-hand corner of your platform, you’re entering an incorrect password or selecting the wrong server type.

How do I take a screenshot?
• Select the window you want to send the screenshot of.
• On the upper right-hand side of your keyboard there should be a button named: print screen (or an abbreviation of it, such as PrtScn):

• While you have the relevant page open, please press on the print screen button.
• After that please open a Word/plain document and press the buttons Ctrl+V to paste the screenshot into your document (see image below).
• If your email programme supports it, you’ll also be able to paste the screenshot directly into the email.

Can I use the MT4 platform on my Mac?

MT4 platforms only operate on the Windows operating system.

To operate these platforms on a Mac, you’ll need to install Windows using Bootcamp.

You’ll need to restart your Mac and run Bootcamp in parallel.

Once this is done, you’ll be able to install and operate MT4 on your Mac.

Which operating systems is MT4 compatible with?

The MT4 platform is compatible with the following Windows operating systems: Vista, XP, Version 7, 8 and above. However, please note that MT4 platform cannot be used with Windows NT.

How do I uninstall and reinstall the MT4 platform?
• If you have any profiles\templates\indicators\EAs that you’d like to maintain, please back up those files first. You should find them stored in C:\Program Files (x86)\ICMcapital.ltd.
• You can uninstall Meta Trader 4 through the Control Panel and delete the ICMcapital.ltd – MT4 directory from Program Files.
IMPORTANT: Please be aware that in Windows Vista and Windows 7, when a programme tries to write to a file within Program Files, Windows transparently redirects the operation so that the file actually gets stored within the current user's area.
• The location is usually C:\users\<user>\AppData\Local\VirtualStore. AppData is a hidden directory, so you may need to change your folder settings to make it visible.
Please ensure MT4 is fully removed also from this location.
• To reinstall the platform, please download the MT4 set-up file and go through the installation process.

Once the installation is complete, cut the folders of the profiles\Templates\Indicators\EAs that you backed up (step 1), if applicable, and paste them back in to Meta Trader folder in Program Files.

Why has my MT4 platform not saved my chart settings or profiles?

This may be because you don’t have the correct user rights to modify the installation folder.

Please ensure that you set the platform to run as an administrator as otherwise it will run with normal user’s privileges.

If you run the application with a normal user’s privileges, you won’t have the permissions to modify the MT4 files and, therefore, to save any changes in the settings.

Based on this, please do the following and then try to use the platform again:

• Right-click on the Meta Trader 4 icon that you have on your desktop
• Select “Properties”
• Select the “Shortcut” tab
Why can’t I find my indicator in the MT4 folder?

This may be because you don’t have the correct user rights to modify the installation folder.

Please ensure that you set the platform to run as an administrator as otherwise it will run with a normal user’s privileges.

If you run the application with a normal user’s privileges, you won’t have the permissions to modify the MT4 file and, therefore, to save any changes in the settings.

Based on this, please do the following and then try to use the platform again:

• Right-click on the Meta Trader 4 icon that you have on your desktop
• Select “Properties”
• Select the “Shortcut” tab
• Tick “Run as an administrator”
Why can’t I find my journal logs for my MT4 platform?

This may be because you don’t have the correct user rights to modify the installation folder.

Please ensure that you set the platform to run as an administrator as otherwise it will run with a normal user’s privileges.

If you run the application with a normal user’s privileges, you won’t have the permissions to modify the MT4 file and, therefore, to save any changes in the settings.

Based on this, please do the following and then try to use the platform again:

• Right-click on the Meta Trader 4 icon that you have on your desktop
• Select “Properties”
• Select the “Shortcut” tab
• Tick “Run as an administrator”

This may be because you don’t have the correct user rights to modify the installation folder.

Please ensure that you set the platform to run as an administrator as otherwise it will run with a normal user’s privileges.

If you run the application with a normal user’s privileges, you won’t have the permissions to modify the MT4 file and, therefore, to save any changes in the settings.

Based on this, please do the following and then try to use the platform again:

• Right click on the Meta Trader 4 icon that you have on your desktop
• Select “Properties”
• Select the “Shortcut” tab
• Tick “Run as an administrator”
How do I find my journal logs on my MT4 platform?

If you want to open your logs folder, please select your journal tab, right-click with your mouse on any entry in the journal, and select “Open”:

You’ll then find them saved by date:

If you’re a Windows Vista user, you might find the logs saved in your current user’s area.

The location is usually C:\users\<user>\AppData\Local\VirtualStore.

AppData is a hidden directory, so you may need to change your folder settings to make it visible.

When a programme tries to write to a file within Program Files, Windows Vista redirects the operation so that the file actually gets stored within the current user's area. Therefore, this is an option that should also be explored if the logs can’t be found in the usual location.

My MT4 platform’s frozen. What should I do?

If your platform is still not functioning correctly, you may need to uninstall and reinstall the platform.

• If you have any profiles\templates\indicators\EAs that you’d like to maintain, please back up those files first. You should find them stored at C:\Program Files (x86)\ICMcapital.ltd.
• Uninstall the Meta Trader 4 through the Control Panel and delete the ICMcapital.ltd file from Program Files
IMPORTANT: Please be aware that in Windows Vista and Windows 7, when a program tries to write to a file within Program Files, Windows transparently redirects the operation so that the file actually gets stored within the current user's area.
• The location is usually C:\users\<user>\AppData\Local\VirtualStore. AppDatais a hidden directory, so you may need to change your folder settings to make it visible.
Please ensure MT4 is fully removed also from this location.
Once the installation is complete, cut the folders of the profiles\templates\indicators\EAs that you backed up (step 1), if applicable, and paste them back in to Meta Trader folder in Program Files.
I can’t see the “New Order” window. What do I do?

The “New Order” window is most probably outside of the boundaries of your screen, and therefore it’s not visible to you.

• Close your MT4 if it’s open
• Press the F9 key on your keyboard (this will open the “New Order” window)
• Press ALT and SPACE at the same time and release them to open the following menu

• Use your cursor key ↓ to move and hit “Enter”:

• Your mouse pointer will change to following symbol:
• Now you have to use the cursors to move your window into the visible area:
• Use ← when the menu appeared on the right of your screen
• Use ↑ when the menu appeared on the bottom of your screen
• Use → when the menu appeared on the left of your screen
• Use ↓ when the menu appeared on the top of your screen
• If your window is in the visible area, please press “Enter” to change back to normal mode

ERROR MESSAGES

What does the “Trade context is busy” error message mean on MT4?

“Trade context is busy” is a problem that arises on your local terminal, not on our servers.

The main culprit of this issue is down to your terminal trying to send more than one signal simultaneously to our servers. This can be caused by multiple mouse clicks or a hyperactive EA. Until the first task has been processed, the second can’t be processed and your terminal displays the “Trade context is busy” message.

Our servers will process your order as soon as they receive it. However, your terminal can only process one order at a time, and it will only process the next order once the first has been completed.

Restarting your platform will clear this.

What does the “Off quotes” error message mean on MT4?

Off quotes” usually indicates a break in connectivity resulting in no current prices being available.

What does the “Invalid account” error message mean on MT4?

The “Invalid account” error is displayed if you try to log into your account with an incorrect password or if you select the incorrect server for your account type.

What does the “No connection” error message mean on MT4?

“No connection” appears when you’re not able to establish a connection with our trading server.

What does the “Invalid S/L or T/P” error message mean on MT4?

The “Invalid S/L or T/P” error message appears if the stop loss or take profit you’re trying to place is not within the correct parameters of the limit and stop levels for that particular instrument.

What does the “Old version” error message mean on MT4?

The “Old version” error indicates that you have an old version of the platform installed on your PC that is no longer compatible with our servers. You’ll need to update your platform by downloading the latest version of the platform.

What does the “Trading disabled” error message mean on MT4?

What does the “Market closed” error message mean on MT4?

The “Market is closed” error indicates that you’re trying to trade out of trading hours, and therefore there are no valid prices you can trade on.

What does the “Not enough money” error mean on MT4?

The “Not enough money” error indicates that you’re trying to place a new trade without having enough money to cover the margin requirement, i.e. the free margin is less than the required margin for the new trade.

How do I install an Expert Advisor on MT4?

You can install an Expert Advisor on MT4 by following these steps:

• Save your Expert Advisor in the Experts folder in the MT4 directory on your computer. This you can usually find under C:\Program Files (x86)\ICMcapital.ltd.
• Restart MT4
• The Expert Advisor file should appear in the navigator window in Meta Trader
• Click on it and drag it onto a chart of the currency that you’d like the EA to trade on.
• In the “Properties” window that comes up, tick Allow live trading”

• Navigate to Tools->Options->Expert Advisors tab
• Click OK

You should now be able to see a smiley face in the top right-hand corner of your chart to show that you have activated your EA correctly.

How do I know if my EA is active on MT4?

You should be able to see a smiley face in the top right-hand corner of your chart to show that you’ve activated your EA correctly.

Do I need to be logged in to my account for EAs to trade via MT4?

You’ll need to be connected to your account in order for your EA to open, modify or close trades.

My EA won’t place trades on MT4. Why?

If you’ve added an EA to your MT4 and it’s not trading, first of all check if trading is allowed. To do that, you should go to “Tools->Options->Experts tab->Allow live trading”. Then make sure that the Expert Advisor button on the main tool bar is pressed.

You should be able to see a smiley face in the top right-hand corner of your chart to show that you’ve activated your EA correctly.

Where can I find my EA logs on MT4?

You can find the log file by selecting the Experts” tab in the terminal window of your MT4, then right-click within the Experts” window and select Open”.

## Charting

How do I open a chart on MT4?

There are several ways to open a chart on Meta Trader:

• Right-click on the instrument in the “Market Watch” window and select Chart Window”.

• Click on the instrument in the “Market Watch” window and drag it onto an existing chart or blank space on the platform.

• Click on the “New Chart” button on the toolbar.

How do I change my chart type on MT4?

Please navigate to Charts and select the type of chart you want.

Alternatively, you can click on one of the buttons on the toolbar.

How do I zoom in/out of my MT4 chart?

Please navigate to Charts and select to zoom in or zoom out.

Alternatively, you can click on one of the buttons on the toolbar.

Why do I see a line chart even though I changed it to candlesticks on my MT4 platform?

When there are many small candlesticks, that chart could appear to be a line chart.

To see the candles clearly, please zoom in to the chart.

Can I adjust the scale of the vertical and horizontal axes on my MT4 charts?

Yes. You can do that by placing your cursor on the vertical or horizontal axis until you see a double-headed arrow.

Then please click and move the cursor upwards/downwards (vertical axis) or sideways (horizontal axis) until the scale is adjusted.

Alternatively, you can fix the vertical between two price levels.

To do so, please right-click on the chart and select “Properties”.

In the “Properties” window, click on the “Common” tab.

Tick “Scale fix” and enter the minimum and maximum values for the scale, then click OK.

How do I change the colours on my MT4 chart?

Please right-click on the chart and select “Properties”.

Click on the “Colour” tab and change chart colours as required.

How can I show the ask price on my MT4 charts?

Right-click on the chart and select “Properties”.

In the “Properties” window, click on the “Common” tab.

Tick “Show Ask line” and then click “OK”.

How do I save my MT4 chart settings?

Chart settings can be saved as templates.

Once the chart is set up as required, please right-click on it and select Template->Save Template.

Name the template and click “Save”.

Please be aware that if you need these chart settings to be your default, name the template “Default”.

What timeframes are available for my charts?

On both MT4, the following chart timeframes are available:

One minute, five minutes, 15 minutes, 30 minutes, one hour, four hours, daily, weekly and monthly.

These are the basic timeframes. However, you can view other timeframes such as two minutes.

How do I change the timeframe of my chart?

Please right-click on the chart and select “Timeframes”, then select the required timeframe.

Alternatively, you can select the required timeframe from the charts toolbar.

What does the volume on my MT4 chart indicate?

On MT4, the volume on the chart is the tick volumes. This indicates the number of price quotes we have received within a specific timeframe.

How do I scroll back on my MT4 chart to view historical prices?

First, make sure that you disable the “AutoScroll” function on your platform, otherwise the chart will continue to revert to the most recent candle.

To do so, navigate to “Charts” and select “Auto Scroll”.

Alternatively, you can click on the “Auto Scroll” button on the charts toolbar.

To move backwards on your chart, you can:

1. Click on the chart, hold and drag it towards the right, or
2. Press the <-” key on your keyboard.
3. Use the ”Page Up” or “Page Down” keys on your keyboard
How can I show multiple charts on my MT4platform?

Start by opening all the charts you require, as new charts.

To arrange the chart windows so that they are all visible and equal in size, please navigate to Window” on the toolbar and select either Tile Horizontally” or Tile Vertically”.

How many MT4charts can I have open?

There’s no limit to the number of charts you can have open. However, the more charts you have open, the more likely your platform will slow down or freeze.

What are offline charts on MT4?

They are not updated from the server and therefore new quotes will not be shown in the charts.

Offline charts can be very useful for working with non-standard instruments or timeframes.

How can I create trend lines or other line studies on the MT4 platform?

To add trend lines or similar objects to the chart, please navigate to “Insert” and select the object type you need.

Then, please draw the object on the chart.

Which time zone do the MT4charts follow and how can I change it to my local time?

Chart times follow GMT+1 for the period between March to October and GMT for the period October to March.

Unfortunately, you can’t change the time zone to your local time as its set by the server.

What do the prices on the top of my MT4 chart mean? What does OHLC stand for?

The prices that appear on the top left corner of the charts are the Open, High, Low and Close for the most recent candle.

Why are there gaps on my MT4 chart? How do I fix these gaps?

On occasions, there are gaps in the price data in the History Centre. If this happens, then the chart is not uploading correctly. If those gaps occur within the past few months, it’s possible to retrieve the missing data by refreshing the chart.

You can do this as follows (please note that the below is an example, your data will be different):

Open the History Centre and mark a few of the last entries before the gap.

Delete about ten entries and close the History Centre.

Then, please right-click in the currency pair chart and select “Refresh”

Check on your chart if the missing price data is now appearing. It might not work the first time. It’s possible that you have to refresh the chart up to three or four times.

Once the data is in the chart, you should also be able to see it in the History Centre.

If you still see the gap, then you can force MT4 to rebuild the history using the following method:

• Navigate to the MT4 folder (the default location is C:\Program Files (x86)\ICMcapital.ltd)
• Rename the “History” folder to, for example, “History old”.
How do I show the chart tabs at the bottom of my MT4 charts?

Navigate to “View” and select “Charts Bar”.

You should then see a tab for each chart window below the chart area.

How do I switch between charts on my MT4 platform?

If you want to switch between opened charts, please click on the tab for the chart you want to see.

You should then see a tab for each chart window below the chart area.

How can I see the open price, stop loss and take profit levels for my order on my MT4?

Please navigate to Tools->Options and click on the “Charts” tab.

Then tick “Show trade levels” and click “OK”.

How do I add indicators to my MT4 chart?

Then confirm the properties on the indicator in the next window and click “OK”.

## Products

Contracts for difference FAQs

What are CFDs?

Contracts for difference (CFDs) are derivative products which enable you to trade on the price movement of underlying financial assets (such as metals, energy and indices). You can diversify your portfolio by trading CFDs, and on our ICM Capital account, you’re able to trade forex and CFDs on one account.

Which account do I need to trade CFDs?

CFDs can be traded on our ICM Direct account and professional accounts.

Which CFDs do you offer?

We offer a range of CFD products and instruments. Please check our product specifications for more details.

What does order volume mean for CFDs?

The order volume for CFDs refers to how many contracts you trade– e.g. volume of 0.1 would be a tenth of a contract.

What’s the minimum volume I can trade for a CFD product?

The minimum volume that you can trade on CFDs is 0.01 of a contract.

Can I specify the leverage for my CFD trades?

The margin requirement for CFD products is fixed for each particular CFD instrument you’d like to trade. Please refer to the contract specifications for metals, energy and indices.

How do I calculate margin for CFDs?

Margin requirement for CFD products are calculated based on the underlying market and contract size. Please refer to our CFD contract specifications for margin requirements.

Example:
The margin requirement is USD 2,500 for one contract in a FTSE 100CFD.
For a volume of 0.10 FTSE 100 the margin would be USD250.

How do I calculate my profit and loss for index and commodity CFDs?

To calculate the profit and loss for an index CFD, please follow the example below:
Profit and loss = (closing price – opening price) x Tick price/ Tick Size x Lots
Example:
Instrument: FTSE_*
Contract Size: £10 x Index Price
Tick Size: 0.50
Tick Price: 5
Volume: 0.10
Open price: 7,300.00
Close price: 7,301.00
Profit and loss = (closing price – opening price) x Tick price/ Tick Size Lots
Profit and loss = (7301-7300) x5/0.50*0.10
Profit and loss = 1
Profit and loss in USD =1*1.2618(current GBPUSD price) = 1.26

What are the trading hours for CFDs?

The trading hours depend on the individual CFD product. Please refer to the contract specifications for metals, energy and indices.

Are there any swap charges for CFDs?

Yes. However swap free Islamic accounts will not be charged the roll over fees/swap.

Why does my CFD chart only go back a few weeks/months on my MT4 platform?

For previously expired CFDs, history is available under “Expired” on Symbols option on Market watch. The current tradable CFD is suffixed with an alphanumeric identifier, denoting the contract expiry month,

Why can’t I place a CFD trade on my MT4 platform?

Check the symbol that you’re trying to trade.
The current tradable CFD is suffixed with an alphanumeric identifier, such as @CL_H7. Check that the suffix of the symbol you’re trying to trade corresponds to the current contract.

Why am I receiving the message “Market is closed” when trying to open a trade on my MT4 platform?

This message means that you’re trying to trade out of trading hours, and there are no current tradable prices.

PRECIOUS METALS FAQS

Which order volume do I select when trading gold or silver?

Order volume refers to the number of lots you wish to trade. One lot of gold equals 100 troy ounces (troy oz). One lot of silver equals 5,000 troy oz.

How do I calculate my position value for gold and silver?

You can work out the position value using this formula:

Volume (lots) x troy oz (gold: 100; silver: 5,000) x price = position value (USD)

How do I calculate my profit and loss for gold and silver?

You can use the below formula to calculate the profit/loss of a position in precious metals:

1. Calculate the market movement in pips

Buy: (closing price - open price) / tick size = market movement (pips)
Sell: (open price - close price) / tick size = market movement (pips)

1. Calculate the profit/loss

Profit/loss (USD) = volume (lots) x pip value (USD) x market movement (pips)

Alternatively, the following formulae can be used:

Buy: Profit/loss = position value at close (USD) - position value at open (USD)

Sell: Profit/loss = position value at open (USD) - position value at close (USD)

Example 1
Buy 1.3 lots Gold at USD1,210.05 and close at USD1,228.10
USD 1,228.10 - USD1,1210.05 = USD18.05/troy oz gain
USD18.05 x 130 (1.3 lots at 100oz/lot) = USD2,346.50 profit

Example 2

Sell 1.3 lots Gold at USD 1,210.05 and close at USD1,228.10
USD 1,228.10 - USD1,210.05 = USD18.05/troy oz loss
USD18.05 x 130 (1.3 lots at 100 troy oz/lot) = USD2,346.50 loss

Example 3

Buy 1.3 lots Silver at USD17.15 and close at USD19.10
USD19.10– USD17.15 = USD1.95/troy oz gain
USD1.95 x 6,500 (1.3 lots at 5,000 troy oz/lot) = USD12, 675.00 profit

Example 4

Sell 1.3 lots Silver at USD17.15 and close at USD19.10
USD19.10– USD17.15 = USD1.95/troy oz loss
USD1.95 x 6,500 (1.3 lots at 5,000 troy oz/lot) = USD12, 675.00 loss

How do I calculate my margin requirement for a gold or silver position?

To calculate the margin requirement for a gold or silver position, please follow the below calculation:

Margin requirement (USD) = position value (USD) * margin requirement
Gold example, you sell 0.1 lots of gold at 1228.59
Position value (USD) = 0.1 x100 x 1228.59 =12285.9
Margin requirement (USD) =12285.9*5% = USD614.295
Silver example, you sell 0.1 lots of silver at 18.13
Position value (USD) = 0.1 x 5000 x 18.13 =9065
Margin requirement (USD) =9065*10% = USD906.5

What are the trading hours for precious metals on MT4?

You can trade precious metals from 23:00 Sunday until 21:59 server time on Friday.

What are the swap charges for gold and silver?

Rollover (also called swap) charges are applied to positions that are held overnight or over the weekend.

Note: When you roll an open position from Wednesday to Thursday on a trade-date basis, Monday of the following week becomes the new value date, not Saturday. Therefore, the rollover charge on a Wednesday evening will be three times the value indicated in the product specification.