Forex glossary
mini lot (0.1 lot)
Documentation context: The 10,000-unit amount assumes a standard lot of 100,000 base-currency units; a platform may accept volume directly in units.
A mini lot is 0.1 standard lots, commonly 10,000 base-currency units under a 100,000-unit contract. On EUR/USD with a 0.0001 pip, one pip is 1 USD. Other pairs and account currencies require the appropriate units and conversion.
Illustrative example
How does it work in practice?
In a hypothetical EUR/USD mini lot of 10,000 EUR, a pip is 0.0001 USD per EUR. A 15-pip move changes price P/L by 15 USD before fees and account-currency conversion.
Contract units, notional and leverage
EUR/USD model: one lot is 100,000 EUR; the rate is 1.10 USD per EUR. For a 0.20-lot position, assume equity of 5,500 USD and margin at 5% of notional.
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| Term | What it describes | Shared example |
|---|---|---|
| Lot (position unit) | A contract unit, not the account currency. | This specification defines one lot as 100,000 EUR. |
| mini lot (0.1 lot) | One tenth of a standard lot. | 0.10 lots represents 10,000 EUR. |
| Micro lot (0.01 lot) | One hundredth of a standard lot. | 0.01 lots represents 1,000 EUR. |
| Position size (lot quantity) | The lot count or unit quantity selected for a position. | 0.20 lots × 100,000 = 20,000 EUR. |
| Position notional (notional value) | Exposure stated in a currency, distinct from margin. | 20,000 EUR × 1.10 = 22,000 USD; 5% margin is 1,100 USD. |
| Leverage | Actual exposure relative to equity, distinct from notional relative to margin. | 22,000 / 5,500 = 4:1 effective leverage; 22,000 / 1,100 = 20:1 relative to margin. |
Takeaway: Convert lot count through contract size into notional first. State the denominator before calculating a leverage ratio.
Change an assumption, see the result
What changes if…?
For the assumed pair, compare 0.01, 0.10 and one lot. Observe proportional changes in pip value while keeping contract size fixed.
EUR/USD model: pip = 0.0001; pipette = 0.00001. Initially one lot is 100,000 EUR. Units per lot, point and tick can be changed separately as exercise assumptions. A fractional tick count means the move is not a multiple of the stated tick. Check actual specifications with the provider. Pip value: USD.
Check your understanding
Connect a mini lot with the correct unit quantity and USD pip value.
Show the answer and explanation
+12 USD
One pip is 10,000 × 0.0001 = 1 USD. Twelve pips give 12 USD before costs.
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Related terms
Sources and documentation
- OANDA Corporation: Do you offer micro lots?
OANDA Corporation documentation states the 100,000, 10,000 and 1,000 base-unit convention and distinguishes unit-based from lot-based volume entry.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.