COCOA CFD Instrument settings

Hi!

I am trying to generate strategies for COCOA CFD (using COCOACMDUSD M1 data from Dukascopy) and I am struggling with finding the right setup for the instrument.

My broker is Fusion Markets and I have this data available for the symbol USCOCOA:

From MT5 symbol Specifications:

Contract size: 1
Digits: 2
Minimal Volume: 1
Maximal Volume: 100
Volume Step: 1
Swap Long: 495.28 points / day
Swap Short: -1977.44 points / day

Actual Spread: 1350 points

From Fusion Markets Website (pip value calculator): 

Pip value: 0.1$ / 1 lot

Whatever the settings I use in the instrument, I always get differences in MT5, sometimes I get the right P&L, but then the swaps are really different. Do I have to modify the swap in SQX other than 495.28 points? I spent hours trying different scenarios, and nothing is working.

What should be the settings to use in SQX?

Also, with every new instrument I test, I always have a hard time finding the right settings. Is there some documentation somewhere about the pip / tick size, pip / tick step, point value, swaps, spreads? I found some, but after reading it, I still don’t fully understand when it’s something else than forex instruments (crypto, gold, indices, commodities CFDs, …).

Thanks a lot!

I forgot to mention that I also try with the option UseSQTickSize set to true in MT5, it helps, but I still get very different results

I see the use 2 digits price in MT5 for the Cocoa US/UK.

See I would set pip size and step = 0.01

The SQ point value would be 1 USD / 1 GBP respectively

Try that and let me know if that helps

Hi Tomas!

Thanks for your reply!

I tried with those settings, but with the 0.01 pip size it gives huge swaps. When I try with 0.1 pip size and 0.01 pip step, it seems to produce realistic results and it seems to be similar to MT5 backtests, but I don’t understand the reason behind.

Should I use 0.01 pip size and step but modify the swap to be 49.53 points for longs and -197.74 points for shorts instead of 495.28 and -1977.44?

Let me test this with Dukascopy MT5. I will let you know

Awesome! Thank you Tomas!

It seems Dukascopy actually uses 3 digits for Cocoa so you should use 0.001 pip size and step not 0.1 or 0.01

Thanks Tomas!

Can you confirm I understand correctly?

Point Value: 1$
Pip Size: 0.001
Pip Step: 0.001
Swap Long: 497.12 pts
Swap Short: -1970.52 pts

If my broker has minimum size and step of 1, do I need to change the pip step to 1?

Hi,

this seems correct. The pip size and step will be .001

The broker probably refers to lot size step that is how you need to increase trading size

When checking Dukascopy Cocoa the minimium lot size is 1 lot and volume step (Order size step in SQX) is 1 as well