In the MLQ4 Reference, there is a pre-defined variable called Point with the following
definition: "The current symbol point value in the quote currency." Being
new to this world of trading, I was wondering if someone could provide a better
explanation of what Point is, maybe in laymen's terms.
Thank you very much for your time.
maybe is 1 at the final digital position of 5 effective digitals of price.
in other word, smallest count of price of one kind of money.
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I've come here while looking for the explanation of 'point' to find out why BuyOrder.MQ4 is placing an SL of 4 pips, not 40. It seems to me that the
above explanation is wrong or my SL would be 40 - it must be that a point is a tick so if you have a five point broker it's only a tenth of what it would
be with a four point broker.
On Brent 112.85 the script works fine, one pip per tick, but on EURUSD 1.41035 it doesn't, one pip per ten ticks.
I've come here while looking for the explanation of 'point' to find out why BuyOrder.MQ4 is placing an SL of 4 pips, not 40. It seems to me that the above explanation is wrong or my SL would be 40 - it must be that a point is a tick so if you have a five point broker it's only a tenth of what it would be with a four point broker.
With a 5 digit broker, a point and a pip are not the same thing. A point is a 10th of a pip which, for a 5 digit broker, is the smallest possible price move for a currency pair. Therefore, 40 points is 4 pips. If you want your SL at 40 pips, you have to set it to 400 points. You have the same type of scenario if you're looking at pair like USDJPY, which is quoted to 3 decimal places. The second decimal place is a pip and a point(or tick) is the third decimal place, so it's still a tenth of a pip. I went through the same confusion you're going through until I figured out what was going on. MetaTrader asks for points when you specify SL, TP or Trailing Stops - not pips. Just multiply the number of points it asks for by 10 and you're good to go.
Please don't dredge up old threads, I doubt Geoff is still waiting after 2 years for a reply.
Unfortunately, MetraQuote still hasn't fixed their documentation.
One sentence to explain this mess is clearly not enough.
if there is 5 digit, the value point is this : 0.00001
if there is 3 digits, the value point is this : 0.001
Using Point means code breaks on 4 digit brokers, exotics (e.g. USDZAR
where spread is over 500 points,) and metals. Compute what a PIP is and use it,
How to manage JPY pairs
with parameters? - MQL4 and MetaTrader 4 -
MQL4 programming forum
Slippage defined in index
points - Currency Pairs - Expert Advisors and Automated Trading -
MQL5 programming forum