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How do you handle a currency like USDCNH which my broker quotes as 7.1955 or oil USOUSD which my broker quotes as 54.53 or gold XAUUSD which my broker quotes as 1529.33?
In the end I think I usually want to calculate in points but I need to know how to figure out how much of my account base currency a "point" is worth so that I can figure out what percentage of my account I'm risking. Is there a solid way to calculate how much a point is worth for the symbol that is on your chart? For example if my code is attched to oil USOUSD and it's quoted as 54.53, I think a point is .01 of symbol USOUSD. How much is that .01 worth? If I can figure that out then I should be able to calculate SL, TP, etc from that information.
Is there a better thread that explains all of this? Or is there a library that has objects to just handle this for us if we include it? Thanks.
Hi, Geoff
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.
Sorry about that, Raptor. I didn't notice the thread start date or the post dates. If I had I wouldn't have commented. I should have been paying more attention. Yeah, I sort of doubt he's still waiting for a reply. **chuckle**
Please don't dredge up old threads, I doubt Geoff is still waiting after 2 years for a reply.
Thread started - 2007.07.27
But whether it was old or not, no comprehensive answer was given other Jeff Irick so far as I can see prior to his post. His answer has confirmed and helped me to be completely confident in what I have figured out but is a constant source confusion that should not be created by MetaQuote in the first place. I guess, I am saying that I am glad he gave the answer to the question no matter how long it took. Certainly, it would be better, if answered promptly.
Thanks @Jeff Irick