can someone explain to me how I translate pips into real "money" when trading with MetaTrader 5.
- I have bougt 1.00 unit (volume) of EUR/CHF for 1.23158
-.I have sould this 1.00 unit of EUR/CHF for 1.23132
- The resulting profit is EUR -21.12
How do I calculate this profit, i.e. why does 0,00026 of EUR/CHF correspond to EUR 21.12? Can I do this calculation by myself using the information provided in MetaTrader 5?
1.23158 - 1.23132 = 0.00026 or 2.6 pips or 26 points. Some people (and recently Metaquotes called a pip what is for me a point on 5-digits broker). For 1 lot (100.000 unit), you have 26 CHF profit (loss)
So you have to convert it in your money deposit which is EUR, that gives 26/1.23132 = 21.12 EUR (rounded)
Ok, this is clear.
Does this mean that a pip always corresponds to the 4. decimal place, i.e. also for incides, commodities ...?
This manual calculation seems to be quite cumbersome when placing many orders. It there a way in MT5 to define the stop loss level and MT5 automatically computes the corresponding volume based on my pre-defined money management (i.e. 2% of total deposit)?
A pip is very relative. I am personally using only Forex. So for me a pip is 0.0001 for all pairs but the one with JPY where a pip is 0.01. But that may vary from person to person, so you have to check when someone are talking of a pip.
This is now included in MT5 when you are using the mouse to place your SL, you can see the sl in pips (which is points and not pip as I am talking above) and in deposit currency (see here, pt 2 and 3).
My MetaTrader does not seem to support this option. When I press F9 (new order) I get the same windows as shown in picture 1 of your link. However, as "Type" I can only choose between "Market Execution" and "Pending Order". The option "Exchange Execution" is however not available.
Or can I also use "Market Exchange" to place SLs in the chart? If you, could you give me a hint how this works in the chart?
Yes, that has nothing to do with Market or Exchange execution. I am talking about moving SL with mouse (pt2 & 3 of the link).
But if I have to place an order first, so I have to define the volume. However, if I olny know my SL level and my maximal risk (money management 2%, let's say 100 EUR) so I still don't know the volume which I had to calculate using your example above.
What I meat was that I define the SL level, the maximal risk and MT5 computes for me the appropriate volume that I use in the next step to place the order.
Yes, I first searched it in MetaTrader in the "Code Base", then right-click "Download". This action copied the script into the navigator where I see it under "Scripts=>Downloads=>setbuystoporder". When I right-click the script then I can for example select "Attach to chart" which leads to a new windows where I configure the script (the Input window). But after confirming with OK the script seems not to be working when I for example place an order.
How do you use/activate scripts from the navigator window?