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points == pips? - page 4

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Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
figurelli:

I totally agree that pip is today an imprecise unit that definition varies from person to person.

I mean today because one day in the past, when 1 pip was 1 point for Forex, it was precise.

However, now we have more digits and platforms, like MT5, trading Forex and Stocks, where pips have no precise meaning as points do. 

Points do not have consistent values either . . .  for USDJPY what is the value I have for 1 point for my MT4 Broker ?  you cannot say because you do not know how many digits my feed has.  Pip is actually more precise,  regardless of the number of digits most/many people would answer 0.01  for the value of 1 pip on USDJPY.
Rogerio Figurelli
Moderator
42373
Rogerio Figurelli  
RaptorUK:
Points do not have consistent values either . . .  for USDJPY what is the value I have for 1 point for my MT4 Broker ?  you cannot say because you do not know how many digits my feed has.  Pip is actually more precise,  regardless of the number of digits most/many people would answer 0.01  for the value of 1 pip on USDJPY.
For me Point is not imprecise, at least here, since we can get the point size of any symbol (https://www.mql5.com/en/docs/check/point).

But we don't have an equivalent function for Pips.
Documentation on MQL5: Checkup / Point
Documentation on MQL5: Checkup / Point
  • www.mql5.com
Checkup / Point - Documentation on MQL5
Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
figurelli:
For me Point is not imprecise, at least here, since we can get the point size of any symbol (https://www.mql5.com/en/docs/check/point).

But we don't have an equivalent function for Pips.
It's easy enough to make one if you define Pip first . . 
Rogerio Figurelli
Moderator
42373
Rogerio Figurelli  
RaptorUK:
It's easy enough to make one if you define Pip first . . 
That's the point, not literally ;-), i.e., Pips definition is imprecise.
Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
figurelli:
That's the point, not literally ;-), i.e., Pips definition is imprecise.
Define it however you like . . .  if you want to be able to communicate using the term Pip then you need to have a common definition with whomever you are communicating . . . but the same applies to point,  take my earlier example,  you are on a 5 digit Broker I am on a 4 digit Broker,  point is not common between us.

You can use a function to get what a point is, but that is valid for your Broker at the time . . .
Alain Verleyen
Moderator
32809
Alain Verleyen  
What is obvious from this topic, is that we always have to precise what is a pip, if we are using the term to communicate. We can't simply talk about pips and hope that everybody will understand the same thing as us.
Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
angevoyageur:
What is obvious from this topic, is that we always have to precise what is a pip, if we are using the term to communicate. We can't simply talk about pips and hope that everybody will understand the same thing as us.
Exactly   even if it felt to be unnecessary it removes any possibility of miscommunication.
Rogerio Figurelli
Moderator
42373
Rogerio Figurelli  
RaptorUK:
Define it however you like . . .  if you want to be able to communicate using the term Pip then you need to have a common definition with whomever you are communicating . . . but the same applies to point,  take my earlier example,  you are on a 5 digit Broker I am on a 4 digit Broker,  point is not common between us.

You can use a function to get what a point is, but that is valid for your Broker at the time . . .

In my opinion, as point value is not a 'written in the rock' or hardcoded value, and we have a very clear MQL5 function to figure out points for MT5 in any situation, as stated before (https://www.mql5.com/en/docs/check/point), this is what really matters here in this Forum to avoid any communication problem.

However, for other Forums or platforms, they can address their point definition as they prefer, since, of course, there isn't an one fits all definition for points.

Documentation on MQL5: Checkup / Point
Documentation on MQL5: Checkup / Point
  • www.mql5.com
Checkup / Point - Documentation on MQL5
Simon Gniadkowski
Moderator
18021
Simon Gniadkowski  
figurelli:

In my opinion, as point value is not a 'written in the rock' or hardcoded value, and we have a very clear MQL5 function to figure out points for MT5 in any situation, as stated before (https://www.mql5.com/en/docs/check/point), this is what really matters here in this Forum to avoid any communication problem.

However, for other Forums or platforms, they can address their point definition as they prefer, since, of course, there isn't an one fits all definition for points.

Are there 4 digit Brokers for MT5 ?  if there are then you will have a different point there compared to 5 digit Brokers.  Point is the last digit,  but for 4 and 5 digit Brokers it is not the same.  

My definition for Pip returns the same for 4 and 5 digit Brokers, so im my opinion it is possible to define it better than point. 
Alain Verleyen
Moderator
32809
Alain Verleyen  
RaptorUK:
Are there 4 digit Brokers for MT5 ?  if there are then you will have a different point there compared to 5 digit Brokers.  Point is the last digit,  but for 4 and 5 digit Brokers it is not the same.  

My definition for Pip returns the same for 4 and 5 digit Brokers, so im my opinion it is possible to define it better than point. 
Until we have broker who provides 6 digits
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