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What does Point Size mean?

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Jürgen Degenfellner
71
Jürgen Degenfellner 2011.01.19 12:04 

I actually want to send an order with predefined exakt stop and limit levels.

OrderSend(Symbol(),OP_BUY,Lotsize,Ask,3,Bid-Stopdist*Point,Ask+Limitdist*Point,0,Green);

This is what you find in the documentation.. I havent found the meaning of the above "Point". What is a Point Size of a currency?

I'd rather set the stop and limit levels myself, for instance for a long EURUSD trade with stop 45 pips and limit 17 pips: stop would be Bid-0.0045, limit would be Bid+0.0017.

But I get an error when I try to put in the levels directly without "Point"...


Can anyone give me a hint?

Jean Coiron
36
Jean Coiron 2011.01.19 13:25  

A simple response would be : 1 pip is egal to 10 points.
Point value is not the same for each symbol. As for instance a point for USDJPY is egal to 0.001, a point for EURUSD is egal to 0.00001 (Instaforex broker). Still 10 points is egal to one pip.

Therefore for any Symbol a stop of 45 pips for an OP_BUY order would be : StopLoss = Ask - (450 * Point);

Jürgen Degenfellner
71
Jürgen Degenfellner 2011.01.19 14:07  
JBzh:

A simple response would be : 1 pip is egal to 10 points.
Point value is not the same for each symbol. As for instance a point for USDJPY is egal to 0.001, a point for EURUSD is egal to 0.00001 (Instaforex broker). Still 10 points is egal to one pip.

Therefore for any Symbol a stop of 45 pips for an OP_BUY order would be : StopLoss = Ask - (450 * Point);



thanks, you solved my problem :)
Ricky
128
Ricky 2011.01.19 15:03  
those thing are really annoying when we do scalping trades :( especially when they need minimum 10 pip for stop loss / take profit! geez
john
213
john 2013.11.22 22:34  
ricx:
those thing are really annoying when we do scalping trades :( especially when they need minimum 10 pip for stop loss / take profit! geez

yes and it's also annoying that you cannot find the meaning a Pink word in the editor program. There should be simple library of words and their meanings and purposes. It's basic issues like that which make the learning curve so high with mt4.

Keith Watford
Moderator
9650
Keith Watford 2013.11.23 00:40  
moneycode:

yes and it's also annoying that you cannot find the meaning a Pink word in the editor program. There should be simple library of words and their meanings and purposes. It's basic issues like that which make the learning curve so high with mt4.




Not sure what you mean by a pink word, but if you highlight one of the standard functions, variables etc in the editor and press F1 the relevant details will appear in the reference window.

Note with functions do not highlight the ()

To be honest, you need to read the Book (link at top of the page).

You need to learn the basics before attempting to code

Keith Watford
Moderator
9650
Keith Watford 2013.11.23 00:46  
JBzh:

A simple response would be : 1 pip is egal to 10 points.
Point value is not the same for each symbol. As for instance a point for USDJPY is egal to 0.001, a point for EURUSD is egal to 0.00001 (Instaforex broker). Still 10 points is egal to one pip.

Therefore for any Symbol a stop of 45 pips for an OP_BUY order would be : StopLoss = Ask - (450 * Point);



Not always true.

On my broker, for example Point on EURCAD is 0.0001, so for this symbol 1 pip equals 1 Point.

So using your example, the SL would be 450 pips.

whroeder1
14539
whroeder1 2013.11.23 01:47  

Point is the smallest decimal quoted. Of 4 digit broker EURCAD is quoted at x.xxxX so Point = 0.0001. On a 5 digit broker point = 0.000,01

Tick size is the smallest change in a market quote. For some metals tick size= 0.25 so point would be 0.01.

For currencies, where tick size = point. a pip is the 4 digit broker's point. A pip is a pip. A 5 digit broker a point = 1/10 pip. pip doesn't change.

EA's should adjust for 4/5 digit brokers Problems with a calculation - MQL4 forum not force externals to change because the broker did.

Simon Gniadkowski
Moderator
18001
Simon Gniadkowski 2013.11.23 09:26  
GumRai:


Not always true.

On my broker, for example Point on EURCAD is 0.0001, so for this symbol 1 pip equals 1 Point.

So using your example, the SL would be 450 pips.

Why are you replying to a question from well over 2 years ago ?
Keith Watford
Moderator
9650
Keith Watford 2013.11.23 11:27  
RaptorUK:
Why are you replying to a question from well over 2 years ago ?


The quoted previous post to mine is dated 22nd November 2013

To be honest, I never noticed that the previous posts were from so long ago. It just showed up as an unread post and I never looked at the date :)

Simon Gniadkowski
Moderator
18001
Simon Gniadkowski 2013.11.23 11:49  
GumRai:


The quoted previous post to mine is dated 22nd November 2013

To be honest, I never noticed that the previous posts were from so long ago. It just showed up as an unread post and I never looked at the date :)

Yep I know . . . this is a good example of how bringing up old threads can waste the time of people that try to be helpful.


( I was referring to the answer you gave to - JBzh: A simple response would be : 1 pip is egal to 10 points. )

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