conversion from a currency pair to obtain number of pips for SL

[BigAl]

I want to set a stoploss on EURJPY to a set USD value. For example I want to put a stoploss lets say worth a $0.75 USD on the EURJPYm pair. How do I calculate that please.

[Simon Gniadkowski]

I think I would use MarketInfo with MODE_TICKVALUE to get the value of a Point in the deposit currency for 1 lot, multiply this by my position size . . . then divide $0.75 by what I just calculated, should give a point value of where to put a SL.

[William Roeder]

TickValue must be used as a ratio

double  PointValuePerLot(string pair="") {
    /* Value in account currency of a Point of Symbol.
     * In tester I had a sale: open=1.35883 close=1.35736 (0.00147)
     * gain$=97.32/6.62 lots/147 points=$0.10/point or $1.00/pip.
     * IBFX demo/mini       EURUSD TICKVALUE=0.1 MAXLOT=50 LOTSIZE=10,000
     * IBFX demo/standard   EURUSD TICKVALUE=1.0 MAXLOT=50 LOTSIZE=100,000
     *                                  $1.00/point or $10.00/pip.
     *
     * https://forum.mql4.com/33975 CB: MODE_TICKSIZE will usually return the
     * same value as MODE_POINT (or Point for the current symbol), however, an
     * example of where to use MODE_TICKSIZE would be as part of a ratio with
     * MODE_TICKVALUE when performing money management calculations which need
     * to take account of the pair and the account currency. The reason I use
     * this ratio is that although TV and TS may constantly be returned as
     * something like 7.00 and 0.00001 respectively, I've seen this
     * (intermittently) change to 14.00 and 0.00002 respectively (just example
     * tick values to illustrate).
     * https://forum.mql4.com/43064#515262 zzuegg reports for non-currency DE30:
     * MarketInfo(Symbol(),MODE_TICKSIZE) returns 0.5
     * MarketInfo(Symbol(),MODE_DIGITS) return 1
     * Point = 0.1
     * Prices to open must be a multiple of ticksize */
    if (pair == "") pair = Symbol();
    return(  MarketInfo(pair, MODE_TICKVALUE)
           / MarketInfo(pair, MODE_TICKSIZE) ); // Not Point.
}

[BigAl]

OK guys very useful input. But, 1 more question. Why does MODE_TICKVALUE return the same value for both GBPJPYm and EURJPYm. Surely they should be different or is this because so far I have not used TV/TS

[Simon Gniadkowski]

BigAl:
OK guys very useful input. But, 1 more question. Why does MODE_TICKVALUE return the same value for both GBPJPYm and EURJPYm. Surely they should be different or is this because so far I have not used TV/TS

MODE_TICKVALUE is based on the relationship between your Account currency and the base currency of the pair in question, so if your account currency is USD then the relationship is between USD and JPY for both GBPJPY and EURJPY

[BigAl]

Now Confused! I wanted to set stops based on the currency (USD). So if I have 1 Lot of GBPJPY and 1 Lot of EURJPY then what your saying is that they are both worth the same in USD. The reason being that 1 Lot of say EURJPY at lets say 103.00 (approx) is worth the same as 1 Lot of GBPJPY at approx 120.00 - Have I finally got it through my thick head!!!!

[BigAl]

But how does that help with putting the correct value as a stoploss. The calculation given above would be the same for both currency pairs - however surely that cant be correct because one pip in GBPJPY is not the same value as one pip EURJPY (is it?)

[Simon Gniadkowski]

BigAl:
But how does that help with putting the correct value as a stoploss. The calculation given above would be the same for both currency pairs - however surely that cant be correct because one pip in GBPJPY is not the same value as one pip EURJPY (is it?)

Yes it is . . .

If you had 2 accounts, one funded with GBP and the other with EUR . . . then it would be correct to say that one pip of GBPJPY in the first account is not equal to one pip of EURJPY in the second account.

What you have to factor in is the relationship between your Account currency and the first currency in the pair if you want to clear your confusion.

[BigAl]

RaptorUK:

Yes it is . . .

If you had 2 accounts, one funded with GBP and the other with EUR . . . then it would be correct to say that one pip of GBPJPY in the first account is not equal to one pip of EURJPY in the second account.

What you have to factor in is the relationship between your Account currency and the first currency in the pair if you want to clear your confusion.

Ok thanks