Bid, ask, other

New comment
 

Hi, when putting a buy stop order I'm in doubt about this situation:

I want the stop price to be High[1] + 1 (one pip). What I don't know is which price does High[1] give: is it the bid, the ask, the average between the two, or other?

The same thing for going short: Low[1] -1 (one pip). Which price does Low[1] yield? Because if it is, let's say, always the bid, I'll have to add the broker spread when goinig long, such as High[1] + spread + 1, right? And I figure I should write Low[1] -1 to go short.


Thanks

 
mql4writer01:

Hi, when putting a buy stop order I'm in doubt about this situation:

I want the stop price to be High[1] + 1 (one pip). What I don't know is which price does High[1] give: is it the bid, the ask, the average between the two, or other?

The same thing for going short: Low[1] -1 (one pip). Which price does Low[1] yield? Because if it is, let's say, always the bid, I'll have to add the broker spread when goinig long, such as High[1] + spread + 1, right? And I figure I should write Low[1] -1 to go short.

Thanks

Hi mql4writer01,

Bid

:D

 
onewithzachy:

Hi mql4writer01,

Bid

:D

So to go long, if I want the entry to be one pip above the high of the last candle, I should write: High[1] + spread + 1, and to go short, the entry being one pip below the low of the last candle, I should write Low[1] -1, right? Or not right?
 
mql4writer01:
So to go long, if I want the entry to be one pip above the high of the last candle, I should write: High[1] + spread + 1, and to go short, the entry being one pip below the low of the last candle, I should write Low[1] -1, right? Or not right?

Hi mql4writer01,

Yes, you can do that, the previous high and previous low is actually the previous close price - which also the previous bid price..

First you have to check your broker FREEZE_LEVEL and STOP_LEVEL, it's in MarketInfo (click here). You have to open pending orders outside those FREEZE_LEVEL and STOP_LEVEL.

For buy stop (and buy limit - which below current price), it will be executed at Ask price, and for Sell stop (or sell limit - which is above current price) it will be executed at Bid price.

:D

 
mql4writer01:
So to go long, if I want the entry to be one pip above the high of the last candle, I should write: High[1] + spread + 1, and to go short, the entry being one pip below the low of the last candle, I should write Low[1] -1, right? Or not right?


Not Right..... example

.

EurUsd

High[1] = 1.22883

Spread = 0.00012

.

High[1] + spread + 1 = 2.22895

.

One pip is not 1 it is in this case 0.00010

New comment
Reason: