The least significant bit, its the smallest digit of the symbol, so 1.23456 its the 6 but represents 0.00001. Useful for converting integers or doubles into standard form. E.G int stoploss = 100; stoploss = Point*stoploss;
stoploss now = 0.001
There is Tick, PIP, and Point. They are all different in general. A tick is the smallest change of price. A Point is the least significant digit quoted. In currencies a pip is defined as 0.0001 (or for JPY 0.01)
On a 4 digit broker a point (0.0001) = pip (0.0001). [JPY 0.01 == 0.01] On a 5 digit broker a point (0.00001) = 1/10 pip (0.00010/10). Just because you quote an extra digit doesn't change the value of a pip. (0.0001 == 0.00010) EA's must adjust pips to points (for mq4.) In currencies a tick is a point. Price can change by least significant digit (1.23456 -> 1.23457)
In metals a Tick is still the smallest change but is larger than a point. If price can change from 123.25 to 123.50, you have a TickSize of 0.25 and a point of 0.01. Pip has no meaning.
This is why you don't use TickValue by itself. Only as a ratio with TickSize. See DeltaValuePerLot()
Thanks that was very useful :)
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Hi guys,
I`m writing to ask about the usage of the POINT variable in MQL4. What does it change when included and in this way how many points equal 1 pip or tick ?
Thanks :)