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Basic PIPS question

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David Francis
86
David Francis  
I am bound to be mocked here for something which should be so simple, but does anyone have a script or links to an article that can explain how to do this. I have written scripts based on calculations from the entry price, but just cannot get my head rounds the pips in MQL 4

I have the price I want to start from and then add 10 pips for entry, -20 for stop loss and +40 for profit. But then, this needs to take into account the 3 or 5 decimal places.

I can do elements of this easily, but can't seem to deal with the pips.

Many thanks in advance.
whroeder1
15582
whroeder1  
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()

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