The documentation for Point says - ` The current symbol point value in the quote currency.`
But what does that mean? I noticed that in meta trader sometimes Point is 0.1 other times its 0.000001 for the same currency pair.
Any insight would be appreciated.
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()