While using an EA for US Futures markets, do we set profit and loss in pips or points? For example the ES moves in increments of 0.25 and bonds move in increments of 1/32. Did not see fraction in MT5 either.
I want to confirm how to use the Point Value for futures. If it is the same as pips in forex.
Thanks. I see the tic values. Say for example in the ES it moves it 0.25 increments. How would I specify 1 pip in the EA?
See the discussion about Pips elsewhere here! Pip has been the smallest movement of the prices but the banks decided that this is too big and so they created for most of the symbols the point which has become e.g. for Eurusd 0.1*pip.
Now a pip is an artificial value. Some use for some symbols 10.0*point while (for mt4/5) point and tickvalue are values your broker provides but pip isn't provided by the broker.
I decided for me that 1 pip is the amount of points which is closest to ~10.00 € per 1 lot. Therefore I can calculate this for any symbol - but this is my private definition, even though a stop of one pip costs me always aprox. the same.
Thanks. So do you know what to use in MT5 while coding an EA that trades an instrument in 0.25 increments?
I always upconvert until it becomes a whole number before the decimal point using digits.
This makes it easy to quickly compare movement across all symbols.
So then it will be about movement, not about value.
That would be normalized to movement because 1 pip will be 1 pip (in movement) for all symbols the same.
if it is about pips in value, it is nessesary to convert all movement
into a base, say Dollar value, so then i do the calculations for all
symbols to be able to compare movement in value.
These of course are two different things so it basically depends on what you are looking for.
Minimal price change
So any price change or price difference like e.g. a stop (=>Bid-stop) for a symbol has to be a multiple of this value.
Thanks. Where do I find SYMBOL_TRADE_TICK_SIZE in MT5?