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"Pip" will never be abandoned because it is a proper unit of measure which stands for "Percentage in Point", a percentage of a cent or 1/100th of a cent.
The only exception is the Yen, because a "yen" is much closer in value to the equivalent "cent" of other currencies.
EDIT: The point concept is only used mainly by MetaQuotes, In most other markets the "Point" is a "full unit" value and not a "fractional" value as used in MetaTrader.
Both names are valid - "price interest point" & "percentage in point"! But irrespective of the name it is still defined as a percentage of a cent.
A "point" outside of MetaTrader has a totally different meaning and usually refers to the unit value, which in case of currencies would be a full Dollar or a full Euro, etc. as being a Point value. It is called that way because it the value before the "point" (".").
In other markets, however the "Point" can also have a different meaning.
In conclusion, with so many different Markets defining the "point" so differently, the "Pip" is the only one that has remained stable and true to its original definition without change!
EDIT: http://www.investopedia.com/ask/answers/032615/what-difference-between-pips-points-and-ticks.asp
In conclusion, with so many different Markets defining the "point" so differently, the "Pip" is the only one that has remained stable and true to its original definition without change!
Which brings is neatly back around to my initial "point" (pardon the pun):
Most code is written to be user friendly. That often means that the user settings are in pips and the code handles the conversion.
I did not disagree with that statement. I was just stating that it is not a "human habit" but a well defined "unit of measure"!
Why MetaQuotes decided to change the "usual" meaning of "Point" as being a "unit" value, I really do not know!
I did not disagree with that statement. I was just stating that it is not a "human habit" but a well defined "unit of measure"!
It's plain wrong, a pip is not defined at all (you just prove it above ). It's just well defined to you. A pip is just ok on Forex markets, and not even all (what is a pip on EURURB or USDMXN ?). If it was a well defined thing there would not be any discussion about it, still such discussions appear regularly.
MT4 allows to trade Forex, Metals, CFDs, can you provide a "well defined" pip for all of them ? You can't.
MT5 allows to trade all market or almost (MT4+Futures,Stocks,Options...), what is a pip in these cases.
Why MetaQuotes decided to change the "usual" meaning of "Point" as being a "unit" value, I really do not know!
Metaquotes didn't change anything. Inside Metaquotes "world" a point is a well defined unit of measure. A pip is not. It's an MT forum.
Why are you always trying to convince others about your beliefs ? Think or believe what you want, use what is working for you.
All of this is off-topic.
It's plain wrong, a pip is not defined at all (you just prove it above ). It's just well defined to you. A pip is just ok on Forex markets, and not even all (what is a pip on EURURB or USDMXN ?). If it was a well defined thing there would not be any discussion about it, still such discussions appear regularly.
MT4 allows to trade Forex, Metals, CFDs, can you provide a "well defined" pip for all of them ? You can't.
MT5 allows to trade all market or almost (MT4+Futures,Stocks,Options...), what is a pip in these cases.
Metaquotes didn't change anything. Inside Metaquotes "world" a point is a well defined unit of measure. A pip is not. It's an MT forum.
Why are you always trying to convince others about your beliefs ? Think or believe what you want, use what is working for you.
All of this is off-topic.
I'm really not in the mood to argue with you! Have it your way!
Regardless of the semantics of what pips are...they are not equivalent to points on any 5 digit broker and that's what most are these days.
So, that being said, the original intent of this post was to bring this to people's attention for their testing purposes. If your testing an EA and your normal spread for a pair is say 2.7 pips (27 points), then test with 30 or even 50 point spread. Many don't realize that the spread is in points, so just bringing it to peoples' attention.
Regardless of the semantics of what pips are...they are not equivalent to points on any 5 digit broker and that's what most are these days.
So, that being said, the original intent of this post was to bring this to people's attention for their testing purposes. If your testing an EA and your normal spread for a pair is say 2.7 pips (27 points), then test with 30 or even 50 point spread. Many don't realize that the spread is in points, so just bringing it to peoples' attention.
Properly written EAs has defined maximum allowed spread to open a position. Above that it wont open a position.