Question on the below attached Money Management script.

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Hello,

- I have this script which opens pending orders along with money management/position sizing.

- My question is...

Looking at this snippet of code extern double DollarVol=1; am I correct in thinking this is the dollar value per pip for the symbol loaded on my chart ? If so is there a way for the script to automatically get the pip value for the respective symbol/chart the script is dragged to.. instead of me typing the pip value each time as I trade with multiple currency's.

Files:
MMScript.mq4  6 kb
 

Slowpoison:

Looking at this snippet of code extern double DollarVol=1; am I correct in thinking this is the dollar value per pip for the symbol loaded on my chart ?

If so is there a way for the script to automatically get the pip value for the respective symbol/chart the script is dragged to.. instead of me typing the pip value each time as I trade with multiple currency's.

  1.          double x = MathAbs(price - SL);
         actualSL = x / Point;
           
   if(Digits == 3 || Digits == 5)
      actualSL = actualSL / 10;
    Yes, in PIPs.

  2. Recode it, or use something else.
    1. In code: Risk depends on your initial stop loss, lot size, and the value of the pair.
      • You place the stop where it needs to be - where the reason for the trade is no longer valid. E.g. trading a support bounce the stop goes below the support.
      • Account Balance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the SPREAD, and DeltaPerLot is usually around $10/pip but it takes account of the exchange rates of the pair vs. your account currency.)
      • Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency (EUR, in this case).
                  MODE_TICKVALUE is not reliable on non-fx instruments with many brokers.
      • You must normalize lots properly and check against min and max.
      • You must also check FreeMargin to avoid stop out
      Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5=0.1 Lots maximum.
    2. Use a EA GUI such as the one for MT4: Indicators: 'Money Manager Graphic Tool' indicator by 'takycard' Forum - Page 5
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