I'm writing a script for MT4 on the Oanda platform and I'm a bit confused. Normally with a 3 or a 5 digit value you would need to convert a Point to a pip by multiplying by 10. When I do this however, I end up getting 10 times the amount of pips. So when I want to set my take profit to 50 pips. it sets my take profit to 500 pips. I need to know if Oanda is using the term "pip" properly or if they are returning the Point value == pips. because to solve the issue I just multiply the Point value by my take profit value and Oanda seems to display the proper amount of pips. I'm attaching my script for review.
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SirFency: . Normally with a 3 or a 5 digit value you would need to convert a Point to a pip by multiplying by 10. When I do this however, I end up getting 10 times the amount of pips. So when I want to set my take profit to 50 pips. it sets my take profit to 500 pips. I need to know if Oanda is using the term "pip" properly
- Oanda isn't using any term, and the terminal has no concept of a PIP.
-
Using Points means code breaks on 4 digit brokers, exotics (e.g. USDZAR
where spread is over 500 points,) and metals. Compute what a PIP is and use it,
not points.
How to manage JPY pairs with parameters? - MQL4 and MetaTrader 4 - MQL4 programming forum
Slippage defined in index points - Currency Pairs - Expert Advisors and Automated Trading - MQL5 programming forum extern int TakeProfit = 50; ... OrderOpenPrice() + (TakeProfit*Point),
Your code as written is setting the TP to 50 points not 50 pips.
whroeder1:
I understand that I'm setting it to 50 Points but this is seeming to equal the same as pips in Oanda. When I mouse over my take profit line in the graph it says 50 pips. This happens on 5 digits and 3 digits and Oanda does not seem to have 4 or 2 digit currency pairs. According to them the 5th decimal place or the 3rd decimal place depending on the currency pair should be considered a pipette but like I said when I place a trade with this script written just like this its showing me that my take profit is actually correct. It's confusing me because its a entier decimal place off.
- Oanda isn't using any term, and the terminal has no concept of a PIP.
-
Using Points means code breaks on 4 digit brokers, exotics (e.g. USDZAR
where spread is over 500 points,) and metals. Compute what a PIP is and use it,
not points.
How to manage JPY pairs with parameters? - MQL4 and MetaTrader 4 - MQL4 programming forum
Slippage defined in index points - Currency Pairs - Expert Advisors and Automated Trading - MQL5 programming forum - Your code as written is setting the TP to 50 points not 50 pips.

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