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How much will cost a lot in currency account ?

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Dorian Baranes
26885
Dorian Baranes  

Hi,

Here is my problem. I would like to know how much will cost one lot (100 000 units) for a specific currency pair.

For example  I have an account in JPY and I want to know how much will cost 1 lot for EURUSD in JPY. Therefore I need to conver JPY to EUR (base currency).

Is there a formula allowing to do that ?

Thanks for your help

Regards,

Dorian

Alain Verleyen
Moderator
37186
Alain Verleyen  
Dorian Baranes:
..

Is there a formula allowing to do that ?

Yes, the formula is : "Search engine, please give me all the topics where it was already discussed" :-D

Dorian Baranes
26885
Dorian Baranes  
Alain Verleyen:

Yes, the formula is : "Search engine, please give me all the topics where it was already discussed" :-D

Hi Alain,

I have found topics to convert between currency account and quote currency. However I have not found topics to convert between currency account and base currency. I will appreciate if you can send me the link discussing about this.


Regards,

Dorian 

whroeder1
18195
whroeder1  

Dorian Baranes I would like to know how much will cost one lot (100 000 units) for a specific currency pair.

Lots is only one item. Risk requires three.

For MT4:
  1. In code: Risk depends on your initial stop loss, lot size, and the value of the pair.
    1. You place the stop where it needs to be - where the reason for the trade is no longer valid.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.
    2. 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.)
    3. 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.
                MODE_TICKVALUE is not reliable on non-fx instruments with many brokers.
    4. You must normalize lots properly and check against min and max.
    5. 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 GUI EA like mine (for MT4): Indicators: 'Money Manager Graphic Tool' indicator by 'takycard' Forum - Page 6
Keith Watford
Moderator
12318
Keith Watford  
Dorian Baranes:


For example  I have an account in JPY and I want to know how much will cost 1 lot for EURUSD in JPY. Therefore I need to conver JPY to EUR (base currency).

Is there a formula allowing to do that ?

Use the value of EURJPY to convert

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