Calculate Stoploss for 3 digit pairs (MQL5) [SOLVED]

[MEHMET FATIH BARUT]

Hi all,

Lets say you want to add 50 points stop loss to your position (EURUSD) and you calculate it like this

double MyStopLoss= Tick.bid+0.00050

how can I calculate same stoploss for USDJPY ? Somehow Multipliying it by 100 doesn't seem working.

thank you.

Answer

Just for others seeking the answer, The best answer is this simple

50* _Point

this approach normalize your point StopLoss for 3 and 5 digit pairs.

[Ferhat Mutlu]

        double Pip;
        int digits = (int)MarketInfo(_Symbol, MODE_DIGITS);
            
        if (digits % 2 == 1){ Pip = MarketInfo(_Symbol,MODE_POINT); Pip *= 10;} 
        else Pip = MarketInfo(_Symbol,MODE_POINT);  

        Bid - 50*Pip

[Fabio Cavalloni]

Multiply the amount of points that you want for _Point

[William Roeder]

Fabio Cavalloni: Multiply the amount of points that you want for _Point

Using Point 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 programming forum
          Slippage defined in index points - Currency Pairs - Expert Advisors and Automated Trading - MQL5 programming forum

PIP, Point, or Tick are all different in general.
          What is a TICK? - MQL4 programming forum

[Fabio Cavalloni]

William Roeder:
Using Point 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 programming forum
          Slippage defined in index points - Currency Pairs - Expert Advisors and Automated Trading - MQL5 programming forum

PIP, Point, or Tick are all different in general.
          What is a TICK? - MQL4 programming forum

If used a 4 digits broker Point=PIP (for all forex pairs)

Am I wrong?

I often use multiplying my SL/TP point for _Point predefined variable, of course I have to be aware of what _Point means for current symbol and broker.

[William Roeder]

1. Fabio Cavalloni: If used a 4 digits broker Point=PIP (for all forex pairs)
   

   Of course. Did you read What is a TICK? - MQL4 programming forum

2. Fabio Cavalloni: of course I have to be aware of what _Point means for current symbol and broker.

   Only if you use point and not PIP. What part of "code breaks" didn't you understand.
   

[Fabio Cavalloni]

William Roeder:

Only if you use point and not PIP. What part of "code breaks" didn't you understand. 

What do you mean with "code breaks"? The code that is not working as expected? Only if used without consciusness and without error handling.

[William Roeder]

Fabio Cavalloni: What do you mean with "code breaks"?

If you set it up for a 5 digit broker, your stops are 10 times bigger on a 4. You are risking 10X.

If you set it up for a 4 digit broker, your stops are 1/10 the proper size on a 5. Instant stop out.

[MEHMET FATIH BARUT]

Ferhat Mutlu:

I was looking for the answer for mql5 not mql4

[MEHMET FATIH BARUT]

Fabio Cavalloni:
Multiply the amount of points that you want for _Point

thanks a lot.