Different Index Quotes. Help
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Hello, I have a question regarding pips. I have an account with ICMarket EU, and my quotes for US30 (Dow Jones) are different from my friend's who has an account with another broker. The issue is that my broker counts a pip when the price changes from 40960.00 to 40961.00, whereas my friend's broker counts a pip when the price changes from 40960.00 to 40960.01. I would appreciate an explanation of why this is happening.
this is just the difference between brokers and how they deal with pricing for certain assets. In this case your under lying asset will be a CFD a future or some other derivative. Different brokers may have different specifications for such a product including different minimum spreads and step size.
If you are concerned check your product spec with your broker. When choosing brokers, traders should consider things like this to ensure they are being given a fair contract.
The term PIP (an acronym) only applies to currencies.
PIP, Point, or Tick size are all different in general.
Ticks, PIPs or points in the GUI. Make up your mind. - MQL4 programming forum #1 (2014)
Percentage in point - Wikipedia
Unless you manually adjust your SL/TP for each separate symbol, using Point means code breaks on 4 digit brokers (if any still exists), exotics (e.g. USDZAR where spread is over 500 points), and metals. Compute what a logical PIP is and use that, not points.
How to manage JPY pairs with parameters? - MQL4 programming forum (2017)
Slippage defined in index points - Expert Advisors and Automated Trading - MQL5 programming forum (2018)
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