Samiiir FX

Setting Your Stop Loss (SL) Based on Broker and Symbol Price Digits:

To ensure your Stop Loss (SL) is set accurately, it's important to consider the number of price digits your broker uses for the specific trading symbol. Here's how you can typically adjust your SL settings to account for this:

Within the Indicator's Settings:

1. Locate the Input Parameters: Find the input settings or parameters of your MT4 indicator. These are usually accessible by dragging the indicator onto a chart and then clicking on the "Inputs" tab, or by right-clicking on the chart, selecting "Indicators List," choosing your indicator, and clicking "Edit."

2. Look for SL-Related Settings: Identify the input parameters that control your Stop Loss. This might be labeled as:

   • Stop Loss in Pips

3. Understand the Input Value: Determine the unit in which the SL value is expected. Often, it's in "points" or "pips."

4. Account for Price Digits: This is where you need to know how your broker quotes the price for the specific symbol you are trading (e.g., EURUSD, GBPJPY, XAUUSD).

   • Most Forex pairs are quoted to 4 or 5 decimal places. A "point" is usually the last decimal place. For example, on a 5-digit broker for EURUSD (1.10005), 1 point is 0.00001.

   • JPY pairs are often quoted to 2 or 3 decimal places.

   • Commodities like Gold (XAUUSD) can vary, but often use 1 or 2 decimal places.

5. Adjust the SL Input Value: When setting your desired Stop Loss distance, you need to enter the value in terms of the "points" recognized by your broker for that symbol.

   • Example: If you want a 20-pip Stop Loss on EURUSD with a 5-digit broker:

     • 1 pip = 10 points (on a 5-digit broker)

     • 20 pips = 20 * 10 = 200 points

     • You would enter 200 in the "Stop Loss in Points" setting.

   • Example: If you want a 20-pip Stop Loss on USDJPY with a 3-digit broker (e.g., 135.505):

     • 1 pip = 10 points

     • 20 pips = 20 * 10 = 200 points

     • You would enter 200 in the "Stop Loss in Points" setting.

   • Example: If you want a 20-pip Stop Loss on XAUUSD quoted to 2 decimal places (e.g., 1850.50):

     • 1 pip = 10 points

     • 20 pips = 20 * 10 = 200 points

     • You would enter 200 in the "Stop Loss in Points" setting.

6. Verify: After setting your Stop Loss, double-check on the chart to ensure it's placed at the intended price level.

In Summary:

• Identify the SL-related settings in your indicator's inputs.

• Determine the number of price digits (and therefore the value of a "point") for the specific symbol your broker uses.

• Calculate your desired Stop Loss distance in "points" based on your pip target and the broker's digit structure.

• Enter this "point" value into the indicator's SL setting.

"Please tell me the name of your broker so I can provide you with the settings for the Samiiir FX indicator tailored to it. You’ll need to set the stop-loss (SL) based on your broker’s requirements. Also, if you purchase the indicator, please email or message me—I’ll give you the Samiiir FX EA (Expert Advisor) for free to try out."

Samir Ranguni