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The easiest way is to use a spreadbetting broker on MT4 who does the calculation for you, the volume price on your trade ticket is not in lots but Pounds and pence e.g £4.20 per pip (or whatever currency you want) This makes accurate trade sizing very simple.
I use http://www.gkfx.co.uk/spreadbetting-on-MetaTrader4
I am not sure if I am on the right track, but here is what I have put together so far.
From another web site the calculation was something like:
(.0001/{current pairs price})*{contract size, ie 100,000; 10,000, etc} = {some value} * {USD price} = Price Per Pip
Explained from this extraction:
The formula to calculate forex pip value is to take one pip and divide it by the price of the currency pair value and then multiply it by one unit which is 10000. You then need to change it to the USD so you multiply it by the current price. For Example Using the USDCAD
(.0001/1.2148) X 10000 = .8232 X 1.2148 = $1.00
You will always see that with any currency pair the pip value is always $1.00 per 10000 currency units. You may think that this value is very low. However you need to take into account that currencies are traded in lots of $100,000.00 which is $10.00 per pip. When you purchase one lot for $10.00 and the currency increases by 3 pips you have gained $30.00.
Thanks guys, i borrowed some code and here is my contribution
sorry guys here is an update, removed PipPoints and fixed symbol, and didnt realize it depended on one of my other use age:
double PPP = GetPPP( Symbol() );
double PPP = GetPPP( Symbol() , 0.5 );
double PPP = GetPPP( "NZDJPY" );
Hope it helps and thanks for starter.
sorry to bump thread from 2013,
But has anyone made or found an indi that i can input a value to pay me per pip and it will tell me lot size input per currency pair like a spread bet account but for standard forex accounts?
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Most pairs are worth about $10 per PIP. A $5 risk with a (very small) 5 PIP SL is $5/$10/5 or 0.1 Lots maximum.