Need clarification on pip and lot

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Hello,

If you search on the internet for the definitions of pip and lot, you will get SLIGHT different answers. When it comes to fx, accuracy is critical, so let take a closer look. Most websites say 1 pip = 0.0001 for most currency pair except those */JPY (0.01) while Point in mql4/5 has value 0.00001 (and 0.001 for */JPY). So, it seems 1pip = 10 point, but why some people think pip and point are the same?

Secondly, someone says 1 lot = 100,000 or 10,000 depending on the account type (regular or mini). Does 1 lot mean the same volume while trading with mql4/5 regardless the account type or brokerage? If yes, how much is it?

 

Hello,

that is right what you find, there are much different look, if you trade with a broker hoe offer eurusd price with 5 digits then one pip is 0.00001, but if you trade 1 lot with this broker and 1 lot with another broker hoe have 4 digits for eurusd, one pip is then 0.0001 and with both brokers you get normaly 10 Dollar for one Pip, one pip is then for a change at the 4 digit number, the broker hoe give you 5 Digits for EURUSD offers also smaller possible gains but a regular Pip is the 4 digit change at EURUSD, and now there is another think some accounts are cent account there you get for 1 Lot maybe 10 cent and not 10 Dollar, this different thinks you must look and understand everytime new with the broker with wich you trade, so best solution is to try and look what your broker offers you and then when you trade you know then what you get.

 

We've gone through some lengthy discussions about the Point, Pip and Lots. Here's one example. As far as the way I feel about Point/Pip, you can read about that Here.

Does 1 lot mean the same volume while trading with mql4/5 regardless the account type or brokerage? If yes, how much is it?

No, this depends upon the broker. You'll want to get Very familiar with your MarketInfo() and Identifiers. One of my broker Macro Account works like this. If you deposit $100 it appears as $10,000. So it depends on you to remember that when you trade 1.0 Size. The $10 Per-pip is actually 0.10c. However, in the regular cases MarketInfo() can help you figure it out.

 

agreed.

  1. On a 5 digit broker a pip = 10 points. On a 4 digit broker a pip = 1 point. Also tickSize is not necessarily the same as point. Zzuegg reports on the DE30 ticksize=0.5 Point=0.1 and Digits=1. So EA's must adjust pip values (TP, SL, AND slippage)
    //++++ These are adjusted for 5 digit brokers.
int     pips2points;    // slippage  3 pips    3=points    30=points
double  pips2dbl;       // Stoploss 15 pips    0.0015      0.00150
int     Digits.pips;    // DoubleToStr(dbl/pips2dbl, Digits.pips)
int     init(){
     if (Digits % 2 == 1){      // DE30=1/JPY=3/EURUSD=5 forum.mql4.com/43064#515262
                pips2dbl    = Point*10; pips2points = 10;   Digits.pips = 1;
    } else {    pips2dbl    = Point;    pips2points =  1;   Digits.pips = 0; }
    // OrderSend(... Slippage.Pips * pips2points, Bid - StopLossPips * pips2dbl
//---- These are adjusted for 5 digit brokers.
    /* On ECN brokers you must open first and THEN set stops
    int ticket = OrderSend(...)
    if (ticket < 0)
       Alert("OrderSend failed: ", GetLastError());
    else if (!OrderSelect(ticket, SELECT_BY_TICKET))
       Alert("OrderSelect failed: ", GetLastError());
    else if (!OrderModify(OrderTicket()...)
       Alert("OrderModify failed: ", GetLastError());
     */
  2. To calculate the change (in Account Currency not necessary dollars) per change in price
    double  PointValuePerLot(string pair=""){
    /* Value in account currency of a Point of Symbol.
     * In tester I had a sale: open=1.35883 close=1.35736 (0.00147)
     * gain$=97.32/6.62 lots/147 points=$0.10/point or $1.00/pip.
     * IBFX demo/mini       EURUSD TICKVALUE=0.1 MAXLOT=50 LOTSIZE=10,000
     * IBFX demo/standard   EURUSD TICKVALUE=1.0 MAXLOT=50 LOTSIZE=100,000
     *                                  $1.00/point or $10.00/pip.
     *
     * https://forum.mql4.com/33975 CB: MODE_TICKSIZE will usually return the
     * same value as MODE_POINT (or Point for the current symbol), however, an
     * example of where to use MODE_TICKSIZE would be as part of a ratio with
     * MODE_TICKVALUE when performing money management calculations which need
     * to take account of the pair and the account currency. The reason I use
     * this ratio is that although TV and TS may constantly be returned as
     * something like 7.00 and 0.00001 respectively, I've seen this
     * (intermittently) change to 14.00 and 0.00002 respectively (just example
     * tick values to illustrate).
     * https://forum.mql4.com/43064#515262 zzuegg reports for non-currency DE30:
     * MarketInfo(Symbol(),MODE_TICKSIZE) returns 0.5
     * MarketInfo(Symbol(),MODE_DIGITS) return 1
     * Point = 0.1
     * Prices to open must be a multiple of ticksize */
    if (pair == "") pair = Symbol();
    return(  MarketInfo(pair, MODE_TICKVALUE)
           / MarketInfo(pair, MODE_TICKSIZE) ); // Not Point.
}
  3. Also the minimum lot size and step size also is broker dependent. IBFX for example minimum is 0.1, step size is 0.01, so they allow 0.10, 0.11, 0.12...
        double  minLot  = MarketInfo(Symbol(), MODE_MINLOT),
            lotStep = MarketInfo(Symbol(), MODE_LOTSTEP),
    size = MathFloor(size/lotStep)*lotStep;
    if (size < minLot){

 
ubzen:

We've gone through some lengthy discussions about the Point, Pip and Lots. Here's one example. As far as the way I feel about Point/Pip, you can read about that Here.

Thanks for directing me to the previous discussions on this topic. When I search the Forum with keywords "pip" "point", a lot of postings came up, most of which are not on the topic.
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