Ticks, pips or points in the GUI. Make up your mind.

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There's a thing in MetaTrader4 - Dutch version that is very confusing. See the attached image

  • When pointing the mouse at the SL-line, it tells the SL in Pips but in fact these are points.
  • When changing this via the shortcut menu, they are called Points but in fact these are Pips ( Points / 10 ).
  • Then in the opened dialog for changing the trailing SL, they are called Ticks, while in fact these are Points.

Why not get rid off all these confusing names.

  • A tick is the smallest unit as part of the Volume.
  • A point is the smallest unit as part of the price, or price change.
  • A pip is a beautiful part of trading history that grandpa can talk about to his grandchildren.

Thanks.


 
jeex:
  • When pointing the mouse at the SL-line, it tells the SL in Pips but in fact these are points.
  • When changing this via the shortcut menu, they are called Points but in fact these are Pips ( Points / 10 ).
  • Then in the opened dialog for changing the trailing SL, they are called Ticks, while in fact these are Points.
  1. When mt4 was written, there was only currencies and only 4 digit brokers (pip=point.) Then came 5 digit brokers (pip=10 points) and then metals (tick >= point). The GUI has never been changed and translations from Russian are always suspect. If you see pip, that is always point.

  2. There is Tick, PIP, and Point. They are all different in general. A tick is the smallest change of price. A Point is the least significant digit quoted. In currencies a pip is defined as 0.0001 (or for JPY 0.01)

    On a 4 digit broker a point (0.0001) = pip (0.0001). [JPY 0.01 == 0.01] On a 5 digit broker a point (0.00001) = 1/10 pip (0.00010/10). Just because you quote an extra digit doesn't change the value of a pip. (0.0001 == 0.00010) EA's must adjust pips to points (for mq4.) In currencies a tick is a point. Price can change by least significant digit (1.23456 -> 1.23457)

    In metals a Tick is still the smallest change but is larger than a point. If price can change from 123.25 to 123.50, you have a TickSize of 0.25 and a point of 0.01. Pip has no meaning.

    This is why you don't use TickValue by itself. Only as a ratio with TickSize. See DeltaValuePerLot()

 

I understand and appreciate the historic context. But you must admit: it is confusing. The name giving as well as jugling with the values – pips here, points there. In the contextual menu as shown in the pictures, it's simply wrong. These are not pips but points.

Is that not a matter of correcting the Dutch translation?

 
jeex:

I understand and appreciate the historic context. But you must admit: it is confusing. The name giving as well as jugling with the values – pips here, points there. In the contextual menu as shown in the pictures, it's simply wrong. These are not pips but points.

Is that not a matter of correcting the Dutch translation?


You can try to write to the ServiceDesk about that.
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