Get profit/loss of SL or TP line?

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Do I need to use OrderStopLoss() and OrderLots() and do the math to get the profit/loss of the SL for an open trade or is there a single function that will fetch it for me? If there is I can't find it, but the fact that I can hover over the line and MT4 shows it to me has me wonder if I'm missing something.

Thanks in advance!

 
rrsch: Do I need to use OrderStopLoss() and OrderLots() and do the math to get the profit/loss of the SL 7

Yes

Risk depends on your initial stop loss, lot size, and the value of the symbol. It does not depend on margin and leverage. No SL means you have infinite risk (on leveraged symbols). Never risk more than a small percentage of your trading funds, certainly less than 2% per trade, 6% total.

  1. You place the stop where it needs to be — where the reason for the trade is no longer valid. E.g. trading a support bounce, the stop goes below the support.

  2. AccountBalance * percent/100 = RISK = OrderLots * (|OrderOpenPrice - OrderStopLoss| * DeltaPerLot + CommissionPerLot) (Note OOP-OSL includes the spread, and DeltaPerLot is usually around $10/PIP, but it takes account of the exchange rates of the pair vs. your account currency.)

  3. Do NOT use TickValue by itself - DeltaPerLot and verify that MODE_TICKVALUE is returning a value in your deposit currency, as promised by the documentation, or whether it is returning a value in the instrument's base currency.
              MODE_TICKVALUE is not reliable on non-fx instruments with many brokers - MQL4 programming forum (2017)
              Is there an universal solution for Tick value? - Currency Pairs - General - MQL5 programming forum (2018)
              Lot value calculation off by a factor of 100 - MQL5 programming forum (2019)

  4. You must normalize lots properly and check against min and max.

  5. You must also check Free Margin to avoid stop out

  6. For MT5, see 'Money Fixed Risk' - MQL5 Code Base (2017)

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.

 
Hello. I have a question I dont know where to ask: I have developed an EA where I need to change Take Profit and Stop Loss from pips into amount in USD for example. I mean in MT4 when you hover the mouse pointer onto TP red line it shows how much you can earn in dollars in case the price hits that TP red horizontal line. I need to know this figure in advance so that I use the amounts, let say, 1-2 USD for account balance of 100 USD. In short, I need a formula to convert pips into amount in USD. Can anyone advise anything? bahmanasgerov@gmail.com
 
bahmanasgerov #:
Hello. I have a question I dont know where to ask: I have developed an EA where I need to change Take Profit and Stop Loss from pips into amount in USD for example. I mean in MT4 when you hover the mouse pointer onto TP red line it shows how much you can earn in dollars in case the price hits that TP red horizontal line. I need to know this figure in advance so that I use the amounts, let say, 1-2 USD for account balance of 100 USD. In short, I need a formula to convert pips into amount in USD. Can anyone advise anything? bahmanasgerov@gmail.com

Forum on trading, automated trading systems and testing trading strategies

How to calculate take profit from currency

Fernando Carreiro, 2022.09.05 17:00

These are all the same equation written in different ways ...

[Volume]      = [Money Value] * [Tick Size] / ( [Tick Value] * [Stop Size] )
[Stop Size]   = [Money Value] * [Tick Size] / ( [Tick Value] * [Volume]    )
[Money Value] = [Volume]      * [Stop Size] * [Tick Value]   / [Tick Size]

[Volume] in lots
[Stop Size] in quote price change
[Money Value] in account currency

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