This is for anyone who knows of an indicator like this or would be willing to code one.
(Note: I already have a $ per pip converter)
Im looking for an indicator that is a position size converter for pairs that dont end in USD.
For example: GBPJPY is $8.68 per standard lot (at the time of writing this)
Therefore, my position size for GBPJPY would be 1.15x the size of what it would be for a pair ending in USD, (10 divided by 8.68 = ~1.15)
In the settings for the indicator, you would enter your desired position size for a pair ending in USD. So if you're viewing a pair on your chart not ending in USD, the indicator would display $ per pip/pip value for the pair, and what your position size should be to equate to that of a pair ending in USD. So if you put 1.0 lot in your settings, for GBPJPY in the above example the indicator would display the following:
1.15 Lots: $10.00 / Pip
1.0 Lot: $8.68 / Pip
If you put a 0.1 lot in the settings, the indicator would display:
0.115 Lot: $1.00 / Pip
0.10 Lot: $0.87 / Pip
But what about if you dont have the same position size in all your trades (not always 1.0 lot or 0.1 lot)?
In the settings you should be able to input multiple position sizes (also that can be color coded).
So if you input, say, 1.33, 1.0, and 0.67 lot sizes in your settings, the indicator would display:
1.53 Lots: $13.33 / Pip
1.33 Lots: $11.54 / Pip
1.15 Lots: $10.00 / Pip
1.0 Lot: $8.68 / Pip
0.77 Lot: $6.67 / Pip
0.67 Lot: $5.82 / Pip
If an indi like this doesnt already exist, I figure it could be relatively simple compared to some position size calculators out there, and might not take too long to code. Thanks for any replies.
(Note: I already have a $ per pip converter)
Im looking for an indicator that is a position size converter for pairs that dont end in USD.
For example: GBPJPY is $8.68 per standard lot (at the time of writing this)
Therefore, my position size for GBPJPY would be 1.15x the size of what it would be for a pair ending in USD, (10 divided by 8.68 = ~1.15)
In the settings for the indicator, you would enter your desired position size for a pair ending in USD. So if you're viewing a pair on your chart not ending in USD, the indicator would display $ per pip/pip value for the pair, and what your position size should be to equate to that of a pair ending in USD. So if you put 1.0 lot in your settings, for GBPJPY in the above example the indicator would display the following:
1.15 Lots: $10.00 / Pip
1.0 Lot: $8.68 / Pip
If you put a 0.1 lot in the settings, the indicator would display:
0.115 Lot: $1.00 / Pip
0.10 Lot: $0.87 / Pip
But what about if you dont have the same position size in all your trades (not always 1.0 lot or 0.1 lot)?
In the settings you should be able to input multiple position sizes (also that can be color coded).
So if you input, say, 1.33, 1.0, and 0.67 lot sizes in your settings, the indicator would display:
1.53 Lots: $13.33 / Pip
1.33 Lots: $11.54 / Pip
1.15 Lots: $10.00 / Pip
1.0 Lot: $8.68 / Pip
0.77 Lot: $6.67 / Pip
0.67 Lot: $5.82 / Pip
If an indi like this doesnt already exist, I figure it could be relatively simple compared to some position size calculators out there, and might not take too long to code. Thanks for any replies.