MarketInfo()

Anyone got a link that has more information on the various constraints that this function returns and what they actually mean?

Example: MODE_STOPLEVEL. stoplevel for what? I thought that it was for a position.

I got this link: http://docs.mql4.com/constants/marketinfo but it's not all that useful. It tells me what each option is but not what it really means.

Thanks in advance!

Hi nondisclosure00,

Create an 'Custom Indicatror' with the following code:

#property indicator_chart_window

int start()
{
Print(MarketInfo(Symbol(),MODE_STOP LEVEL));
}

Place the indicator on a chart and look at the 'Experts' tab in the 'Terminal' window. The number being printed to the 'Experts' window in the 'Terminal' window, by the indicator, corresponds to the number of pips a pending order can be placed from the present price. This can be verified by pressing 'F9' and choosing 'Pending Order' as you order type. Looking towards the bottom of the 'Order' window will display the value of MODE_STOPLEVEL. You should also change the symbol on the chart and test it out with a few different symbols, comparing the numer printed int the 'Experts' window with the number in the 'Order' window. This feature is set by the broker. Some brokers use this feature, some do not. The brokers that uses this feature will have tighter spreads than brokers that do not use this feature. Seems as though the common MODE_STOPLEVEL set by brokers (if the brokers uses MODE_STOPLEVEL) is MODE_SPREAD plus 1 pip, although this is just my observation.

For example EURUSD is 1.5000/1.5002 and MODE_STOPLEVEL is 3. A OP_BUYSTOP has to be set at least to 1.5005 (1.5002 plus 3 pips or ASK plus 3 pips). Or viceversa a OP_SELLSTOP has to be set at most to 1.4997 (1.5000 minus 3 or BID minus 3 pips).

Regards,
lucidlamp

ps: You should do you own testing to verify this though.

Thanks. will verify, but it makes sense.