Detecting brokers who deal in 1/10ths of a pip. | Forex Factory

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Detecting brokers who deal in 1/10ths of a pip.

  • #1
  • First Post: Sep 11, 2008 12:44pm Sep 11, 2008 12:44pm
This is a block of code that I have which supposedly detects and accounts for brokers which use 5 digit prices.

Inserted Code
//*************************************************************
//+----------------------------------------------------------------------------------+
//|  SetPoint  Function                                                                              |
//|                                                                                                        |
//| Get the correct point setting to correct problem from Velocity &  others  |
//| using 5 place decimals instead of  4                                                      |
//| Will correct for 2 and 4 places to be used when  calculating                    |
//| StopLoss, TakeProfit,  etc                                                                    |
//|                                                                                                           |
//+-----------------------------------------------------------------------------------+

double  SetPoint(string mySymbol)
{
   double mPoint,  myDigits;
  
   myDigits = MarketInfo (mySymbol,  MODE_DIGITS) ;
   if (myDigits <  4)
      mPoint = 0.01;
    else
      mPoint = 0.0001;
   
   return(mPoint) ;
}
 
//Add the following call in  the init function.

//myPoint = SetPoint(Symbol( ));

//change all  Points to myPoint in your code


What I don't understand is how it can detect any of the JPY pairs.
  • #2
  • Sep 13, 2008 3:26am Sep 13, 2008 3:26am
Quoting Ronald Raygun
This is a block of code that I have which supposedly detects and accounts for brokers which use 5 digit prices.

What I don't understand is how it can detect any of the JPY pairs.
RR, if I understand correctly:
-- the JPY pairs will use 2dp with a "normal" broker; and 3dp with a broker that uses an extra dp;
-- the other pairs will use 4dp with a "normal" broker; and 5dp with a broker that uses an extra dp.

So JPY pairs will always have < 4dp; other pairs >= 4dp.
Hence the SetPoint() function is returning 0.01 for any JPY pair and 0.0001 for any non-JPY pair.

In other words, it's standardizing mPoint to 0.01 or 0.0001, regardless of whether the broker uses an extra dp or not. How useful that is depends on exactly where/how the function is being used, but that's what it's doing.

David
  • #3
  • Sep 13, 2008 3:52am Sep 13, 2008 3:52am
Thanks David,

I guess that means it's ignoring the last digit then?
  • #4
  • Last Post: Sep 13, 2008 3:54pm Sep 13, 2008 3:54pm
As far as I can understand, this code has nothing to do with 1/10th of a pip at all. Most likely this piece of code comes from MT3. In MT4, one can get the Digits and Point directly without any need for this code. Among the most common pairs, only JPY pairs have Digits=2 and others have 4. But if the broker is really offering 1/10th of a pip in MT4, the values should be 3 and 5. So, if the Digits comes out as 3 or 5, the broker must be offering 1/10th of a pip. I am just guessing because I have not seen any MT4 broker data with decimal pips. You can check it out (I know you are a good programmer!).

If you want to find JPY pairs, you can also use StringFind(Symbol(),"JPY",0) which should return value above -1. But when we already know the Digits, it is generally not necessary (but useful for checking news related to particular currency).

Hope this helps.
chandra
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