Point value in MT4

Can someone explain what Point means in MT4/MQL?

For example - in FX what would be the point value for EUR/USD? What about USD/JPY? Would it be .0001 for EUR and .01 for JPY?

How about index futures? What would be a point for ES, ER2, YM? .25, .10, 1?

Sorry I am trying to figure out exactly what it means by point because it seems more like it really means pip for FX or tick for futures. There is a big difference between point and tick though.

Thanks.

Yep, that's right.

Hmmm..... wonder about index futures such as ER2 where a point is 1 but is made out of 10 ticks (moves in .10 increments). I guess the "point" value for MT purposes would be .10.

Just try this:

Comment(Point);

That will tell you the point value for whatever chart you have it on.

Point or Pip is a minimal denomination of a particular currency. For example for EURUSD it's 0.0001, for USDJPY it's 0.01.

Point value tick value on the other hand is value of that point in base currency such as dollars. For example for standard lot 100,000 point value for EURUSD is $10. for USDJPY it's $8.40. That's because USDJPY lot is valued in Yen rather USD, so after conversion value is less in USD.

But there is no need to break your head over it.

Just install this script into experts/scripts folder of your metatrader and drop it on any chart to see that currency stats in a flash.

Thanks for the help guys.

I was asking because I have an MT4 indicator I am converting to eSignal and eSignal has no "point" in it so I have to manually plug the info in.

Point and PIP are not interchangeable, they represent different values...

A "Point" is 1/10th of a PIP...

10 Points = 1 PIP
1 PIP = 10 Points

A Point...

- Fractional PIP
- Pippette

Yen pairs...

0.123

The 3rd position is the Fractional PIP/Pippette or 1/10th of a PIP

Other pairs...

0.12345

The 5th position is the Fractional PIP/Pippette or 1/10th of a PIP

200 points = 20.0 PIPs
25 points = 2.5 PIPs

See picture...