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how to read 5 decimal place currency quotes

  • #1
  • First Post: Jul 7, 2009 7:39pm Jul 7, 2009 7:39pm
Hi guys,

I am using FXCM MT4 platform and have opened a live account with $1000.....

What is doing my head in is they use 5decimal places in there prices E.g: AUD/USD 0.78653

Question is how do I read it! is it fractional pips the ie the last digit '3' ?????

and is there a way to recalculate this via a mq4 file??

Thanks!
  • #2
  • Jul 7, 2009 10:30pm Jul 7, 2009 10:30pm
Quoting barbs666
Hi guys,

I am using FXCM MT4 platform and have opened a live account with $1000.....

What is doing my head in is they use 5decimal places in there prices E.g: AUD/USD 0.78653

Question is how do I read it! is it fractional pips the ie the last digit '3' ?????

and is there a way to recalculate this via a mq4 file??

Thanks!
Yes. Last digit is the fractional pip, so if for example AUD/USD goes from 0.78653 to 0.78685 it has risen 3.2 pips. Don't worry. After a while, your brain automatically will adjust and do the correct calculations.

I don't know on FXCM, but on FxPro's MT4 the fractional pip is shown at a smaller size on the quotes shown in the Order Window.
  • #3
  • Jul 7, 2009 10:43pm Jul 7, 2009 10:43pm
Thanks mate,

thought as much but it just looked weird....... Would be nice if it was smaller like fxpro's!
  • #4
  • Jul 8, 2009 6:53pm Jul 8, 2009 6:53pm
The definition of a pip is the smallest tradable increment. If the increment is now 0.00001 then isn't that the new definiton of a pip? Technically, there is no such thing as a fraction of a pip.
  • #5
  • Last Post: Jul 8, 2009 8:43pm Jul 8, 2009 8:43pm
Quoting philmcgrew
The definition of a pip is the smallest tradable increment. If the increment is now 0.00001 then isn't that the new definiton of a pip? Technically, there is no such thing as a fraction of a pip.
That's true, a pip is the smallest tradable increment
The only difference on 4 and 5 digits is their value
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