Take Profit in Pips/Dollars issue | Forex Factory

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Take Profit in Pips/Dollars issue

  • #1
  • First Post: Feb 23, 2010 9:32am Feb 23, 2010 9:32am
Hey all,
Wondering how to change a take profit from pips to dollars in an EA I found online. Any easy way to do this in MQL?

Thanks,
Matt
  • #2
  • Feb 23, 2010 12:51pm Feb 23, 2010 12:51pm
use MarketInfo(Symbol(),MODE_TICKVALUE).
double tickValue = MarketInfo(Symbol(),MODE_TICKVALUE);
to get equivalent price, use:
double price = tickValue*lotSize*SL;
SL is the difference between open price and stop loss price, in pips
  • #3
  • Feb 23, 2010 5:16pm Feb 23, 2010 5:16pm
Hmmm, that didn't quite seem to do it
  • #4
  • Edited Feb 24, 2010 4:51am Feb 23, 2010 7:02pm | Edited Feb 24, 2010 4:51am
hey matt.... there are several ways to achieve your goal.... sangmane's suggestion is one method.....

you might also be able to use accountprofit().....

or better still write a function that monitors the profit of your ea.... once your dollar target is hit, the trades could be closed...... this alleviates the potiential 130 error codes if the values are not acceptable size....

i changed sangmane's math a little bit..... example below..... he's pretty good by the way.......h

Inserted Code
 
//+------------------------------------------------------------------+
//|                                                         matt.mq4 |
//|                                                           .....h |
//|                                                 hayseedville.com |
//+------------------------------------------------------------------+
#property copyright ".....h"
#property link      "hayseedville.com"
 
 
   extern double ProfitTarget = 100.0;    // 100 Dollars
   extern double Stoploss     = 100.0;    // 100 Dollars
   extern double Lots         =     1;
 
//+------------------------------------------------------------------+
int start()
  {
//----
 
   double profitarget = ProfitTarget/(MarketInfo(Symbol(),MODE_TICKVALUE)*Lots);      //  edited
   double stoploss    = Stoploss/(MarketInfo(Symbol(),MODE_TICKVALUE)*Lots);           // edited
 
//----
   if(OrdersTotal() == 0)
   {
   OrderSend(Symbol(),OP_BUY,Lots,Ask,3,Ask-stoploss*Point,Ask+profitarget*Point,0,0,0,CLR_NONE);
   }
 
 
 
   return(0);
  }
//+-----------------------------------------------------------------
to trade and code, keep both simple... no call to impress....h
  • #5
  • Feb 24, 2010 3:00am Feb 24, 2010 3:00am
hi hayseed,

this line:
PHP Code
double profitarget = (MarketInfo(Symbol(),MODE_TICKVALUE)/Lots)*ProfitTarget;
should be
PHP Code
double profitarget = ProfitTarget/(MarketInfo(Symbol(),MODE_TICKVALUE)*Lots);
for pairs that has tickvalue bigger/less than 1 (for ex. AUDJPY) it will give a bit different result.

regards,

s
  • #6
  • Feb 24, 2010 4:56am Feb 24, 2010 4:56am
hey sangmane..... thanks for the correction..... i edited the code above to reflect your thoughts...... as you mentioned , it accounts for tickvalues above or below 1....... thanks again.......h
to trade and code, keep both simple... no call to impress....h
  • #7
  • Feb 24, 2010 5:17am Feb 24, 2010 5:17am
great
  • #8
  • Last Post: Feb 24, 2010 6:14am Feb 24, 2010 6:14am
Awesome - Thanks Hayseed and Sangmane - I got it working now with your suggestions
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