Broker 4 digit numbers
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Shell auto trading robot code - bare bones. That's exactly the problem. FSB uses points everywhere. They were called pips since point was equal to pip in the far when I published FSB. Long I refused to change the program because I wanted to keep the theory: Pip is the smallest that can be changed and 1 Lot is the smallest that can be traded. But the world has changed.
FSB has to be change too unfortunately. Renaming Pips to Points seems to be the next one. Yep, they do like to try and keep us confused. You can be sure that once we use a work-around that counts the digits from right to left, they'll introduce a 6th digit to break our systems again.
They can tack on as many extra digits as they like, and it won't break anything. I don't think renaming Pips to Points is the way to go, though Better to have a clear numerical definition for each, and a simple conversion method. What about the third case? I think you should change pips to points everywhere and modify all calculations that give an answer in pips. If a trader can't work out how many points is equal to one pip he should be trading. Not only answers, but as well as the input parameters.
Spread, slippage and commission also has to be in pips. Everything works fine at the moment, just change any reference of pips to points to avoid the confusion. I already started this change. If we name the params properly to Points, everything will be correct. The other option is to change the meaning of Pip as I posted 3 posts above.
But I'm afraid that will be a big mess with indicators and strategies. The more I think about it, the more I tend to leave all params and results in Points. Pips is really a forex only term. I think that with many other contracts like metals and stock indices available to trade on the MT4 platform now the need for a simple system that can be used across all of these is required.
I can't see Gold traders using the term pips. And there's where we get back to ambiguity. Unless the user can input exactly what their broker calls a Pip, and what they call a Point, we'll always have some users that get spurious results when generating strategies. I'll rename "Pips" texts to "Points" for now. Point is always the smallest change or last digit. I changed Pips to Points. It's mostly a cosmetic change.
All settings, indicators and strategies are compatible. When there were no 5 digits quotations, the saying was, "A Pip is the smallest value that can be changed", the we got the smart-guy broker who decided to start quoting 5 digits, just to confuse people, which worked quite well , so people started calling the 5th digit a Point, saying "A Point is the smallest value that can be changed".
And so the confusion continues Would ignoring the 5th digit 3rd digit on JPY pairs break the system and indicators? Can we do all our calculations to the 4th decimal place without skewing the results too much? Pipettes is a BabyPips term. I know I"m the new kid on the block here, and am being a bit pushy, but to me, the terms "Last digit" and "Smallest value that can be changed" are about as mathematically precise as "A bunch", and it's hard to do a bunch of calculations when the value of the terms vary.
I use a 5 digit broker, I tend to see 1 Pip as 10 Points, as that's what I've "grown up" with in forex, but it's hard to know what's what when Pips and Points are used interchangeably. No matter than the data are with 5 digits. FSB will work correctly. What you do when using MT experts. You set everything in points. Ahhh, just what I needed, thank you. I'm going to have fun with this baby now. The easy way to check your settings is to use FST. Connect to your chart and press "Market Info".
Actually, I have used very few experts where I had to enter 50 to get 0. I guess I've been spoiled, as I mostly use experts written by Steve Hopwood, and he adamantly refuses to accept the 5th digit in any input for them Every external input is converted to the 4th digit and up. He's gone as far as setting the inputs as integers, so that we can't enter 2. I just wrote a short tutorial about that and was going to link it in the Doug's topic. You are not logged in. Please login or register.