Indicator to calculate PIP value fora given forexpair in USD  [SOLVED]

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KhaosTrader
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Indicator to calculate PIP value fora given forexpair in USD

Postby KhaosTrader » 07 Jun 2013

Hi,

I would like to figure out how I can make an indicator to calculate the pip value for the given forex pair in USD.

This then could be loaded on a scanner window to show the value for each pair listed, or it can be loaded on a chart, and it can show it for the given instrument on the chart.

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Henry MultiСharts
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Re: Indicator to calculate PIP value fora given forexpair in

Postby Henry MultiСharts » 10 Jun 2013

Hello KhaosTrader,

Everyone has his own understanding of a "pip".
Minimum price increment is calculated as "minmove/pricescale".

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Re: Indicator to calculate PIP value fora given forexpair in

Postby KhaosTrader » 10 Jun 2013

Henry...

Like this.. http://www.earnforex.com/pip-value-calculator

I want to dynamically calculate the usd value of a 1 pip move such that I can measure risk on a given trade real time.

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Re: Indicator to calculate PIP value fora given forexpair in

Postby Henry MultiСharts » 10 Jun 2013

The only way to calculate it dynamically is to plot all currency pairs you need for conversion and pass the values using global variables between charts.
You can manually specify the big point value to convert the instrument price into the currency you need. For Forex pairs the price is shown in the secondary currency. For ex for GBPJPY the price is in Japanese Yen. You can express the values using the first currency from a currency pair (GBPJPY for ex.) by changing the big point value in the quote manager. For example the exchange rate for 1.0 JPY is 0.0065 GBP.
To express the values in GB Pounds you need to go to the Quote manager-> make a right click on the symbol-> Edit symbol->settings tab and set the big point value to 0.0065.
Since MultiCharts 8.7 beta 2 you can specify the big point value with 5 digits after the decimal.

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Re: Indicator to calculate PIP value fora given forexpair in

Postby KhaosTrader » 10 Jun 2013

The only feasible way of doing this (since I have a given chart that is linked to a market scanner that holds 29 pairs, would be to make a program that would once a day update a text list of each currency pair and pip value of each pair, and then have the easylanguage do a lookup on that list.. Is there a way for easylanguage to read or update a written list in xml or something?

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Henry MultiСharts
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Re: Indicator to calculate PIP value fora given forexpair in

Postby Henry MultiСharts » 10 Jun 2013

PowerLanguage can update a text file via FileAppend command. In order to read this file you will need to write a dll. I believe it is easier to use Global Variables functionality that is already available to achieve your goal.

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Re: Indicator to calculate PIP value fora given forexpair in

Postby KhaosTrader » 10 Jun 2013

alternatively, could I just use the .net version of multicharts and use the native capabilities of c# to do this?

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Re: Indicator to calculate PIP value fora given forexpair in  [SOLVED]

Postby Henry MultiСharts » 11 Jun 2013

KhaosTrader, yes, you can do that.


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