Can someone who is an EL expert explain this code to me?
vars: Pips(MinMove/PriceScale *10);
setstopcontract;
if c[0] < l[2] then
Sell Short this Bar at close;
setstoploss (Pips*20);
setprofittarget (Pips*10);
Specifically, I do not understand this part: Pips(MinMove/PriceScale *10)
why is PriceScale multiplied by 10?
Thanks
EL question
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Andrew MultiCharts
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Re: EL question
Hello Joe1001,
It seems to me that this script is for trading on FOREX. The thing is that in MC currently pip = the minimum price increment, so for instance on EUR/USD "classical" pip = X.XXXX, where is in MC by default it is X.XXXXX. Some of our FOREX trading customers want MC to display price as X.XXXXX, but the pip value to be based on X.XXXX. This script should be helpful in this case.
It seems to me that this script is for trading on FOREX. The thing is that in MC currently pip = the minimum price increment, so for instance on EUR/USD "classical" pip = X.XXXX, where is in MC by default it is X.XXXXX. Some of our FOREX trading customers want MC to display price as X.XXXXX, but the pip value to be based on X.XXXX. This script should be helpful in this case.