Pips to Points Conversion Factor
Info
The Pips to Points Conversion Factor is a Library for MetaTrader 4 that this function converts pips to points for 5-digit brokers. For example, if you want to set a stop loss of 50 pips, you can use this function to convert it to 500 points, which is machine-readable.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Library works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Libraries folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Pips to Points Conversion Factor
1. Storage: Place library files in the MQL/Libraries directory to ensure they are accessible to your projects.
2. Implementation: Include the library in your code using the #import directive, ensuring you match the exact function names and parameters.
3. Compilation: Ensure the library is present in the directory before you compile your main EA or script, as the compiler links them during this phase.
4. Management: Keep libraries organized in sub-folders if you manage many custom functions to maintain a clean project structure.
Frequently Asked Questions
Q: What is a library file used for? A: Libraries store reusable code modules, allowing you to centralize common logic used by multiple EAs or indicators.
Q: Is a library executable? A: No, libraries are non-executable files containing functions; they must be imported into an EA, indicator, or script to function.
Q: Can I update a library while the platform is running? A: You should compile your EA or script after updating a library to ensure the latest code changes are integrated.
What this tool does
This function converts pips to points for 5-digit brokers.
Typical Use Case
This Library excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Library works on MetaTrader 4. Place the file in the MQL4/Libraries folder and restart the terminal.
Description & Settings
Related: log4mql(mini) mt4 - another powerful library for MetaTrader 4 traders.
This function converts pips to points for 5-digit brokers.For example, if you want to set a stop loss of 50 pips, you can use this function to convert it to 500 points, which is machine-readable.
Also recommended: Keyboard Trading Utility for MT4/MT5 - similar library with strong performance on MetaTrader 4.
Formula:
stoploss * pipstopointfactor = 50 pips * 10 = 500 points
Source Code
#property library
#property strict
int pipstopointfactor()
{
int point;
if(digits==5 || digits==3) //check whether it's a 5 digit broker (3 digits for yen)
point=10; //1 pip to 10 point if 5 digit
else if(digits==4 || digits==2)
point=1; //1 pip to 1 point if 4 digit
return(point);.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.