Introduction To The Simple Pip Value Calculator Indicator For MT4
We are sure that you would have heard the term Pip while trading the Forex market. But do you know what a pip value essentially means and how to calculate it? It is pretty simple. A pip is nothing but the change in value between two currencies in a Forex pair. It is typically the fourth decimal point in a currency pair. For instance, if the USD/CAD moves from 1.3191 to 1.3192, that can be considered as one pip movement. It is crucial for the traders to know the pip value of all the currency pairs they trade. Because, without knowing the value of one pip, they won’t know how much profit they are going to make or how much loss they are going to incur in their trades.
From beginner to professional Forex traders, many of them do not know the exact pip value of the currency pairs they trade. Some find it really difficult to calculate the pip value. Do you know there is an indicator that solves this problem? Yes, Simple Pip Value Calculator Indicator For MT4 will provide you with the pip value of the Forex pair you are trading right on the price action chart. In this article, let’s discuss the working of this indicator. As the name suggests, this indicator is straightforward, easy to plot, and read. There are very few pip value calculators available on the internet. Some are very time consuming, and some are not accurate.
Simple Pip Value Calculator Indicator For MT4 is specially built for MetaTrader users. The purpose of this indicator is to save the trader’s time by calculating the pip value in the back end and displaying it on the charts in fraction of a second. The value of the Pip differs from one currency to another. If your trading account’s base currency is USD, the GBPUSD single lot pip value is 10 dollars. But if your account’s base currency is Euro, it will be different. The Simple Pip Value Calculator Indicator For MT4 automatically converts the pip value into your account’s base currency.
The only parameter that is required for the Simple Pip Value Calculator Indicator For MT4 is the ‘lot size’ that you plan to trade.
Once the indicator is applied to the MT4 terminal, Click on ‘charts’ > ‘indicator list.’
Click on ‘edit’ and use the input box to change the lot size of your trade.
The Working Of A Simple Pip Value Calculator Indicator For MT4
To find out the real value of a pip of any currency pair, all you need to do is to change the lot size.
First of all, choose the currency pair to trade. As soon as the indicator is applied, on the left side, you should be able to see the pip value of a single lot. If you plan to trade multiple lots, open the inputs of the indicator, and then change the lot size. As you can see in the below image, we have changed the lot size to 10. Simply just add the number of lots you want to trade.
In the below image, you can see the highlighted box, which shows the pip value of the EURAUD currency pair for a single lot. The pip value is 6.67 USD. Below that, the pip value of the number of lots you want to trade is given, which is 66.79 USD. In this simple way, you can easily find out the pip value of your desired lot size in every forex pair using this Simple Pip Value Calculator Indicator For MT4.
We hope you find this indicator useful. Happy Trading!