Hi everyone, this is my first forum post, and it’s just an idea to make the pip value calculator more user friendly.
I noticed with the online pip value calculator that the pip value only depends on the Account Currency and the Counter Currency. So for example, if the Account Currency is in USD, then all CAD Counter Currency pairs (AUDCAD, EURCAD, GBPCAD, NZDCAD etc) will have the same pip value. I compiled this table below for some currencies.
Instead of having a Pip Value Calculator where a user has to input each currency, it would be easier to just have one where they put the Account Currency and get the values of all currency pairs like this (image):
The final pip value needs to be modified by a factor of 10 (0.01, 0.1, 1, 10, 100 etc.) depending on the lot size. As a newbie, I would find this a lot easier than going to each individual pair.
i’ll write up the calculation method in a follow up post if anyone’s interested. I have an indicator on mt5 using this method. It works for all currencies except CADCHF. My account currency is ZAR.