How can I generate/calculate Lot size required to earn a certain amount in USD (my account’s base currency) from a 10 pip change in price of a specific pair?
I know I can do it using calculators available online. But doing it that way and manually entering the value in every cell in those columns in Google sheets is time consuming.
Is there a way I can use some formulas available in Google sheets, fetch exchange rates from the internet into the sheet and let it generate all that for you?
For example here are some columns in my sheet…
Daily Profit target, Pip Target, Lot Size (EUR/USD), Lot Size(EUR/JPY), Lot Size(EUR/USD)
My Pip target is fixed at around 10 pips daily.
I want to generate lot size(which would depend on my daily profit target) for different pairs. Considering that each pair generates 100% of my daily profit target.
Then I would select the pair to trade that day depending on the market conditions.
P.S. - Obviously, I won’t be selecting only a single pair to trade a particular day. If there are many opportunities or if the market is slow I might trade in multiple pairs splitting my daily profit target accordingly.