I was looking for a PIP & margin calculator that could be adjusted to the currency you are using and leverage at the time. If you know of one that would work on the MT5 or MT4 platform or by itself please let me know… Thank you
Margin = Bet size(Bet per pip) x Pip number of the specific instrument / Leverage
For example, if we bet 0.0001 Bitcoin per pip on EUR/USD and the price of EUR/USD is 1.13005, then in case of 100 leverage, we need a margin = 0.0001 x 113005 / 100 = 0.113005 BTC
Profit or Loss
PL = Bet size(Bet per pip) x Pip number of the difference between the Close Price and the Open Price
PL = Bet size(Bet per pip) x Pip number of the difference between the Open Price and the Close Price
For example, if we go long and bet 0.0001 Bitcoin per pip on EUR/USD, then in case of the market movement from 1.13005 to 1.13015, we get a profit = 0.0001 x (113015 - 113005) = 0.001 BTC
There are many brokers who offer customized margin and pip calculators. Just visit their portals or even better, you own broker must be offering one. Consult the support team.
are these calculators really helpful? I mean just like @nondeposit mentioned, such formula can be used for the calculations isn’t it?
No doubt these calculations of formulas can be used but the point is why you would want to waste your time calculating, unless you’re passionate about numbers which I definitely am not. You anyways have to trade with a broker, so if he’s offering you with a tool, what’s the harm in using it?
Can you suggest a good and reliable UK broker’s name whose calculators are actually good?
The list’s endless. I personally have been trading with axitrader, fxcm and ■■■■■■. Their online calculators make the trade monitoring process quite easy. I’ve been able to calculate the values based on the market conditions, something I hardly think would have been my cup of tea.
Check this out with your broker mate. Every single broker has an automated pip and margin calculator inbuilt on their portal for assisting their clients. All of mine does.