Does anyone have or know where a chart with the conversion of the mt4 fifth decimal pippet to normal fouth decimal pips can be found?
I have seen that they exist, however can not seem to locate one when needed!
I just started with a dealer that has mt4 and until I get used to this I need a guide
Thanks.
The 5th is a fractional pip. Thus, 0.00005 (assuming non-JPY pair) is 0.5 pip.
So it follows that 0.00015 (assuming non-JPY pair) is 1.5 pips. So on and so forth.
Thanks this_barb.
Say I wanted to set a 100 pip sl or tp, it would actually be 1000?
Yes, it’s a little weird at first with MT4 and 5 digit accounts. Over time you get used to it, but the stop losses would have an extra digit.
15 sl on a 4 digit is 150 on 5 digit, 150 sl is 1500 on 5 digit.
Still confused 
What are you confused about? I’d be glad to help 
If you want to get a better handle of it, download a MT4 demo with a 4 digit broker and then one with a 5 digit broker and play around with it.
1 = 10
10 = 100
100 = 1000
20 = 200
35 = 350
?
Alright well let me see if I can explain it to you this way. There are some brokers who deal in 4 digits (ie the price of eur/usd is 1.4522) and there are brokers who deal in 5 digits (ala eur/usd 1.45229)
The reason for this extra digit is to give brokers more competitive spreads, say 4 digit broker offers you 2 pip spread on EUR/USD (2 pips at $.10 a pip will cost you $.20 to get in the trade) and the 5 digit broker says the spread is 1.2 pips (1.2 pips will cost you $.12 to get in the trade if the lot is $.10 a pip)
Now MetaTrader 4 was developed for 4 digit brokers but a few 5 digit brokers use it as well feeding an extra digit (the pipette) to MT4. FXCM is one of these brokers if I recall correctly.
Now if you have a 4 digit broker and you want to make a long trade for EUR/USD you would enter at the price 1.4420, set a SL at 1.4395 and a TP at 1.4525 and if you wanted a TS of 15 pips you would select 15 from the TS dropdown menu on MT4
If you have a 5 digit broker and you want to make a long trade for EUR/USD you would enter at the price 1.44203, set a SL at 1.43952 and a TP at 1.45257 and if you wanted a TS of 15 pips you would select 150 from the TS dropdown menu on MT4. If you hit 15 on a 5 digit broker then that means the TS is set for 1.5 pips.
You have to add an extra digit to your TS because it’s a 5 digit broker.
I hope this clears it up for you
Thanks for you reply, you are very kind to word this another way for me.
So basically it really only matters when implementing a TS and not as important with the others?
No problem, I’m glad I could help.
Really when I was playing around with the 5 digit demos the only problem it did give me was during TS because I was so used to not having an extra digit. Over time though you get used to it.
If you wanted to you could enter SL and TP the 5th digit because it’s there but you can also just go to the 4th digit. It’s more a matter of preference and getting more competitive spreads out there because prices fluctuate up and down pipettes all the time.