Hi, i´m using MetaTrader 5 (and Admiral as my broker) and i´ve noticed that pip size is not the same for every currency pair. I took a ruler and measured 5 cm vertically on EUR/USD on the 20 min chart without zooming in, and got 980 pips. But when i did the same on GBP/USD, (with the exact same conditions applied) i got 1150 pips. Then i repeated this test with the rest of the pairs, and got different results in each measurement. Do you guys know the reason for this, and if there is any way to correct it?
I can’t say for sure but I think it has something to do with the currency’s movement. If a pair is volatile and it moves a lot then the prices on the right will be different than a less volatile pair in order to keep the candles/bars visible. Otherwise you would constantly have to zoom out to see everything.
Measuring the distance with a ruler has nothing to do with it.
I hope it´s just that. I´m gonna look for a way to change those settings. Thanks man!
What i did with the ruler was just a way to make sure i was measuring the same distance every time so i could compare it correctly.
You’re welcome. And I understand about the ruler.
I don’t think you can change the settings, though. It’s set by MT4.
I also noticed that the time frame makes a difference.
For example, EUR/USD on H1 shows each price as 2 pips. But on M15 it shows as 6.5 pips.
With GBP/USD on H1 it’s 13.5 pips. But on M15 each price is 11 pips.
Again, probably related to volatility and/or average range price moves for that currency pair.
From what I know the settings can’t be changed. I have been using MT5 on Fxview and Oanda and this is what has been my observation:
For pairs based on USD, the size is fixed at $10 for a standard lot. For non dollar pairs, you’ll have to calculate the pip size. Now suppose you have an EUR account like me, and you are trading EUR/USD on a standard lot, then you will have to multiply 100,000 by 0.0001, and then divide the resulting value by the ask rate.
To make it simpler, use the pip calculator that I think all brokers provide on their site. Since I’m using the pip calculator :: FXVIEW :: for reference