SL/TP Limits

Broker Discussion Forex Brokers
1

All,

I’m with IG who fix a minimum SL/TP of 60 points (GBP/USD)… Having no experience of other brokers, is this reasonable? It kinda makes SL/TP limit’s difficult to use.

Edit: Maybe I should mention that I’m using MT4 to trade with them.

Thanks

2

I think you’re confusing pips with pipettes (1/10th of a pip)

3

I appreciate you replying so quickly. Here’s the MT4 order mod dialog which is where I got my info from…

IG_Points.jpg700×347 38.2 KB

Edit: I can edit the ‘Level’ to choose a lesser point gap, but it will not allow me to modify the order if it’s less than 60 points.

4

60 points is 6 pips

5

Thanks eddieb…

Apologies, yes. 60 points isn’t actually 60 points. It’s 6 pips/points and zero pipettes. My bad.

So, IG’s SL/TP are 6 pips either side. Also, their spread is 2.4 - Based on GBPUSD.

I’m trying to figure out if this is reasonable, or if there are other brokers that can be recommended (UK based).

Many thanks,
Paul

6

double minstoplevel=MarketInfo(Symbol(),MODE_STOPLEVEL);

Hi. It is called the stop level. If you code then it can easily be added to an indicator or ea.

I always get confused by pips, pipettes and points.

My indicator currently says for gbpusd: spread 22, stop level 10, pip 10, point 1… on fxpro demo.

I only play demos so I cannot comment on brokers as regards what they are like live.

Suggest you try a few more demos.

cheers n gl

ps i ended up having to write scripts to place orders in order to factor stuff like this in and to avoid annoying fails with the interface when trying to place orders with sl/tp.

7

Thanks pabloroacho.

Unfortunately, I’m no coder (well, I’ve done some vbs/powershell, but not much). However, would code within an EA be able to overcome the limits imposed by IG ?

Maybe that’s what I need, an EA that can intelligently close orders at stops/tp.

Thanks

8

np yw

good point, yes, i’m pretty sure there will be an ea that you can use to set ‘hidden’ tp/sl, trailing stop, whatever you want, at a value below the set stop limit. a little vbs is not a bad start for coding and you can start with mql by just using, looking at, and modifying code that has already been written by someone else.

there is a small point about using an ea though… it will only work while the ea is running on your computer client, unlike a proper tp/sl set on the server which would trigger even when your computer is off. i think for regular trailing stops set on the mt4 platform to trail the price, the client pc also still has to be running the client platform for it to move the stops, but the stops placed are held on the server so the last stop value placed before the client was closed would be held (if any).

i found trying to place sl/tp too much trouble without code, the spread would change mid way through inputting the order, making setting the values very difficult or impossible.

if your strategy is technical then i would definately be looking to code it if i was you, so i could test it in strategy tester, make and test modifications, apply the strategy in a consistant way, and place orders taking the spread and stop levels into account. if your sl/tp is gonna be below the stop level then you will need to put in the code for that also.

9

Great. Thank you pabloroacho! :slight_smile:

11

I think the official name of pipettes are named fractional pips or points.
Eddie, I suggest to type in google: compare brokers spreads :smiley: that will suffice to find your answer

12

If you’re a UK-based trader spread-betting, pips have no meaning in SB, using them in comparison with other pairs or traders will only cause confusion.