How to Measure the Number of Pips of a Price Move on MT4
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Unlike most trading platforms, it is very easy to measure the number of pips between two points of the price chart on MT4. It is very important to do that when you want to set the stop loss and target orders. For example, you want to know how many pips is from your entry level to the level you want to set the stop loss.
You can place a horizontal line at the first and another one at the second level and calculate the distance of these two lines by deducting the lower line value from the higher one. For example, the distance of 1.25661 and 1.10896 levels on EUR/USD chart is 1476.5 pips:
1.25661 – 1.10896 = 0.14765
You have to multiply 0.14765 by 10000 when the currency pair price has 5 decimals on your platform (e.g. 1.25661):
0.14765 x 10000 = 1476.5 pips
If the price has 4 decimals, then you have to multiply the deduction result by 10000.
Please scroll down to watch the video.
The first method which is a little harder and time consuming can be used both on MT4 and also platforms that don’t have any pip measurement tools. However, MT4 supports a tool which is very easy to use and fast.
To use this tool, you have to press the mouse wheel to turn on the crosshair cursor. Maybe you have never done that before. We are used to use the mouse wheel to scroll up and down the web pages. When we scroll the mouse wheel forth, the page scrolls up, and when we scroll the mouse wheel back, the page scrolls down. But mouse wheel has another function too.
Don’t worry if your mouse doesn’t support this feature. There is still another way to have the mouse crosshair cursor toggled on the price chart. There is a “Crosshair” tool on the Line Studies toolbar at the top. Just click on it and the mouse crosshair cursor will appear:
Now that the crosshair is on, move the crosshair cursor to one of the points on the price chart, press and hold the mouse left button, and drag the cursor to the other point while you are still holding the mouse left button when the cursor reaches the other button.
You will see three numbers at the right side of the cursor. The first number is the number of candlesticks or bars. The second number is the distance of two price levels in points (you have to divide it by 10 to have it in pips if currency pairs prices have 5 decimals on your platform). The third number shows the price of the level the cursor is.
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Good luck 🙂