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Query about "Gap of pips from market price for ny modification on open orders"

saurabhsuman003 (saurabhsuman003)
Jul 24 2020 at 05:29
posts 35
There is a minimum gap in pips that must be maintained from market price for setting SL or TP. The same gap is minimum difference from market price for setting trailing stops and pending orders.

Firstly what is that gap called ???

Secondly how is it calculated or set by brokers ? does it vary from broker to broker like spreads.?? Is it calculated with ATR or something ??? and does it change with changes in market volatility? and any more facts about this gap.?

I haven't been able to google anything related as i dont know what to call that gap.

Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
kennyhubbard (compuforexpamm)
Jul 24 2020 at 06:08
posts 266
Hi,

It's called stop level and it differs from broker to broker as well as from instrument to instrument.

You can find the exact specification in MT4 by right-clicking on the instrument in the market watch window. See attached screenshot.





Select 'Specification' from the context menu that appears and a box will appear showing all the contract specifications, including the stop level. See second screenshot.




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kennyhubbard (compuforexpamm)
Jul 24 2020 at 06:14
posts 266
I don't know where brokers get it from, but I am not aware that it changes but I suppose it is possible. It is presumably a function of the volatility of the instrument involved. I'm sure if you just browse your brokers, you will find any TRY pair would have a relatively large stop level.

I generally avoid brokers that have stop levels greater than zero on something like EURUSD because to my mind it says that they have issues executing you trades. But I would be more understanding if they have a stop level on the EURTRY, for example. This is anecdotal evidence however.....I can't point you in the direction of anything useful in this regard.....just experience.
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saurabhsuman003 (saurabhsuman003)
Jul 24 2020 at 16:58
posts 35
@compuforexpamm Wow...that was so informative. TYSM.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
saurabhsuman003 (saurabhsuman003)
Jul 24 2020 at 17:00
posts 35
@compuforexpamm btw, which broker do u prefer...?? since u said u'll avoid those having 'stops level' more than '0' on high volatility pairs. Just asking.
Indicators are so deceiving, always lagging. Trend lines & Calendars are the best.
kennyhubbard (compuforexpamm)
Jul 24 2020 at 17:19
posts 266
@saurabh_suman, just to be clear, I said that I will be more understanding if the is a stop level on a high volatility pair, but I don't like to see it on majors like EURUSD.

I have several brokers that I use that I am happy with. Here is the list in no particular order :-

Tickmill UK, Think Markets, IC Markets, Pepperstone, Activtrades, Exness, FP Markets, FBS, Orbex, FXPrimus, FxPro, Axitrader, FXTM, Alpari and Hotforex, Roboforex. FXTM & Alpari appear to be the same company.

IC Markets in conjunction with FXPayback is great because it brings the commission down. Alternatively the VIP account at Tickmill only charges $2 commission which is awesome. These are brokers that I have experience with and happily use on an ongoing basis.

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kennyhubbard (compuforexpamm)
Jul 25 2020 at 14:20
posts 266
Actually, I see Exness has stop levels on EURUSD. I think they are a great broker but I would not use them for scalping for example.
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