ExecuteMarketOrder on a GBP per point
ExecuteMarketOrder on a GBP per point
11 Mar 2022, 16:38
Hi. I am new to cTrader API and Automate, but working with a trader to build a bot in cTrader and he has asked that when i have met my conditions to make a trade, he wants to execute the market order and buy £10 per point, as opposed to lot size. Also, he wants to close the trade if it hist £50 loss. I have been looking everywhere, and maybe i have not understood, but i can't see how to do this.
Replies
neilbarrett10
16 Mar 2022, 10:03
RE:
amusleh said:
Hi,
What do you mean by executing market order and buy £10 per point?
For profit/loss calculation you can use symbol Pip/Tick value.
A symbol tick/Pip value gives you one tick/Pip of symbol monetary value in account currency.
If you want to set a £50 stop loss and your account currency is GBP then you can divide 50 to symbol pip value and use the result as stop loss in Pips.
So what he actually wants is to do spread betting, which he currently does in interactive brokers and when he makes a trade he purchases £10 per point, and the interactive broker software allows him to do this.
@neilbarrett10
neilbarrett10
16 Mar 2022, 10:27
RE: RE:
neilbarrett10 said:
amusleh said:
Hi,
What do you mean by executing market order and buy £10 per point?
For profit/loss calculation you can use symbol Pip/Tick value.
A symbol tick/Pip value gives you one tick/Pip of symbol monetary value in account currency.
If you want to set a £50 stop loss and your account currency is GBP then you can divide 50 to symbol pip value and use the result as stop loss in Pips.
So what he actually wants is to do spread betting, which he currently does in interactive brokers and when he makes a trade he purchases £10 per point, and the interactive broker software allows him to do this.
So it looks like spread betting is a type of account:- Hedged, Netted or spread_betting. So i believe i can open a spread_betting type of account, using the appropriate broker, but i am still not sure how to place a bet via cTrader Automate, which should be by specifying how much i would like to bet - £10 per point for example.
@neilbarrett10
amusleh
16 Mar 2022, 11:19
RE: RE: RE:
neilbarrett10 said:
neilbarrett10 said:
amusleh said:
Hi,
What do you mean by executing market order and buy £10 per point?
For profit/loss calculation you can use symbol Pip/Tick value.
A symbol tick/Pip value gives you one tick/Pip of symbol monetary value in account currency.
If you want to set a £50 stop loss and your account currency is GBP then you can divide 50 to symbol pip value and use the result as stop loss in Pips.
So what he actually wants is to do spread betting, which he currently does in interactive brokers and when he makes a trade he purchases £10 per point, and the interactive broker software allows him to do this.
So it looks like spread betting is a type of account:- Hedged, Netted or spread_betting. So i believe i can open a spread_betting type of account, using the appropriate broker, but i am still not sure how to place a bet via cTrader Automate, which should be by specifying how much i would like to bet - £10 per point for example.
Hi,
It doesn't matter what type of account you are using.
You just have to calculate how much volume you should buy/sell to earn 10 GBP for each Pip/Tick.
For that you can use Symbol Pip/Tick value properties.
@amusleh
amusleh
14 Mar 2022, 08:43
Hi,
What do you mean by executing market order and buy £10 per point?
For profit/loss calculation you can use symbol Pip/Tick value.
A symbol tick/Pip value gives you one tick/Pip of symbol monetary value in account currency.
If you want to set a £50 stop loss and your account currency is GBP then you can divide 50 to symbol pip value and use the result as stop loss in Pips.
@amusleh