Ex. 4: Pips used as stop
The Forex Smart Tools Trade Log offers some of the functions of a mini-spreadsheet in the form of the Calculation type custom parameter. To understand its use, we present a series of examples for you to study.
Question: I want to see how many pips I have used as my stop loss
Start by setting up a custom parameter, type “number”, that you name something like SL and either manually enter your stop loss price or import your statement and map the SL in your broker’s statement to this parameter.
Next create another custom parameter of type “calculation” that you call something like Number of Pips in Stop.
Setup the formula as (entryprice – SL) x 10000
This formula results in a number for the stop loss that is positive for longs and negative for shorts.
You could alternatively set up 2 parameters instead:
pips of stop for shorts
pips of stop for longs
The formula for the shorts would be: (SL – [entryprice] ) * 10000
This formula will work for all nonJPY pair. For xxxJPY pair, use 100 as the multiplier:
(SL – [entryprice] ) * 100
( [entryprice] – SL) * 100