Commodities pip value

[tom82]

Is there a way we can calculate the pip value of gold, WTI and the other commodities?
As you know we can do the following calculation on fx pairs to find out the value of a pip (when USD quoted first) eg:
(0.0001 / exchange rate) x lot size = pip value

Can we do something similar to work it out for the other products?

 

[Trembling Hand]

Is there a way we can calculate the pip value of gold, WTI and the other commodities?
As you know we can do the following calculation on fx pairs to find out the value of a pip (when USD quoted first) eg:
(0.0001 / exchange rate) x lot size = pip value

Can we do something similar to work it out for the other products?

You are talking about CFD products or futures? If its futures they have all the details of their contracts on their website.

 

[tom82]

You are talking about CFD products or futures? If its futures they have all the details of their contracts on their website.

Products such as the following, spot XAUUSD, spot XAGUSD, WTI or as some brokers call it CL-Oil, these are based on the underlying futures contract the metals basically trade like fx pairs, the oil has a rollover like the futures product.
Thank you

 

[minwa]

Use a demo account and make a trade or do a 0.01 or 0.1 on live account whichever your broker allows minimum and just let the trade run a few pips then close it then you can calculate it with your trade size, pips moved & P/L.

Alternatively, stop fighting a uphill battle, trade the futures. They have eminis for popular commodities. Only reason I see to trade with the usual Metratrader FX brokers is if you don't have enough capital for futures.

 

[tom82]

I find the flexibility of trade sizes useful for my position sizing and money management.
But this thread isn't meant for a debate on futures v's forex / CFD brokers.

 

[Trembling Hand]

Products such as the following, spot XAUUSD, spot XAGUSD, WTI or as some brokers call it CL-Oil, these are based on the underlying futures contract the metals basically trade like fx pairs, the oil has a rollover like the futures product.
Thank you

For the above;

Total value($6893.90) / Price ($1209.70) = $ Value per point ($5.69)


I think

 

[tom82]

View attachment 59564

For the above;

Total value($6893.90) / Price ($1209.70) = $ Value per point ($5.69)


I think

Total value of the trade in dollars and not by the contract size?

Thanks for that

How do you find CMC, what do you think of their charts?

 

[Trembling Hand]

How do you find CMC, what do you think of their charts?

No idea. havn't used them in 7 years.

 

[tom82]

No idea. havn't used them in 7 years.

Fair enough then. Who you using now, if you dont mind me asking?

 

[Trembling Hand]

Fair enough then. Who you using now, if you dont mind me asking?

No CFD providers. Use the real thing, that is the real market, whether that's futures/ECN/stocks, where you can see real trades and get real info like volume.