With MiladFX Live Price Charts, you can follow the price behaviour of this pair in real time.
Using live market data, trade direction, and the number of lots traded, use MiladFX precise Forex Profit Calculator to compute the profit or loss value in money and pips of a trading position.
What is the purpose of a Forex Profit Calculator?
A Forex Profit Calculator is handy for simulating how much money and pips a trading position represents quantitatively, whether the position is closed in profit or loss, simply by entering the appropriate parameters. It works by simulating a trading position that is established at a given price and closed at the same price, as well as the monetary outcome and the number of pips gained or lost.
It can also be used to rapidly see how much will be removed from an account’s equity in terms of money and pips if a trader intentionally switches the trade direction chosen initially, imitating a stop loss hit.
What Is the Best Way to Use the Forex Profit Calculator?
Pair of currencies: Traders can choose from a variety of Major and Minor Forex pairs, as well as the most popular cryptocurrencies (BTC/USD, ETH/USD, LTCUSD, XLM/USD, and XRP/USD) and Gold/Silver vs the USD in this category. Let’s use the AUD/USD as an example.
Deposit currency: This box is rather self-explanatory; traders choose their trading account deposit currency to have the computations converted to the trader’s account base currency. For this example, I’m use the Australian dollar as the deposit currency.
Simply enter the trading direction, long or short, to buy or sell. I will mimic a long trade in this example, thus I will choose the buy direction.
Lots (trade size): A conventional lot of a Forex pair is 100,000 units, however non-forex pairs have different units per lot. For computations in this area, you have the choice of utilising lots or units. For this example, I’m use a 0.10 mini lot trading size.
Open price: Traders just need to enter the trade’s opening price in this section. I’m use a simulated AUD/USD opening price of 0.75345 as an example.
Close price: This is the calculator’s final field, where traders must simply enter the trade’s closing price. In this example, I’m put 0.75855 as the AUD/USD closing price.
Finally, I’m hit the “Calculate” button.
The results: The Profit Calculator will calculate the profit in money (with the account base currency previously selected) and also the profit in the total amount of pips gained (or lost).
In my example, opening a long trade of 0.10 AUD/USD at 0.75345 with a closing price of 0.75855 will result in a profit of AUD 67.66, with a total of 51 pips of profit.