Golang : Calculate a pip value and distance to target profit example

Below is an example on how to calculate a pip value from a given trade amount and exchange rate of EURGBP. Just for fun, it will also calculate the number of pips that it needs to gain in order to hit a profit target.

Here you go!

 package main

 import (
  "fmt"

  "github.com/awoldes/goanda"
 )

 func main() {

  oandaAccountID := ""
  oandaAPIKey := ""

  // set the NewConnection 3rd parameter to [false] to use DEMO account.
  // [true] for LIVE account

  UsingLIVEAccount := false // set false to use https://api-fxpractice.oanda.com
  oanda := goanda.NewConnection(oandaAccountID, oandaAPIKey, UsingLIVEAccount)

  currencyPair := "EUR_GBP"
  exchangeRate := GetPrice(oanda, currencyPair)

  // 5 decimal places except for yen which is 3 decimal places
  tradeAmountinEUR := 350000.00000
  numberOfGBPperPip := tradeAmountinEUR * 0.0001
  PipValue := numberOfGBPperPip / exchangeRate

  fmt.Println(currencyPair, " exchange rate is : ", exchangeRate)
  fmt.Println("Therefore a trade amount of : ", tradeAmountinEUR, "EUR ")
  fmt.Printf("Will give a PIP value of : [%0.2f] EUR per pip.\n", PipValue)

  // If we prefer to exit a position by hitting a target in EUR value instead of number of pips made
  // then let's
  // calculate how many pips we need in order to hit profit target of 200.00 EUR
  targetProfit := 200.00 // EUR
  pipsToGain := targetProfit / PipValue
  fmt.Println("In order to hit a profit of ", targetProfit, "EUR, this trade needs....")
  fmt.Printf("to gain : [%0.2f] pips \n", pipsToGain)

  // verify
  // PIP to price
  pipToPrice := pipsToGain * PipValue
  fmt.Println("Yup! Profit is :", pipToPrice, "EUR")

  // Exercise
  // Calculate how much is 1 pip worth in your home currency.
  // Let say your account home currency is USD, calculate the 1 pip
  // equivalent to USD.
  // Should be very simple! Good luck!

 }

 //--------------------------------------------------------------------------------------------------------
 func GetPrice(oanda *goanda.OandaConnection, cross string) float64 {
  instrument := cross
  priceResponse := oanda.GetInstrumentPrice(instrument)

  return priceResponse.Prices[0].Bids[0].Price
 }

Example output:

EUR_GBP exchange rate is : 0.85146

Therefore a trade amount of : 350000 EUR

Will give a PIP value of : [41.11] EUR per pip.

In order to hit a profit of 200 EUR, this trade needs....

to gain : [4.87] pips

Yup! Profit is : 200 EUR

References :

PIP - Price Interest Point

https://www.oanda.com/forex-trading/learn/getting-started/pips