Oanda is a popular online forex trading platform that is widely used by traders all over the world. It offers a range of features and tools that help traders to analyze the market and make informed trading decisions. However, one issue that many traders face when using Oanda is the presence of extra digits in the price quotes, which can make it difficult to accurately analyze the market and make trades. In this article, we will explain how to remove those extra digits in Oanda for forex.
Firstly, it is important to understand why Oanda provides price quotes with extra digits. The extra digits are known as decimal places and are used to represent the smallest unit of a currency pair. For example, if the currency pair is EUR/USD, the smallest unit is 0.0001, which is also known as a pip. Oanda provides price quotes with up to 5 decimal places, which means that traders can see the price of a currency pair with a high degree of accuracy.
However, some traders prefer to see price quotes with fewer decimal places, as it can make it easier to analyze the market and make trades. For example, if the price of EUR/USD is 1.12035, a trader may prefer to see the price as 1.1203, which would remove the extra two decimal places. This can make it easier to read the price quotes and make trading decisions.
To remove the extra digits in Oanda, traders can follow these steps:
Step 1: Log in to the Oanda platform and select the currency pair that you want to trade.
Step 2: Click on the “Settings” button in the top right-hand corner of the screen.
Step 3: In the “Settings” menu, select “Price Display Format”.
Step 4: Choose the price display format that you want. Oanda offers a range of options, including 5 decimal places, 4 decimal places, and 3 decimal places.
Step 5: Click “Save” to apply the changes.
Once you have changed the price display format, the extra digits will no longer be shown in the price quotes. This can make it easier to analyze the market and make trading decisions.
It is worth noting that changing the price display format in Oanda will not affect the actual price of the currency pair. The price will remain the same, but it will be displayed with fewer decimal places. This means that traders can still make trades with the same level of accuracy, but they will be able to see the price quotes in a format that suits their preferences.
In conclusion, removing the extra digits in Oanda for forex is a simple process that can make it easier for traders to analyze the market and make trading decisions. By following the steps outlined above, traders can choose the price display format that suits their preferences and remove the extra decimal places from the price quotes. This can help to improve the trading experience and make it easier to trade forex on the Oanda platform.