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Forex and CFD

Pip Value Calculator

A pip is worth whatever your position size makes it worth. Enter the size, the pip size and your conversion rate to get the figure your account actually moves by.

Position

1 standard lot = 100,000 · mini = 10,000 · micro = 1,000.
0.0001 for most pairs, 0.01 for JPY pairs and many metals.

Your account

Leave at 1 if your account is in the quote currency (the second one in the pair).
Value of one pip$10.00
Per 10 pips$100.00
Per 100 pips$1,000.00
Lots (standard)1

Pip value is fixed by the position size, not by the price, so it does not change as the trade moves. The conversion rate does move, which is why an account denominated in a third currency sees a slowly drifting pip value.

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The whole formula

pip value = pip size × position size × (quote currency → account currency)

That is all of it. A standard lot of 100,000 units with a 0.0001 pip is 10 units of the quote currency per pip. If your account is denominated in that quote currency, the conversion is 1 and a pip is $10.

Three sizes cover almost everything: standard lot 100,000, mini 10,000, micro 1,000 — giving roughly $10, $1 and $0.10 per pip on a four-decimal pair.

The mistake this page is built around

The pip is not always 0.0001.

  • JPY pairs quote to two or three decimals, so the pip is 0.01.
  • Gold (XAUUSD) is usually quoted to two decimals, and most brokers treat 0.01 as the pip.
  • Indices and many CFDs move in whole points, and "pip" stops meaning anything useful.

Using 0.0001 where the pip is 0.01 understates the value by a factor of a hundred. The error runs one way and it runs badly: a trader sizing a position to risk $200 ends up risking $20,000. That is why the calculator raises a warning when a 0.01 pip meets a full standard lot rather than quietly returning the number.

If you are unsure, do not guess — one trade at the wrong scale is more expensive than the minute it takes to check the contract specification with your broker.

Why the conversion rate is a field and not a lookup

Most pip calculators quietly assume your account is in USD. That is right often enough to be dangerous.

For a pair XXX/YYY, the pip value is naturally expressed in YYY, the second currency. If your account is in a third currency — a euro account trading GBPJPY, say — the value has to be converted, and that conversion moves with the market. We ask for the rate instead of fetching one because we do not ship a price feed, and a stale rate presented as live is worse than an honest field.

The practical consequence is small but real: on a cross-currency account the pip value drifts day to day even though the position has not changed.

What pip value is actually for

It is not a risk measure on its own. It is the bridge between the chart and the account: the chart gives a stop distance in pips, the pip value turns that distance into money, and money is what your risk percentage is written in.

Used in the other direction it becomes position sizing — decide the money first, divide by the stop distance and the pip value, and the size falls out. That is what the position size calculator does, and it is the order that keeps the stop on the chart instead of on the account balance.

FAQ

How much is one pip worth?

On a standard lot of 100,000 units with a 0.0001 pip, one pip is 10 units of the quote currency — about $10 on a pair quoted in dollars. A mini lot gives roughly $1 and a micro lot about $0.10. On JPY pairs and gold the pip is 0.01, so the same lot sizes produce different figures.

Does pip value change as the trade moves?

No. Pip value is fixed by the position size, so it is the same at the entry and at the stop. What can move is the conversion rate, if your account is denominated in a currency other than the quote currency — and that drift is slow enough to ignore inside a single trade.

What is the pip value for XAUUSD?

Gold is normally quoted to two decimals and most brokers treat 0.01 as the pip, with a standard contract of 100 ounces. That makes a pip worth about $1 per contract. Brokers do differ here, so confirm the contract size and tick before sizing anything on it.

Is a pip the same as a point or a tick?

No, and mixing them is a common source of mis-sized trades. A point is usually the smallest quoted increment, which on a five-decimal broker is a tenth of a pip. A tick is the futures term for the smallest price move, and it comes with its own [contract multiplier](/tools/futures-tick-value-calculator) rather than a pip value.

Why does my broker show a different pip value?

Usually one of three reasons: a different contract size for that symbol, an account denominated in another currency, or a five-decimal feed where the platform reports points rather than pips. Compare the contract specification first — the arithmetic here is simple enough that a disagreement almost always means a different input, not a different formula.

This is the plan. What did you actually do?

A calculator tells you the size you should have taken. It cannot tell you the size you took at 2pm after two losers, or how often your stop moved once price went against you. Drop in a statement from MT4/MT5, a broker CSV or a crypto export and see the answer for your own last 90 trades.

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