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Free forex tool

Pip Calculator

Enter a currency pair, position size and account currency to see what a one-pip move is worth to you. Knowing pip value is the first step in sizing trades sensibly.

Results are educational estimates based on the figures you enter. They are not a recommendation to trade, and your broker's contract specifications, prices and fees take precedence.

How it works

Every currency pair has a base currency and a quote currency. When the price moves, the change is counted in units of the quote currency. The calculator first works out what one pip is worth in the quote currency for your position size, then converts that figure into your account currency.

It needs four inputs: the currency pair, the position size (in units or lots), your account currency and, where a conversion is required, the relevant exchange rate.

Formula

Step 1 – pip size:

  • 0.01 if the quote currency is JPY
  • 0.0001 for almost every other pair
  • 0.01 for gold (XAU/USD) by convention, although brokers differ

Step 2 – pip value in the quote currency:

Pip value (quote) = pip size × units

Step 3 – convert to your account currency:

  • If your account currency is the quote currency, no conversion is needed.
  • If your account currency is the base currency, divide by the pair's price.
  • Otherwise, multiply by the quote → account exchange rate.

One standard lot is 100,000 units, a mini lot is 10,000 and a micro lot is 1,000.

Worked examples

All prices below are illustrative.

Example 1: EUR/USD with a USD account

Assume EUR/USD is quoted at 1.0850 and you trade one standard lot (100,000 units).

  • Pip size = 0.0001
  • Pip value = 0.0001 × 100,000 = 10 USD

The quote currency is already USD, so each pip is worth $10. A mini lot would be worth $1 per pip and a micro lot $0.10.

Example 2: USD/JPY with a USD account

Assume USD/JPY is quoted at 150.00 and you trade one standard lot.

  • Pip size = 0.01
  • Pip value in JPY = 0.01 × 100,000 = 1,000 JPY
  • Your account currency (USD) is the base currency, so divide by the price: 1,000 ÷ 150.00 = 6.67 USD (rounded)

Example 3: EUR/GBP with a USD account

Assume EUR/GBP is quoted at 0.8600 and GBP/USD at 1.2700. You trade one standard lot.

  • Pip value in GBP = 0.0001 × 100,000 = 10 GBP
  • Neither EUR nor GBP is your account currency, so multiply by the GBP → USD rate: 10 × 1.2700 = 12.70 USD

Tips

  • Check pip value before choosing a stop. A 30-pip stop on one pair can cost noticeably more than a 30-pip stop on another.
  • Use the Lot Size Calculator once you know pip value, so your position matches the amount you are prepared to risk.
  • Watch the decimal places. A five-digit quote such as 1.08505 includes a pipette; the pip is the fourth decimal place, not the fifth.
  • Confirm instrument specs. For metals, indices and CFDs, your broker's definition of a pip or point is what counts.
  • Need a refresher? Read What is a pip? and What is a lot?.

Risk note

Pip value tells you how fast gains or losses build up; it does not tell you whether a trade is a good idea. Leveraged forex trading carries a substantial risk of loss, and results from this calculator are estimates that may differ from your broker's figures because of rounding, live conversion rates and contract specifications. This tool is educational and is not investment advice.

Frequently asked questions

What is a pip?

A pip is the standard unit for measuring price changes in a currency pair. For most pairs it is 0.0001, and for pairs quoted in Japanese yen it is 0.01.

Why does pip value change between pairs?

A pip is always measured in the quote currency. If your account is in a different currency, the value must be converted, so the result depends on the exchange rate between the quote currency and your account currency.

Is a pip on gold the same as a pip on EUR/USD?

No. This calculator treats 0.01 as one pip on XAU/USD by convention, but brokers define gold pips differently. Always check your broker's contract specification.

What is a pipette?

A pipette is one tenth of a pip. Many brokers quote prices with an extra decimal place, such as 1.08505 on EUR/USD, where the last digit is the pipette.

Does pip value change while my trade is open?

It can. When the quote currency differs from your account currency, pip value moves with the conversion rate, so a pip may be worth slightly more or less by the time you close.

Guide last reviewed .