Trade sizing
Pip value calculator
A pip is the standard unit of price movement: 0.0001 for most currency pairs and 0.01 for pairs quoted in Japanese yen. Knowing what one pip is worth for your trade size tells you how much a move of 10, 50 or 100 pips makes or loses, before you open the trade.
Result
- Value of one pip
- 10.00 USD
How it is calculated
Pip value (quote currency) = pip size × contract size × lotsPip value (account currency) = pip value (quote currency) × quote-to-account rate
Worked example
EUR/USD, 1 standard lot (100,000 euros), USD account: 0.0001 × 100,000 × 1 = 10.00 USD per pip. USD/JPY, 1 lot: 0.01 × 100,000 = 1,000 JPY per pip; at 158.02 yen per dollar that is 6.33 USD.
Assumptions and practical examples
For a non-USD account, convert the pip value after calculating it in the quote currency. Illustrative example: 10 USD per pip × 0.80 GBP per USD = 8 GBP per pip. The conversion rate is an assumption, not a live quote.
For USD/JPY, a 100,000-unit lot and a 0.01 pip produce 1,000 JPY per pip. Divide by an illustrative 158.02 JPY per USD to obtain about 6.33 USD. Gold, crypto and CFD point sizes depend on the broker's contract specification; a forex convention is not universal.
Questions
What is a pip?
A pip is the fourth decimal place of most currency prices (0.0001) and the second decimal place of yen pairs (0.01). Many brokers also quote a fifth decimal, called a fractional pip or pipette, worth one tenth of a pip.
Why does pip value change with the account currency?
Profit and loss is earned in the pair's quote currency. If your account is held in a different currency, the amount is converted at the current exchange rate, so its value in your account moves with that rate.
What is a pip for gold, indices or crypto?
There is no single convention. This calculator uses typical sizes (0.01 for gold, 1 point for indices) that you can change to match your broker's contract specification.
Results are estimates for education; your broker's contract specification and prices decide the real values. Trading leveraged products carries a high risk of losing money.