Tools · Pip Calculator
Pip Calculator
Find out what one pip is worth for the pair and lot size you trade. Choose an instrument, set your lots, and the result updates as you type. It runs in your browser and sends nothing anywhere.
Calculate pip value
The formula
What is a pip and how is pip value calculated?
A pip is the standard unit for measuring a forex price move. It is 0.0001 for most pairs and 0.01 for pairs quoted in yen. Pip value is what one pip is worth in money on your position: lots times contract size times pip size, in the quote currency.
Formula. Pip value = lots × contract size × pip size. The answer is in the quote currency of the pair (the second currency). If your account is in a different currency, multiply by the conversion rate from the quote currency to your account currency.
A standard lot in forex is 100,000 units of the base currency. For EUR/USD, that makes one pip worth 10 USD per lot. For a yen pair such as USD/JPY the pip is 0.01, so one lot is worth 1,000 JPY per pip, and you convert that to your own currency. Gold is different again: a lot is commonly 100 troy ounces, and the pip definition depends on the platform.
How to use it
How do you use the pip calculator?
Pick an instrument, enter your lot size, and read the result. The dropdown fills in pip size, contract size and quote currency for you. If the quote currency is not your account currency, type the conversion rate yourself and the calculator shows both values.
- ✓ Choose the instrument. Select “Custom” if yours is not listed and type the pip size and contract size by hand.
- ✓ Enter the lot size. 1 lot is 100,000 units on most forex pairs; 0.1 lot is 10,000 units.
- ✓ Enter your account currency, and the conversion rate if it differs from the quote currency.
- ✓ Read the result, then check it against the contract specification shown in your own platform.
Worked example
What is a pip worth on 0.5 lots of EUR/USD?
Hypothetical example: half a lot of EUR/USD is 50,000 units. With a pip size of 0.0001, one pip is worth 50,000 × 0.0001 = 5.00 USD. A 20-pip move in either direction would be worth 100.00 USD on that position.
Now a yen pair. Hypothetical example: 1 lot of USD/JPY is 100,000 units with a pip size of 0.01, so one pip is worth 1,000 JPY. If 1 JPY were worth 0.0067 USD at that moment, one pip would be about 6.70 USD. Type those numbers in to see the same result.
Common mistakes
What mistakes do traders make with pip value?
The most common mistake is using the wrong pip size, especially on yen pairs. The others are skipping the currency conversion, assuming every instrument has a 100,000-unit contract, and confusing a pip with the smaller fractional step many platforms display.
- ✓ Using 0.0001 on a JPY pair. The pip is 0.01 there, which changes the answer by a factor of 100.
- ✓ Reading a quote-currency figure as if it were your account currency.
- ✓ Assuming the contract size is the same for every instrument. Metals, indices and crypto differ.
- ✓ Mixing up pips and points. Many platforms quote a fifth decimal place, which is a tenth of a pip.
- ✓ Forgetting that spread, commission and swap are on top of the pip value.
Risk note. CFDs are leveraged products and losses can exceed your deposit. This calculator is for planning only and uses figures you enter. Read the Risk Disclosure before you trade.
Keep learning
Related guides and calculators
- ✓ What is a pip? A plain-English explanation with more examples.
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