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A pip is the small unit that forex prices move in, and the pip value is what one pip is worth in money for your position size. Choose a pair and a lot size to see the value of one pip in US dollars.
This version is for USD accounts only, so every result is in US dollars. If your account is in another currency, treat the numbers as a guide and convert them yourself.
The prices pre-filled in the form are examples, not live quotes. Replace them with the current price from your trading platform before you use a result.
A pip is 0.0001 on most pairs and 0.01 on pairs quoted in Japanese yen. One standard lot is 100,000 units of the base currency. Multiply the two and you get what one pip is worth in the quote currency: 100,000 x 0.0001 = 10 units of the quote currency on most pairs, and 100,000 x 0.01 = 1,000 yen on a JPY pair.
If the quote currency is the US dollar, that is already your answer in dollars. If it is not, you convert it. For USDJPY the conversion is to divide by the USDJPY price, because one dollar buys that many yen. For a pair like EURGBP you multiply by the GBPUSD price.
These examples run through the same function as the calculator, one with a dollar quote and one without.
Lot sizes are just multiples of 100,000 units. A standard lot is 1.00, a mini lot is 0.10 (10,000 units) and a micro lot is 0.01 (1,000 units). Pip value scales in a straight line with lot size, so a mini lot has one tenth of the pip value of a standard lot and a micro lot one hundredth. The calculator shows all three beside your own position size.
A common beginner error is to assume a pip is worth ten dollars on every pair. That is true when the dollar is the quote currency, as in EURUSD, GBPUSD or AUDUSD. It is not true when the dollar is the base currency. On USDJPY one pip on a standard lot is 1,000 yen, and the dollar value moves with the price: the higher USDJPY goes, the less a pip is worth in dollars. That is why this calculator asks for the current price instead of guessing it.
Cross pairs, which do not contain the dollar at all, need one more rate. EURJPY is quoted in yen, so the calculator asks for USDJPY to turn yen into dollars.
Pip value is the bridge between a distance on the chart and an amount of money. A stop-loss of 30 pips means very little until you know what each pip costs at your lot size. Position sizing, risk per trade and profit or loss all start from this number, which is why the other Pipstone calculators build on it.
A pip is the standard small step in a forex price. It is the fourth decimal place (0.0001) for most pairs and the second decimal place (0.01) for pairs quoted in Japanese yen.
On a pair where the US dollar is the quote currency, such as EURUSD, one pip on a standard lot (100,000 units) is 10 US dollars. On other pairs it depends on the price or on a conversion rate.
USDJPY is quoted in yen. One pip on a standard lot is 1,000 yen, and converting that to dollars means dividing by the current price, so the dollar value changes whenever the price does.
A mini lot (0.10) is one tenth of the standard-lot pip value and a micro lot (0.01) is one hundredth. The calculator shows all three.
The pip value of EURUSD does not depend on the price, but the form shows the position value in the quote currency, which does. Use the current price from your platform.
A calculator gives you the arithmetic. If you are new to trading, the free forex course explains pips, lots, leverage and risk in plain language, and the free weekly demo League lets you practise on a demo account.
Pipstone is not a broker and gives no financial advice. Trading involves risk of loss.
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