Pip value calculator
This pip calculator answers one question: if the price moves by a single pip, how many US dollars does the position gain or lose? Knowing that number in advance is the first step to controlling risk, because every stop-loss and every target is measured in pips.
The formula
Then convert to US dollars:
• USD is the quote currency (EUR/USD, GBP/USD): no conversion needed
• USD is the base currency (USD/JPY, USD/CAD): divide by the pair's price
• Cross pair (EUR/GBP, GBP/JPY): convert with the quote currency's rate against USD
A standard lot is 100,000 units of the base currency; for gold (XAU/USD) the calculator uses 100 ounces. The pip size is 0.0001 for most pairs and 0.01 for yen pairs; for gold the tool treats $0.01 as one pip.
Worked example
These prices are illustrative, not live quotes.
- EUR/USD, 1 lot: 1 × 100,000 × 0.0001 = $10 per pip. No conversion, because the dollar is the quote currency.
- USD/JPY at 150.00, 1 lot: 1 × 100,000 × 0.01 = 1,000 yen per pip. Dividing by 150.00 gives about $6.67 per pip.
- EUR/USD, 0.1 lots: one tenth of the first result, $1 per pip, so a 25-pip move is worth $25.
- XAU/USD, 1 lot: 100 oz × $0.01 = $1 per $0.01 move, or $100 for a full $1 move in the gold price.
How to read the result
The figure is the change in the position's value for each one-pip move, before spreads, commissions or overnight financing. Multiply it by the distance to your stop-loss to see what you stand to lose if the stop is hit, and compare that with your account: a stop that costs more than a small slice of your balance is a sign the position is too big. The position size calculator does this sum in reverse.
For pairs where the dollar is not the quote currency, the pip value changes as the exchange rate changes, so re-check it when prices have moved a long way. For cross pairs, enter the current conversion rate from your own platform. The forex guide explains pips and lots from the beginning.