Pip value calculator
A pip is the smallest ordinary move in a price. What it is worth in money depends on the pair, the size you trade and — for yen pairs — where the price happens to be. This works it out and shows you the sum.
$10.00
for 1.00 lot
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- One pip is 0.0001 of price, and one lot is 100,000 EUR.
- 0.0001 × 100,000 = $10.00 per lot.
- $10.00 × 1.00 lots = $10.00.
- The price does not appear anywhere — that is why a EUR/USD pip is always $10.00 a lot.
Prices shown are our last stored reading and are indicative only. Contract sizes follow the standard market conventions and are printed above the calculator; your account’s own specification is what applies to a real position. Nothing here is a recommendation.
Why the answer is not always $10
On a pair quoted in dollars — EUR/USD, GBP/USD — one pip on one standard lot is exactly $10, and it stays $10 whether the price is 1.05 or 1.25. The pip is already a dollar amount, so the rate never enters the calculation.
USD/JPY is different, and this is where people get caught. The pip is 0.01 of a yen price, so one pip on a lot is 1,000 yen — and 1,000 yen is worth fewer dollars when the pair is high and more when it is low. At 100.00 it is exactly $10. At 150.00 it is about $6.67. The same stop loss, in pips, costs you a different amount of money depending on where the yen is trading.
Gold is a third case again. A lot is 100 ounces, so a one-cent move is worth $1 — which sounds small until you notice that gold routinely moves several dollars in a minute, and several dollars is several hundred per lot.
What to do with the number
The pip value is the bridge between a chart and your account. A stop that looks like a short distance on a chart is a specific amount of money, and until you have multiplied it out you do not know whether you can afford the trade.
The practical habit is to run the sum before the trade, not after: if a 40 pip stop on your intended size costs more than you were willing to lose, the size is wrong — not the stop.
Common questions
- What is a pip?
- The standard smallest increment of a price. On most currency pairs it is 0.0001; on yen pairs it is 0.01, because the yen is quoted to two decimal places rather than four. Some platforms show a fifth decimal — that is a fractional pip, a tenth of a pip, not a pip.
- Why is a USD/JPY pip not worth $10?
- Because the pip is worth yen, not dollars. One pip on one lot is 1,000 yen, and converting that to dollars depends on the rate. The higher USD/JPY goes, the fewer dollars a pip is worth.
- Does the pip value change while my trade is open?
- On a dollar-quoted pair, no. On a yen pair, yes — slightly, as the rate moves. The effect is small over a normal trade and worth knowing about over a large one.
- What is a pipette?
- A tenth of a pip, shown as the fifth decimal on most pairs and the third on yen pairs. Spreads are often quoted in pipettes to look smaller than they are — 0.8 pips reads better as 8.
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