Pip value calculator
Find what one pip is worth in your account currency for any forex pair, gold or silver, at any lot size.
How it is calculated
A pip is a fixed price step: 0.0001 on most pairs, 0.01 on pairs quoted in Japanese yen. Multiplying it by the units in the position gives the money made or lost when the price moves one pip. That amount is in the quote currency, the second currency in the pair’s name, because prices are quoted in it.
If the quote currency is not the account currency, one more step converts it at the rate between the two. That is why pip value is fixed on some pairs and moves on others:
- Quote currency is the account currency (EURUSD, GBPUSD, AUDUSD for a USD account): a pip on one lot is always 10 USD.
- Base currency is the account currency (USDJPY, USDCAD, USDCHF for a USD account): the pip value is converted at the pair’s own price, so it changes as the price moves.
- Neither (EURGBP or GBPJPY for a USD account): the pip value is converted through a third rate.
For metals the same formula applies with the metal’s own pip size and contract size. The calculator uses 0.01 and 100 ounces for gold, 0.001 and 5,000 ounces for silver.
Worked examples
| Position | Working | Pip value |
|---|---|---|
| EURUSD, 1 lot, USD account | 0.0001 × 100,000 × 1 × 1 | 10.00 USD |
| USDJPY, 1 lot, USD account, USDJPY at 150.00 | 0.01 × 100,000 × 1 = 1,000 JPY; × (1 ÷ 150) | 6.67 USD |
| GBPJPY, 0.50 lots, CAD account, at 1 JPY = 0.0092 CAD | 0.01 × 100,000 × 0.50 = 500 JPY; × 0.0092 | 4.60 CAD |
| XAUUSD, 0.10 lots, USD account | 0.01 × 100 × 0.10 × 1 | 0.10 USD |
For the gold position, a move of 1.00 in price is 100 pips, so it is worth 10.00 USD. The rates in the second and third rows are examples for the arithmetic, not current prices.
Pitfalls and assumptions
- A pip is not a point. On five-decimal pricing the last digit is a point, or pipette, worth one tenth of a pip. MetaTrader’s symbol specification lists a tick value for the smallest price step, which on such pricing is one tenth of the pip value shown here.
- Gold and silver conventions vary. Some brokers and traders call 0.10 a pip on gold. The value of a price move does not change, only what it is called; check the price step your platform uses.
- Contract sizes differ. 100,000 units per forex lot is standard, but metal and CFD lot sizes vary between brokers. Check the symbol specification.
- The rate moves. A converted pip value is exact only at the rate entered. No rates are fetched; enter the current price from your platform.
Frequently asked questions
How much is one pip worth on one lot of EURUSD?
10 USD. One lot is 100,000 euros, and a pip is 0.0001, so a one-pip move changes the position’s value by 100,000 × 0.0001 = 10 US dollars. For an account in another currency, multiply 10 by the USD to account-currency rate.
How do you calculate pip value?
Multiply the pip size by the number of units in the position to get the pip value in the quote currency, then multiply by the rate from the quote currency to your account currency. One lot of GBPJPY is 0.01 × 100,000 = 1,000 JPY per pip before conversion.
Why does pip value change on USDJPY but not on EURUSD?
For a USD account, EURUSD is quoted in US dollars, so no conversion is needed and a pip on one lot stays at 10 USD. USDJPY is quoted in yen, and 1,000 JPY is converted to dollars at the current USDJPY price, which moves.
What is the difference between a pip and a point?
A pip is the fourth decimal on most pairs (the second on yen pairs). A point, or pipette, is one decimal further: one tenth of a pip. Platforms that quote five decimals move in points, so a 25-pip distance shows as 250 points.
What is a pip worth on gold?
With a pip size of 0.01 and 100 ounces per lot, one pip on one lot of XAUUSD is worth 1 USD, and a 1.00 move in price is worth 100 USD. Where a broker uses a different contract size or calls 0.10 a pip, the per-pip figure changes but the value of a given price move per ounce does not.
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- Break-even win rate calculatorThe win rate at which average wins pay for average losses and trading costs.
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