Pip calculator: pip value in quote and account currency

Pip size0.01 when the pair is quoted in Japanese yen

Trade size (lots)1 is a standard lot, 0.1 a mini lot, 0.01 a micro lot

Units per lot100,000 for a standard forex lot; check your platform's contract size

Your account currency isHow a pip in the quote currency becomes money in your account

Exchange rate of the pairQuote currency per 1 base unit, such as 150.00 on USD/JPY

Quote currency in your account currencyAccount currency per 1 unit of the quote currency, such as the GBP/USD rate for EUR/GBP in a USD account

Pips to valueOptional; a move of this many pips, such as a stop distance

Pip value in the account currency—

Pip value in the quote currency—

Pip size—

Position size in units—

Pip value per lot, account currency—

Pipette (0.1 pip), account currency—

Value of the pips typed, account currency—

All default values are hypothetical, the 150.00 rate included: this page fetches no prices, so type the current rate yourself. Leveraged forex carries high risk, and a pip value is arithmetic on a price move, not a forecast of one.

How to calculate pip value

A pip's value is the trade size in units times the pip size, which gives an amount in the quote currency, the second currency of the pair. The calculator then converts it to your account currency:

Pip value in the quote currency = lots × units per lot × pip size

Account in the quote currency: pip value = the same amount

Account in the base currency: pip value = quote amount ÷ the pair's rate

Neither: pip value = quote amount × the rate of the quote currency in your account currency

The value of a move is the pip value times the number of pips, and a pipette, the extra digit many platforms quote, is a tenth of a pip. To turn a pip value into a position size for a stop distance, use the forex position size calculator.

Worked example

What is a pip, and why yen pairs use 0.01

By market convention a pip is 0.0001 for most currency pairs and 0.01 for pairs quoted in Japanese yen, so it sits at the fourth or the second decimal place.

Many platforms quote one digit more, five decimals or three for yen pairs, and that last digit is a pipette, a tenth of a pip. A platform's own price step can differ again: MetaTrader 5's contract specification lists the symbol's digits, the tick size, which is the minimum price change, and the tick value, the money value of that change. When your platform calls a pipette a point, a 25-pip stop is 250 points there.

Metals, index CFDs and other instruments use their own contract sizes and price steps, so this calculator's two pip sizes do not fit them; take the tick size and tick value from your platform instead.

Why the pip value moves with the rate

A pip value in the account currency is fixed only when the account is held in the quote currency.

In the other two cases it depends on a rate that changes all the time. On USD/JPY in a USD account the pip is 1,000 ÷ the rate, so at a hypothetical 140.00 it would be 7.1429 USD and at 160.00 it would be 6.25 USD. On a cross such as EUR/GBP it follows the GBP/USD rate. Recalculate with the rate at the time you size or review a trade.

Leverage does not change what a pip is worth: it changes the margin a position ties up. Retail leverage limits depend on where you trade. ESMA's 2018 measures set 30:1 for major currency pairs for retail CFD clients, and the CFTC's retail forex rules in the United States work through security deposits set within limits the Commission provides.

Which values to enter

• Pip size: 0.01 when the pair is quoted in yen, 0.0001 for most others.
• Trade size: in lots: 1 for a standard lot, 0.1 for a mini lot, 0.01 for a micro lot.
• Units per lot: 100,000 for a standard forex lot; your platform's contract size governs.
• Account currency: whether your account is in the quote currency, the base currency or neither.
• Rates: the pair's rate when the account is in the base currency, or the rate of the quote currency in your account currency for a cross. You type every rate.
• Pips to value: optional, such as the distance to your stop.

Frequently asked questions

How much is one pip worth?

It depends on the trade size, the pair and your account currency. One standard lot of EUR/USD in a USD account is 10 USD per pip; one lot of USD/JPY at a hypothetical 150.00 is about 6.67 USD.

How do I calculate the pip value for USD/JPY?

Multiply the units by 0.01 to get yen, then divide by the USD/JPY rate if your account is in USD. One lot gives 1,000 yen per pip, which is 6.6667 USD at 150.00.

What is a pipette?

A tenth of a pip: the fifth decimal on most pairs and the third on yen pairs, where platforms quote one extra digit. Some platforms call it a point.

Why does my pip value change when the price moves?

When your account is not in the quote currency, the pip is converted at a rate that keeps moving. Only an account held in the quote currency has a fixed pip value per lot.

Can I use this pip calculator for gold or indices?

Not reliably. Metals and index CFDs have their own contract sizes and price steps, so take the tick size and tick value from your platform's contract specification.

Sources

• MetaTrader 5 Help: Market Watch, contract specification (digits, tick size, tick value, contract size) (opens in a new tab)
• ESMA: ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors (27 March 2018) (opens in a new tab)
• CFTC: Foreign currency trading, retail forex rules (opens in a new tab)

This calculator is general information, not tax, legal or investment advice. Results depend on the values you enter; fees, margin rules and tax rules differ by exchange and country and change over time, so check the official source and ask a licensed adviser about your own situation. Sources, checks and corrections: see the editorial policy.