Find out what one pip is worth in your account currency for any currency pair, gold or oil, at live exchange rates.
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What is a pip?
A pip is the standard unit for price moves in forex. For most pairs it is the fourth decimal place (0.0001), so EUR/USD moving from 1.1350 to 1.1351 is a one-pip move. For pairs quoted in Japanese yen it is the second decimal place (0.01). Brokers quote an extra digit, a fractional pip or point, which is one tenth of a pip.
For gold this calculator uses a pip of $0.10 and for WTI crude oil $0.01, which is the most common convention. If your broker counts pips differently, change the pip size under Contract specification.
How pip value is calculated
Pip value = pip size × contract size × lots, in the quote currency (the second currency of the pair), then converted to your account currency.
- EUR/USD, 1 lot, USD account: 0.0001 × 100,000 = $10 per pip.
- USD/JPY, 1 lot: 0.01 × 100,000 = ¥1,000 per pip, which is about $6.30 at 158.
- Gold, 1 lot of 100 oz: 0.10 × 100 = $10 per pip.
Because the conversion uses the live rate, the pip value of pairs whose quote currency differs from your account currency moves a little with the market.
Why pip value matters
Pip value turns a stop loss in pips into money. A 40-pip stop on 0.5 lots of GBP/USD risks 40 × $5 = $200. Knowing this before you trade is the basis of position sizing and of measuring forex risk. It also tells you what the spread costs you on every trade: a 1.2-pip spread on one lot of EUR/USD is $12.
FAQ
Why is the pip value $10 for every USD-quoted pair? When the US dollar is the quote currency (EUR/USD, GBP/USD, AUD/USD, NZD/USD) and your account is in dollars, no conversion is needed: 0.0001 × 100,000 is always $10.
How much is a pip on a micro lot? One hundredth of a standard lot, so $0.10 on EUR/USD in a USD account.