Pip value calculator Work out what a single pip is worth on your trade
A pip is the standard smallest move in a currency pair — the last decimal place most quotes tick in. What matters is what that move is worth to you, and that depends on your trade size. Put in two numbers and this tool shows the cash value of one pip, in the quote currency.
Enter a positive trade size.
How to use it
Enter your trade size in units — a standard lot is 100,000 units, a mini lot 10,000, a micro lot 1,000. Then pick the pip size for your pair: nearly all pairs move in the fourth decimal place (0.0001), while pairs quoted in Japanese yen move in the second (0.01). The result is what one pip is worth for that position, in the currency on the right-hand side of the pair.
What the result does and doesn’t mean
The figure is in the quote currency — the second currency in the pair. If that isn’t your account currency, multiply the result by the quote-to-account exchange rate to see it in your own money. For a yen-quoted pair (pip = 0.01), the per-standard-lot figure is shown in yen — a pip on 100,000 units is worth 1,000 JPY — so convert it before comparing with a dollar-based figure. This tool does nothing but arithmetic on the numbers you type: it holds no live rates, doesn’t know your pair, and makes no promises about what a pip will be worth by the time you trade.
Pip value scales directly with position size, so bigger trades move your account faster in both directions. Always size a position by the risk you can afford to lose, not by the pip value that looks comfortable.
The formula, in plain words
The tool multiplies your trade size in units by the pip size for the pair. The pip size is 0.0001 for nearly every pair and 0.01 for pairs quoted in Japanese yen, because a yen quote carries one fewer decimal place. Multiply units by pip size and you have the cash value of a one-pip move, expressed in the quote currency — the currency on the right of the pair. The per-lot line simply repeats the sum for a fixed 100,000 units so you have a reference point.
A worked example
Take a standard lot of 100,000 units on a pair like EUR/USD, where the pip size is 0.0001. Multiply 100,000 by 0.0001 and one pip is worth 10.00 in the quote currency — here, US dollars. Trade a mini lot of 10,000 units and it drops to 1.00; a micro lot of 1,000 units gives 0.10 a pip. Now switch to a yen-quoted pair such as USD/JPY, where the pip size is 0.01: 100,000 × 0.01 is 1,000, so a pip is worth 1,000 — but in yen. Before you compare that with the dollar figure, convert it: at roughly 150 yen to the dollar, 1,000 JPY is about 6.67 USD, not 1,000 of anything you spend.
When this number matters — and when it doesn’t
Pip value is the bridge between a price move measured in pips and the money in your account, so it matters whenever you translate a stop distance or a target into cash — most of all when you feed it into position sizing. Where it trips people up is currency. The result lands in the quote currency, and if that isn’t your account currency you have to multiply by the quote-to-account rate to see it in your own money. It matters less as a headline figure to chase: a large pip value is not a large edge, only a large position, and a large position moves the account in both directions at once. The tool holds no live rate and doesn’t know your pair, so treat its output as the arithmetic it is.
Common mistakes
- Reading the yen-pair figure as dollars — a pip on 100,000 units of a JPY pair is 1,000 yen, not 1,000 in your account currency.
- Skipping the conversion from quote currency to account currency, so the cash value is off by the whole exchange rate.
- Using 0.0001 as the pip size on a yen-quoted pair, which overstates the value tenfold.
- Confusing a pip with a “point” or the fractional fifth decimal some brokers show, and counting the move wrongly.
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