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Forex Pip Value Calculator
Updated 2026-09-05 · Educational content · No broker owns this site
Quick answer. Pip value equals the pip size multiplied by the units you trade, converted into your account currency. On 10,000 units of a pair quoted to four decimals, 0.0001 × 10,000 = 1.00 unit of the quote currency per pip, which is 1.00 US dollar when that quote currency is USD.
Pip value calculator
Free, instant, no sign-up. It runs in your browser and sends nothing anywhere.
Educational tool. Pip value moves with the exchange rate, and your broker's own figure is the one that settles your account. Check it against your platform before you trade.
How do you use this pip calculator?
Four inputs, and only one of them ever needs looking up.
- Trade size. Type the size you are actually going to place and pick the unit next to it. 0.10 standard lots and 1 mini lot are the same position; use whichever wording your platform does. See lot if that word is new.
- Pair type. Almost every pair is quoted to four decimals, so one pip is 0.0001. Yen pairs are quoted to two decimals, so one pip is 0.01. That is the whole rule.
- The conversion question. A pip is first earned in the pair's quote currency — the second one in the pair. If that is already your account currency, pick the first option and you are done. Otherwise pick whichever conversion pair you can read off your platform.
- The move you want to price. Put your planned stop distance here. The answer then tells you what that stop costs, which is the number you actually need before placing an order.
What is the formula for pip value?
Two multiplications, in this order:
| Step | Formula | Meaning |
|---|---|---|
| 1 | pip size × units traded | What one pip is worth in the pair's quote currency |
| 2 | step 1 × quote-to-account rate | What one pip is worth in your money |
The variables:
- Pip size — 0.0001 for a pair quoted to four decimals, 0.01 for a yen pair quoted to two. The fifth decimal you see on most platforms is a pipette, one tenth of a pip, not a pip.
- Units traded — a standard lot is 100,000 units of the base currency, a mini lot 10,000, a micro lot 1,000.
- Quote-to-account rate — how much one unit of the quote currency is worth in your account currency. It is exactly 1 when they are the same currency.
That is why the round numbers everyone quotes — 10 dollars a pip on a standard lot, 1 dollar on a mini, 10 cents on a micro — only hold when the quote currency is your account currency. Change the pair and the second step stops being a multiplication by 1.
Worked example: what is a pip worth on 0.10 lots of EUR/USD?
Account in US dollars, trading 0.10 standard lots of EUR/USD, with a 20-pip stop.
- Units. 0.10 × 100,000 = 10,000 units.
- Step 1. EUR/USD is quoted to four decimals, so pip size is 0.0001. 0.0001 × 10,000 = 1.00 USD per pip, because USD is the quote currency here.
- Step 2. The account is in USD and the quote currency is USD, so the rate is 1.0000. 1.00 × 1.0000 = 1.00 USD per pip.
- The number that matters. 20 pips × 1.00 = 20.00 USD. That is what the stop-loss costs if it is hit.
Now change one thing. Same 10,000 units, but the pair is USD/CAD at 1.0200 and the account is still in US dollars. Step 1 gives 0.0001 × 10,000 = 1.00 Canadian dollars per pip. Your account currency is first in the pair, so the rate is 1 ÷ 1.0200 = 0.9804, and the pip is worth 1.00 × 0.9804 = 0.9804 US dollars, call it 98 cents. Small difference on one pip; on a 50-pip stop it is a dollar, and on a standard lot it is ten.
Why does the calculator ask where your account currency sits in the pair?
Because a pip is not paid to you in your own currency. Trade EUR/GBP and each pip arrives in pounds; trade USD/JPY and it arrives in yen. Before that number means anything to your balance, it has to be converted — and the direction of the conversion decides whether you multiply or divide.
- They are the same. A US dollar account on EUR/USD, GBP/USD or AUD/USD. Rate 1, nothing to look up.
- Your account currency is first. A US dollar account on USD/JPY or USD/CAD. You know USD/JPY, but you need the JPY-to-USD direction, so the rate is 1 ÷ price.
- Your account currency is second. A US dollar account on EUR/GBP: the pip arrives in pounds, and GBP/USD already tells you what a pound is worth in dollars, so the rate is the price itself.
This is also why pip value is never quite fixed. As the conversion rate drifts, the cash value of the same pip drifts with it — noticeable on yen crosses, invisible on a dollar-quoted major.
How can you check this calculator is right?
You should not have to take a calculator's word for it, so here are three cases with answers you can verify by hand or against an outside source. Two of them come straight from the BabyPips lesson listed under Sources.
| What to enter | Answer | Check |
|---|---|---|
| 10,000 units · 0.0001 · same currency | 1.00 per pip | 0.0001 × 10,000 = 1.00 |
| 10,000 units · 0.0001 · account first, price 1.0200 | 0.9804 per pip | BabyPips USD/CAD example: about 0.98 USD |
| 10,000 units · 0.01 · account first, price 78.90 | 1.27 per pip | BabyPips GBP/JPY example: about 1.27 USD |
The third row is the awkward one worth understanding. A GBP/JPY position pays in yen, and the price that converts yen into dollars is USD/JPY — 78.90 in the BabyPips worked example, not the 123.00 quote of the pair you are trading. Entering the traded pair's price instead of the conversion pair's price is the single most common way to get a wrong answer out of any pip calculator.
What do beginners get wrong about pip value?
- Assuming 10 dollars a pip everywhere. True for a standard lot on a dollar-quoted pair, and not otherwise. On USD/JPY near 154 a standard lot is closer to 6.50 US dollars a pip.
- Counting the fifth decimal as a pip. On a five-decimal quote, moving from 1.10500 to 1.10505 is half a pip, not five.
- Forgetting yen pairs use two decimals. Treating 0.0001 as the pip size on USD/JPY understates the position by a factor of 100.
- Pricing the entry but not the stop. Pip value only becomes useful when multiplied by the stop distance. That product is your loss if the trade goes wrong, and it should be a number you chose in advance — the logic in risk per trade.
- Ignoring the spread. The spread is charged in pips too, so it is priced with exactly the same arithmetic. A 1.2-pip spread on 0.10 lots of EUR/USD costs 1.20 US dollars the moment the trade opens.
Once you know what a pip is worth, the natural next question is the reverse one: given the loss you are willing to take, how big should the position be? That is what the position size calculator answers. If any of the vocabulary above is still fuzzy, start with what forex is and how a trade actually works, or browse the rest of the tools.
Frequently asked questions
How much is one pip worth?
It depends on two things and nothing else: how many units you trade and what the pair's quote currency is worth in your money. On a standard lot (100,000 units) of a pair quoted to four decimals with USD as the quote currency, one pip is 10 US dollars. A mini lot is 1 dollar and a micro lot is 10 cents. Change the pair or the account currency and the second step of the formula stops being a multiplication by 1.
Why is a pip 0.01 on yen pairs?
Because yen pairs are quoted to two decimal places rather than four. OANDA gives the standard example: USD/JPY moving from 154.01 to 154.02 is a one-pip move. The pip is always the last whole decimal place of the standard quote, which is the fourth decimal on most pairs and the second on yen pairs.
What is a pipette, and does the calculator use it?
A pipette is one tenth of a pip — the fifth decimal on most pairs, the third on yen pairs. Brokers quote it for finer pricing. This calculator works in whole pips, so if your platform shows 1.10505 and you opened at 1.10500, that is 0.5 pips and you would enter 0.5 in the move field.
Do I need a live exchange rate for this to be accurate?
Only when your account currency is not the pair's quote currency, and even then a recent price is close enough for sizing decisions. A one percent move in the conversion rate changes pip value by about one percent, which will not turn a sensible position size into a reckless one. Your broker's own figure is what settles the account, so check it on the platform before you place the order.
Is pip value the same as position size?
No, they are opposite directions of the same arithmetic. Pip value starts from a position size and tells you what a pip is worth. Position sizing starts from the money you are willing to lose and a stop distance, and tells you what size to trade. Most traders need the second one before an order and the first one to sanity-check it.
Sources
- BabyPips — What is a Pip in Forex? (pip size by pair, pipettes, and the two worked conversion examples this page cross-checks against)
- OANDA Corporation, a CFTC-registered Futures Commission Merchant and NFA member — What is a pip in trading? (four-decimal quoting, two decimals for yen pairs, pipettes)
- FirstPip knowledge base — concepts/pip-value and concepts/pips-and-pipettes (S006, S010, S011, S013): pip value scales with lot size and depends on the quote currency