Pip value calculator
A pip is the small step a price moves in. What one pip is worth depends on the lot size, the contract size and the currency the pair is quoted in. Choose the instrument and the lots to see it in US dollars.
How to use it
- Pick the instrument; the contract size and pip size fill in by themselves.
- For pairs quoted in JPY, CHF or CAD the value is converted with today's price; check it in the settings.
- Enter your lot size.
Worked example
EUR/USD, 1 lot: 0.0001 × 100,000 = 10 USD per pip. 0.25 lots: 2.50 USD. USD/JPY at 150, 1 lot: 0.01 × 100,000 ÷ 150 = 6.67 USD per pip. Gold, 1 lot, pip 0.10: 0.1 × 100 = 10 USD.
The formula
Pip value = pip size × contract size × lots × USD per unit of the quote currency
Questions
What is the pip value of 1 lot of gold?
With 100 ounces per lot and a pip of 0.10, one pip is 10 USD per lot. Brokers that count gold pips as 0.01 show 1 USD.
Why is the pip value of USD/JPY not 10 USD?
The pip is earned in yen; converting 1,000 yen to dollars at the current price gives about 6 to 7 USD.
Does leverage change the pip value?
No. Leverage only changes the margin the broker holds; the pip value comes from the position size.
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