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Pip value calculator

What a one-pip move is worth on your position, in the currency your account is actually denominated in.

Every other calculation on this site needs this number first. Position size needs it, risk per trade needs it, and the cost calculators need it.

It is not a fixed $10. It depends on the pair, the size, and what currency your account is held in, and yen pairs use a different pip size entirely, which is the most common way a position ends up sized ten times wrong.

lots

One standard lot is 100,000 units. A mini lot is 0.1, a micro lot is 0.01.

The SECOND currency in the pair. This is what decides the pip size.

1 if the quote currency is already your account currency. For a USD account trading USD/JPY at 150, enter 1 ÷ 150 = 0.00667.

One pip is worth$10.00
In the quote currency
10
Pip size used
0.0001
0.0001 on most pairs, 0.01 on yen pairs.

A model, not a quote. Every figure here comes from what a broker publishes or what you type, and real fills, spreads and rates move.

The formula

Pip size
0.01 for JPY-quoted pairs, otherwise 0.0001
Value in quote currency
units × pip size
Value in account currency
value in quote × quote-to-account rate

How to use it

  1. Enter the size in lotsStandard, mini and micro lots are 1, 0.1 and 0.01. The value scales exactly with size, so a micro lot is a hundredth of a standard one.
  2. Choose the quote currencyThe second half of the pair. EUR/USD is quoted in dollars, USD/JPY in yen. This is what sets the pip size, and getting it wrong is a factor-of-100 error.
  3. Set the conversion rateIf the quote currency is your account currency, leave it at 1. Otherwise it is the rate that turns one unit of the quote currency into one of yours.
  4. Use the result everywhere elsePosition size, risk per trade and cost comparisons all take this figure as an input.

Why a yen pair is not the same as a dollar pair

One standard lot of EUR/USD in a dollar account: 100,000 units × 0.0001 = $10 a pip. Straightforward, and where the familiar $10 comes from.

One standard lot of USD/JPY at 150: 100,000 × 0.01 = ¥1,000 a pip, which at 150 to the dollar is about $6.67.

Same lot size, two-thirds the risk per pip. A stop measured in pips therefore means something different on each, which is why position size has to be worked out per pair rather than assumed.

Pipettes are not pips

Most platforms quote a fifth decimal place on non-yen pairs and a third on yen pairs. That last digit is a tenth of a pip, not a pip.

A spread displayed as 12 on a five-decimal feed is 1.2 pips. Reading it as 12 pips overstates your costs tenfold and will make every broker look unaffordable.

Common questions

Is a pip always $10 per lot?

Only for a pair quoted in your account currency, at one standard lot. Change the pair, the size or the account currency and it changes.

What is a pipette?

A tenth of a pip: the extra decimal place most brokers now quote. Useful for pricing precision, and a reliable source of confusion when reading spreads.

Why do yen pairs use 0.01?

Because the exchange rate runs in the hundreds rather than near one. A pip is meant to be a small but meaningful move, and on a rate of 150 the fourth decimal place is not one.

Does pip value change as the price moves?

For pairs quoted in your account currency, no. Where a conversion is involved it drifts slightly with the conversion rate, which matters over a long hold and not within a trade.

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