Introduction
A pip is the smallest price move in a forex currency pair.1 For most pairs one pip is 0.0001, while for yen pairs one pip is 0.01. Knowing the cash value of each pip helps you manage risk and plan your trades.
This pip calculator shows you exactly how much money one pip is worth for any currency pair or metal. Just pick your account currency, enter your trade size in lots or units, and hit calculate. The tool loads the latest daily exchange rates and runs the calculations for you.
You can also set a custom number of pips to find the total value of a price move. For example, if your stop loss is 50 pips away, the calculator tells you how much you stand to lose in your own currency. It covers major pairs like EUR/USD, minor pairs like EUR/GBP, exotic pairs like USD/TRY, and precious metals like gold and silver.
Each result includes a step-by-step breakdown of the formula so you can see how the pip value is found. A sortable table lists every instrument, 20 to a page, and a chart compares the pip values of the instruments on the current page.
How to Use Our Pip Calculator
Enter your trade details below to find out how much one or more pips are worth in your account currency. The calculator shows pip values for all major, minor, exotic, and metal pairs in a full results table.
Account Currency: Pick the currency your trading account uses. All pip values will show in this currency.
Trade Size (Lots): Type the number of lots you plan to trade. One standard lot equals 100,000 units. This field syncs with the Units field automatically.
Trade Size (Units): Type the exact number of currency units for your trade. This field syncs with the Lots field automatically. For a metal, the trade size is your number of lots times the contract size, so use the Lots field.
Number of Pips: Enter how many pips you want to calculate the value for. Set it to 1 to see the value of a single pip, or use a higher number like 50 to price a larger move.
Lot Size Reference: Choose which lot size column to highlight in the results table: Standard (100K), Mini (10K), Micro (1K), or Custom based on your inputs. For a metal, the Standard column is one full contract, Mini is one tenth of it and Micro is one hundredth.
Filter by Category: Select one or more categories to narrow the results. Choose from Major, Minor, Exotic, or Metals. Pick "All" to see every instrument.
Click the Calculate button to load the latest exchange rates and update all results. Click any row in the table to see a detailed breakdown and step-by-step solution for that pair.
What Is a Pip in Forex Trading?
A pip stands for "percentage in point." It is the smallest standard price move a currency pair can make.1 For most currency pairs, one pip equals 0.0001 (the fourth decimal place). For pairs that include the Japanese yen, one pip equals 0.01 (the second decimal place).
Pips help traders measure how much a price has gone up or down. If EUR/USD moves from 1.1050 to 1.1055, that is a move of 5 pips. Knowing how much each pip is worth in your account currency tells you how much money you gain or lose on a trade.
How Pip Value Is Calculated
The value of a pip depends on three things: the pip size, your trade size (measured in units or lots), and the exchange rate between the quote currency and your account currency. The basic formula is:
Pip Value = Pip Size × Trade Size (in units) × Number of Pips2
If your account currency is different from the quote currency of the pair, you then convert the result using the latest exchange rate.
Understanding Lot Sizes
In forex, trade sizes are grouped into lots:
- Standard lot: 100,000 units of the base currency
- Mini lot: 10,000 units
- Micro lot: 1,000 units
A bigger lot size means each pip is worth more money. For example, on EUR/USD with a USD account, one pip on a standard lot is worth about $10, while one pip on a micro lot is worth about $0.10.
Why Pip Values Matter
Knowing your pip value helps you manage risk. Before you open a trade, you can figure out exactly how much you stand to win or lose for every pip the price moves. This makes it easier to set stop-loss orders and choose the right trade size for your account. Understanding pip values also ties into broader concepts like margin requirements and overall return on investment for your trading strategy.
Pips on Metals like Gold and Silver
Pip values also apply to precious metals such as gold (XAU) and silver (XAG). Gold uses a pip size of 0.01. A standard gold contract is 100 troy ounces.3 Silver uses a pip size of 0.001. A standard silver contract is 5,000 troy ounces.4 The same formula applies. You just swap in the correct pip size and contract size.