Pip Calculator

A pip is the smallest standard price move in a currency pair. For most pairs it is the fourth decimal place (0.0001). For pairs that contain the Japanese yen, a pip is the second decimal place (0.01). It is the unit you use to measure profit, loss, spread, and risk.

Pip value in the quote currency equals the pip size multiplied by the contract size. For one standard lot of EUR/USD that is 0.0001 × 100,000 = 10 units of the quote currency. If your account is held in a different currency, you multiply that figure by the current exchange rate between the quote currency and your account currency.

Pip value is first calculated in the pair’s quote currency (the second currency in the pair). If your account currency matches the quote currency, leave the rate at 1. If it differs, enter the current price of one unit of the quote currency in your account currency so the result is shown in the money you actually deposit and withdraw.

For a standard lot (100,000 units) of a non-yen pair, one pip is worth 10 units of the quote currency. A mini lot (10,000) is worth 1 unit per pip, and a micro lot (1,000) is worth 0.1 units per pip. Yen pairs use a pip size of 0.01, which works out to roughly the same value once converted.

The raw pip value is set by the contract size, so it is the same everywhere. What differs between brokers is the spread, commission, and swap, which all reduce the pips you actually keep. Always confirm contract specifications with your own broker.