Pip calculator: what one pip is worth for your pair and account
Pip value for any pair, position size and account currency, including yen pairs and gold. No live rates, so you control every input and nothing depends on a feed staying up.
Work out what one pip is worth for your pair, your position size and your account currency. It runs in your browser with no live rates, which means you control every input and nothing depends on a data feed staying up.
How to fill the four fields
Pip size. 0.0001 for almost everything, 0.01 for any pair containing the yen. Gold has no standard: check your broker’s contract specification, because some treat 0.01 as a pip and others 0.1 or 1.0.
Contract size. 100,000 units per lot for currency pairs. Gold is often 100 ounces. Indices and crypto vary widely. This is in the symbol specification in your platform, and it is the field that catches people moving from currencies to metals.
Quote to account rate. This is the only one that needs thought:
- If the pair’s second currency is your account currency, leave it at 1. Example: EUR/USD on a dollar account.
- Otherwise, enter how much one unit of the quote currency is worth in your account currency. Example: USD/JPY on a dollar account, with USD/JPY at 147.82, enter 1 ÷ 147.82 = 0.006765.
- Example: EUR/GBP on a dollar account, with GBP/USD at 1.2714, enter 1.2714.
The formula
Pip value = lots × contract size × pip size × rate
EUR/USD, 0.10 lots, dollar account: 0.10 × 100,000 × 0.0001 × 1 = $1.00 per pip.
USD/JPY, 1.00 lot, dollar account, rate 147.82: 1.00 × 100,000 × 0.01 × (1÷147.82) = $6.77 per pip.
Reference values
For pairs quoted in US dollars, with a dollar account:
| Position | One pip | Ten pips | Fifty pips |
|---|---|---|---|
| 1.00 lot | $10.00 | $100 | $500 |
| 0.50 lot | $5.00 | $50 | $250 |
| 0.10 lot | $1.00 | $10 | $50 |
| 0.01 lot | $0.10 | $1 | $5 |
Why the value on yen pairs keeps changing
Because the pip is denominated in yen and has to be converted back. As USD/JPY moves, the dollar value of a yen pip moves with it. There is no fixed number to memorise, which is exactly why this calculation is worth automating rather than guessing.
A warning about points
If you are putting this number into a trading platform or an automated system, check whether the field expects pips or points. On a five-decimal broker one pip is ten points, so a “50” that you meant as pips becomes 5 pips. This is the most common cause of stops that look like they were hunted. See pips.
Related
- Position size calculator: uses the number this page produces.
- Pips and lots.
Frequently asked questions
What do I enter in quote to account rate?
If the second currency of the pair is your account currency, leave it at 1. Otherwise enter how much one unit of the quote currency is worth in your account currency. For USD/JPY on a dollar account with the pair at 147.82, that is 1 divided by 147.82.
Why is pip value on yen pairs never a fixed number?
Because the pip is denominated in yen and has to be converted back to your account currency, so its value moves as the exchange rate moves. There is no figure to memorise.
What pip size should I use for gold?
There is no standard. Some brokers treat 0.01 as a pip, others 0.1 or 1.0. Check the contract specification for your own broker before using any pip based instruction on gold.
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