Pip value calculator
This pip calculator answers a simple question that decides your risk: how much money does a one-pip move make or lose on the position size you are considering? Enter the pair, the current price and the number of lots. For cross pairs, add the conversion rate the form asks for so the result is shown in US dollars.
The formula
Pip size = 0.0001 for most pairs, 0.01 for JPY pairs
If the quote currency is not USD, convert: pip value ÷ USD/quote rate
For pairs where the US dollar is the second currency, such as EUR/USD or GBP/USD, the answer is always $10 per standard lot, whatever the price. For pairs where the dollar comes first, such as USD/JPY, the value depends on the exchange rate.
Worked examples (illustrative numbers)
- EUR/USD, 0.5 lots: 0.5 × 100,000 × 0.0001 = $5 per pip. A 40-pip move is $200.
- USD/JPY at 150.00, 1 lot: 100,000 × 0.01 = ¥1,000 per pip, and ¥1,000 ÷ 150 = about $6.67 per pip.
- USD/JPY at 150.00, 0.3 lots: 0.3 × ¥1,000 ÷ 150 = $2 per pip.
Reading the pip calculator output
Multiply the pip value by the distance to your stop-loss and you have the planned loss on the trade. If that figure is more than you are willing to lose, reduce the lot size rather than moving the stop closer to the price. The position size calculator does this in reverse, starting from the amount you are willing to risk.
Remember that spreads and commissions are also measured in pips. A 1.5-pip spread on a trade worth $5 per pip costs $7.50 before the price has moved at all; our guide to trading fees explains the other charges.
The result is only as accurate as the price you enter. Pip values on non-USD-quoted pairs change as exchange rates move, so recalculate when prices have shifted significantly. The calculator runs entirely in your browser and does not save or send what you type.