Pip Value Calculator
The cash value of a single pip for your position, in the pair's quote currency and in your own account currency. Get this right and stop distances turn cleanly into dollars of risk.
By Joey van Diest, founder and editorUpdated
Contract and pip sizes are pre-filled with the common convention and are fully editable, because brokers genuinely differ. Your broker's contract specification is the authority.
- Value / pip (quote)
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- Value / pip (account)
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- Per 10 pips
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The formula
pip value (quote) = pip size × contract size × lots
pip value (account) = pip value (quote) × rate(quote → account)
The first line is exact arithmetic. One standard lot of EUR/USD is 100,000 euros; a pip is 0.0001; so a pip is 0.0001 × 100,000 = $10, in USD, the quote currency. Trade 0.20 lots and it is $2 a pip. The only inputs are your contract size and pip size, both of which this tool pre-fills with the common convention and lets you edit, because that is exactly where brokers differ and where naive calculators go wrong.
The second line converts to your account currency when it differs from the quote currency. A pip of USD/JPY is worth 0.01 × 100,000 = 1,000 yen; if your account is in dollars, that converts at the current USD/JPY rate to roughly $6 to $7. We convert using daily ECB reference rates; your broker will use its own rate plus a small spread, so the account-currency figure is a close estimate rather than a to-the-cent guarantee.
Why this is the number that sizes your risk
Pip value is the bridge between a chart distance and a dollar of risk. Your stop is some number of pips away; multiply that by the pip value and you have the money at stake on the trade. Getting pip value wrong by using a non-standard contract size is one of the most common ways traders unknowingly take five or ten times the risk they planned. When in doubt, open your broker's contract specification and paste its contract size into the editable field above.
Frequently asked questions
- What exactly is a pip?
- A pip is the standard smallest quoted increment for an instrument. For most currency pairs it is 0.0001 of the exchange rate; for yen pairs it is 0.01; for gold many brokers treat 0.01 as one point. A pip is a price distance, not money. This calculator turns that distance into money for your position size, which is what actually matters for risk.
- Why does my broker show a different pip value?
- Almost always because of contract size. One standard forex lot is near-universally 100,000 units, but metals, oil and index contracts vary a lot between brokers: gold might be 100, 50 or 10 ounces per lot. That is why every contract size here is editable and instruments with real-world variance are flagged. Set the contract size to match your broker and the pip value will match too.
- How is the account-currency value calculated?
- The raw pip value comes out in the pair's quote currency. We then convert it to your account currency using daily ECB reference rates baked into the site. Your broker converts at its own rate with a small spread, so treat the account-currency figure as a close estimate, exact only when the quote currency is your account currency.
- Does pip value change as price moves?
- For pairs quoted in your account currency, no, it is fixed by contract size. For pairs whose quote currency differs from your account currency, the converted value drifts slightly as that exchange rate moves, but the effect is second-order. Size your risk from the value here and you will be within a rounding error.
Method and limitations
Pip value is pure arithmetic on your inputs; account-currency conversion uses daily ECB reference rates baked into the site. Nothing is fetched during your visit and nothing you type leaves your browser. Contract sizes and pip sizes are pre-filled with common conventions and are fully editable: retail brokers genuinely differ on metals, energy and index contracts, so your broker specification is the authority. This is an information tool, not trading advice.
Data sources
- European Central Bank reference rates via Frankfurter — used only to convert results into your account currency; published free by the ECB
This tool runs entirely in your browser. Nothing you enter is sent to us or stored.
For general information and education only. This is not financial advice and not a recommendation to buy or sell anything. Trading and investing carry risk, including the risk of losing more than your initial outlay. Always verify figures against your broker or the original source before acting on them.
Spotted an error? Email[email protected]and it will be corrected. Maintained byJoey van Diest.