Pip value calculator
Choose an instrument and a position size to see what one pip of movement is worth in US dollars, for yen pairs, crosses, gold and silver as well as the dollar pairs.
Value of one pip
$10.00
For 1.00 lots of EUR/USD, per 0.0001 move.
- Standard lot (1.00)
- $10.00
- Mini lot (0.10)
- $1.00
- Micro lot (0.01)
- $0.10
Example values are filled in; replace them with your own. Results are estimates in US dollars and leave out spread, commission and swap.
How the calculation works
A pip is the standard unit of price movement. On most currency pairs it is the fourth decimal place, 0.0001; when the quote currency is the Japanese yen it is the second, 0.01. Multiply the pip by the number of units you hold and you get the pip value: how much the position gains or loses for each pip the price moves.
The pip value comes out in the quote currency, the second currency of the pair. For EUR/USD that is already the US dollar, so a standard lot of 100,000 euros is worth $10 a pip. For USD/JPY the same lot is worth ¥1,000 a pip and its dollar value depends on the exchange rate, so the calculator divides by the USD/JPY price. Crosses such as EUR/GBP and EUR/JPY convert through GBP/USD and USD/JPY.
Because the conversion uses an exchange rate, the dollar value of a pip on a yen or pound pair drifts from day to day even when your position does not change. Gold and silver are quoted in dollars: here one lot of gold is 100 troy ounces with a 0.01 pip, and one lot of silver is 5,000 troy ounces with a 0.001 pip.
The formula
Pip value (quote currency) = Pip size × Contract size × Lots
Pip value (US dollars) = Pip value (quote currency) × Conversion rate
- Pip size
- 0.0001 on most currency pairs, 0.01 when the quote currency is the yen, 0.01 for gold, 0.001 for silver.
- Contract size
- Units in one standard lot: 100,000 of the base currency, 100 troy ounces of gold, 5,000 troy ounces of silver.
- Lots
- Your position size. A mini lot is 0.10 and a micro lot is 0.01 of a standard lot.
- Conversion rate
- What one unit of the quote currency is worth in US dollars. For EUR/USD it is 1. For a yen-quoted pair it is 1 ÷ the USD/JPY price; for a pound-quoted pair it is the GBP/USD price.
Worked example
A position of 0.50 lots in USD/JPY, with the pair trading at 150.00.
- Pip size
- 0.01
- Contract size
- 100,000 USD
- Pip value in yen
- 0.01 × 100,000 × 0.50 = ¥500
- Conversion rate
- 1 ÷ 150.00
- Pip value in US dollars
- ¥500 ÷ 150.00 = $3.33
Each pip on this position is worth about $3.33.
For comparison, one standard lot is worth $10.00 a pip on EUR/USD, $1.00 a pip on gold and $5.00 a pip on silver at the contract sizes above.
Illustrative numbers, not live quotes.
Frequently asked questions
What is a pip?
The standard unit of price movement: 0.0001 on most currency pairs and 0.01 when the quote currency is the Japanese yen. This page counts gold in pips of 0.01 and silver in pips of 0.001.
Why is the pip value of USD/JPY not $10?
The pair is quoted in yen, so one standard lot is worth ¥1,000 a pip. At a USD/JPY price of 150.00 that is about $6.67, and the dollar figure moves with the exchange rate.
Why does the calculator ask for another price on EUR/GBP or EUR/JPY?
The pip value comes out in the quote currency, pounds or yen. To show it in US dollars the calculator needs the price that converts that currency: GBP/USD for pounds, USD/JPY for yen.
Sources
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- Margin calculatorThe margin a position ties up at your leverage, from lot size and price.Formula and worked example
- Profit and loss calculatorThe result of a long or short trade in pips and US dollars, from entry, exit and lot size.Formula and worked example
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An educational tool, not investment advice. Markitel is not a broker or custodian and does not offer real-money trading. Contract sizes, pip definitions and lot steps differ between brokers; check every figure against your broker's contract specifications before you trade.
Trading involves risk of loss. Markitel provides signals and analytics for informational purposes only and is not a registered investment adviser. Past performance does not guarantee future results. Read full disclosure.