Pip value calculator
This pip calculator tells you how many US dollars a one-pip move is worth for the pair and position size you enter. Knowing that number is the first step in controlling risk: a 30-pip stop means something very different on 0.1 lots than on 2 lots.
The formula behind the pip calculator
Pip value (USD) = pip value in the quote currency, converted into US dollars
Units = lots × 100,000 (or × 100 oz for gold)
The pip size is 0.0001 for most pairs and 0.01 for pairs quoted in Japanese yen. When the US dollar is the quote currency, as in EUR/USD, no conversion is needed. When it is the base currency, as in USD/JPY, you divide by the current price. For cross pairs such as EUR/GBP, the calculator asks for the rate that converts the quote currency into dollars.
Worked examples
These numbers are illustrative.
- EUR/USD, 1 lot: 100,000 × 0.0001 = $10 per pip.
- USD/JPY, 0.3 lots at 150.00: 30,000 × 0.01 = 300 yen per pip; 300 ÷ 150.00 = $2.00 per pip.
With that USD/JPY position, a 25-pip stop would put about 25 × $2.00 = $50 at risk before costs.
How to read the result
- Multiply the pip value by your stop distance to see the money at risk on a trade.
- Multiply it by the spread to see what the spread costs you on entry.
- For yen and cross pairs the result changes slightly as the exchange rate moves, so recheck with a current price.
To work in the opposite direction, from a risk amount to a lot size, use the position size calculator. To see how much margin the position ties up, use the margin calculator. Our forex guide explains pips and lots from the beginning.