Pip Calculator

Work out what a pip is worth in your own account currency before you size a position.

Pip calculator

What one pip is actually worth

Pick the instrument, enter the size, and the value of a single pip appears in the currency your account is held in.

A pip is a distance
The fourth decimal on most pairs, the second on anything quoted in yen. What it is worth depends entirely on how much you hold.
Size is the only dial
The same twenty-pip move costs about $200 on a standard lot and $2 on a micro. Choose the size before you choose the entry.
Your currency, not the quote
A EUR/GBP position pays out in pounds. If your account is in dollars, the result converts — which is what the rate field below is for.

Instrument

Position size

lots

One lot is 100,000 EUR.

Account currency

Value of one pip on 1 lot$10.00EUR/USD · pip size 0.0001

Per standard lot$10.00

10 pips$100.00

50 pips$500.00

Using the number

Everything about a trade that you actually control — the size, the stop, the worst case — runs through this one figure.

Work backwards from the stop
Decide what a losing trade may cost first, then divide by the distance to your stop. That gives you a position size in pips rather than a number you picked because it felt right.
Yen pairs are not the odd ones out
A pip on USD/JPY is 0.01 rather than 0.0001, so the arithmetic looks different while the logic is identical. The calculator carries the right pip size for every symbol in the list.
A pip is not a fixed cost
Pip value changes with the exchange rate whenever the quote currency is not your account currency. On a long hold, the same twenty pips can be worth measurably more or less than they were on entry.

Trade the majors from 0.3 pips, with execution measured in milliseconds and a $10 minimum to start.