Pip Value Calculator

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.

Does leverage change the pip value?

No. Pip Value will be influenced by (only) 3 factors: The Size of Pips (in pips), Contract Size (of each instrument), How Many Lots are Traded. It's the Leverage that determines the Margin your Broker will hold in order to allow the Position to Open, NOT how much a Pip is Worth when the Position is already Open. As an example, for a Standard Lot of EUR/USD at 1:30, and also as an example at 1:500, a Pip will always cost $10; the only difference with the different levels of Leverage is that the amount of your account that you have committed towards the position is being adjusted.

Is there an MT4 or MT5 indicator, or something to download?

No installation required. It runs directly within the browser on any device. The “Copy Link” button stores your instrument, lots, and account currency in a URL that can be bookmarked. While both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) display a pip value in the Order Window, it uses your brokers’ contract size, which is the exact number of contracts to copy into the editable area provided for reconciling both. The entire process would be contained within one cell in a spreadsheet: pip size x contract size x lots x exchange rate if the quote currency does not match yours.

I was looking for pi, a p-value, or credit-card points?

There are several different instruments that have been called by the same name, but we'll be focusing on the 'forex pip' which refers to the minimum incremental price movement for a particular financial instrument. If you were looking at finding the mathematical constant pi, a probability value (p-value) in statistical testing or the dollar amount associated with American Express or Chase rewards, neither will be covered in this section as it relates only to trading.