Pip Value Calculator
Calculates the cash value of one pip on a forex position, given the pair, position size, and account currency. The result drives position sizing and stop-loss math.
This page covers the calculation; it is not trading advice.
Pip value calculator
Set the instrument, position size, and price below to see what a single pip is worth — the figure every risk number on this page builds on.
Fixed reference rate — replace with the current price.
Pip value · per pip of price movement
$10.00
Each pip of movement on EUR/USD at 1.00 lot is worth $10.00 — at a rate of 1.12530.
How this result is calculated
The formula updates as you change inputs.
- Lot units (in base)
- Pip value in USD (quote currency)
- Account currency = quote currency
- No conversion step required.
Pip value at common lot sizes
| Lot size | Pip value |
|---|---|
| 0.01 micro | $0.10 |
| 0.10 mini | $1.00 |
| 1.00 standard | $10.00 |
| 10.00 max | $100.00 |
Risk context
This takes the pip value above and shows how much of your account a stop-loss this far away puts at risk.
A 35-pip stop at 1.00 lot on EUR/USD risks $350.00 — 3.50% of a $10,000.00 account if the stop fills at its price, with pip value taken at the entry rate. A gap or slippage past the stop loses more, as does a long position on a pair converted at its own price, such as USD/JPY on a USD account.
Adjust the lot size or account size to shift this figure. The 'Start from risk' section below finds the lot size for a target risk between 0.50% and 5.00% of the account.
Same lot size, different risk
Pairs with different quote currencies carry different pip values at the same lot size, which changes the cash at risk for a given stop-loss across the pairs below.
Rates are fixed reference mid-rates, not live market prices. Only the selected pair's row uses the rate entered above; every other row converts at the fixed reference rates, including pairs that share its quote currency. Selected pair highlighted with a brand rule.
Start from risk, find the lot size that fits it
The blocks above start from a lot size and show the risk. This one reverses the order — set the risk you will accept, and it returns the largest lot size, on the 0.01 step and up to the 10.00-lot maximum, whose loss at the stop price stays within it, with pip value taken at the entry rate. A fill beyond the stop, after a gap or slippage, loses more.
Account size and stop distance carry over from Risk context — change them in either place.
Shared with Risk context above.
Shared with Risk context above.
- Lot size to use
- 0.28
- Pip value at this lot size
- $2.80
- Cash at risk
- $98.00
- Margin required · 1:100
- $315.08
Using 0.28 lots on EUR/USD with a 35-pip stop puts $98.00 at risk if the stop fills at its price, within the 1.00% target, with the lot rounded down to the nearest 0.01. Pip value is taken at the entry rate, so on a pair converted at its own price, such as USD/JPY on a USD account, a long position stopped out loses slightly more. A fill beyond the stop after a gap or slippage, plus any commission, also adds to that loss.
How this calculation works
Pip value depends on three inputs: position size, pip size (0.0001 on most pairs, 0.01 on JPY-quoted pairs), and the relationship between the pair's quote currency and the account currency.
When the quote currency matches the account currency (EUR/USD on a USD account), pip value in account currency = pip × position size. No conversion is needed.
When the base currency is the account currency (USD/JPY on a USD account), pip value = (pip × position size in base) ÷ exchange rate. The result is in base currency, which equals the account currency — no further conversion.
When neither side is the account currency (EUR/GBP on a USD account), the result is in the quote currency, then converted to the account currency at the quote-to-account rate.
Formula
Three branches — same-quote, same-base, cross — depending on how the account currency relates to the pair.
- Account currency = quote currency (e.g. USD account, EUR/USD)
- 1 standard lot of EUR/USD priced in USD — no conversion needed.
- Account currency = base currency (e.g. USD account, USD/JPY)
- 1 standard lot of USD/JPY at 158.02.
- Cross pair (e.g. USD account, EUR/GBP)
- GBP is the quote currency; convert it to the USD account at the GBP/USD rate.
Worked example
EUR/USD at 1.1253, 1 standard lot (100,000 EUR), USD account.
Pip = 0.0001. Pip value in USD = 0.0001 × 100,000 = $10 per pip.
Halve the lot to 0.50 — pip value = $5. Quarter to 0.25 — pip value = $2.50. The math is linear in lot size.
USD/JPY at 158.02, 1 standard lot (100,000 USD), USD account: pip value = (0.01 × 100,000) ÷ 158.02 = $6.33 per pip per standard lot.
Concept web
Related reading
Common questions
What determines the value of a pip?
Three inputs: the pip size (0.0001 on most pairs, 0.01 on JPY pairs), the position size in base-currency units, and the conversion from the quote currency to the account currency. A 1 standard lot of EUR/USD on a USD account at 1.1253 is 0.0001 × 100,000 = $10 per pip — no conversion needed. The same lot of USD/JPY at 158.02 produces 0.01 × 100,000 = ¥1,000 per pip, converted to USD as ¥1,000 ÷ 158.02 = $6.33.
Why is the pip on a JPY pair worth less than on EUR/USD?
JPY pairs are quoted to two decimal places (three with a pipette) because a single yen is worth less than one US cent, so the pip on these pairs is the second decimal (0.01) rather than the fourth (0.0001). The lower dollar value comes from the conversion, not from the pip size. A 100,000-unit standard lot of USD/JPY at 158.02 produces ¥1,000 of P&L per pip, which converts to ¥1,000 ÷ 158.02 = $6.33 at that example price. On a USD account a JPY-pair pip is worth ¥1,000 ÷ USD/JPY per standard lot, so it sits below the $10 of USD-quoted pairs whenever USD/JPY trades above 100. Below 100 the order reverses: at 80.00 the same pip is worth ¥1,000 ÷ 80.00 = $12.50.
How does the account currency change pip value?
When the quote currency of the pair matches the account currency (USD account on EUR/USD, GBP account on EUR/GBP), pip value is fixed at the per-lot unit — $10, £10 — with no conversion. When the quote currency differs (USD account on EUR/GBP), pip value is calculated in the quote currency first (here, £10 per standard lot) and then converted to the account currency at the quote-to-account rate (£10 × GBP/USD at 1.3335 = $13.335 per pip, which the calculator rounds to $13.34).
Does pip value change while the position is open?
For pairs where the quote currency matches the account currency, pip value is fixed for the life of the position regardless of how the price moves. For pairs where conversion is needed (USD account on USD/JPY, or any cross pair), pip value drifts as the conversion rate moves — a USD/JPY position opened at 158.02 ($6.33 per pip) shows $6.45 per pip at 155.00 and $6.17 at 162.00. The shift is small in normal conditions and grows with position size and with the size of the rate move.
Does pip value scale linearly with lot size?
Yes. A mini lot is 1/10 of a standard lot, a micro lot is 1/100, and pip value scales at the same ratio. On EUR/USD with a USD account: 1 standard lot = $10 per pip, 1 mini lot = $1 per pip, 1 micro lot = $0.10 per pip. Entering 0.5 lots in the calculator returns $5 per pip — pip value multiplies through linearly with the lot input.
Is pip value the same as spread cost?
No. Pip value is what one pip of movement is worth in the account currency on the open position, a unit of P&L. Spread cost is the spread in pips multiplied by pip value: on a USD account, an assumed 1.2-pip spread on 1 standard lot of EUR/USD costs 1.2 × $10 = $12 per round trip, half at entry and half at exit, when the spread is unchanged at exit. The two figures are arithmetically related but answer different questions.