Forex
Pip Value Calculator
Calculate forex pip value per pip in your account currency from the pair, lot size and conversion rate. Handles JPY pairs (0.01 pip) correctly.
Pip value is the monetary change in a position from a one-pip move in the exchange rate, for a given position size.
Pip value (account currency)
$6.67
- Pip size
- 0.01
- Pip value (JPY)
- 1,000
JPY-quoted pairs use a pip size of 0.01; all other pairs use 0.0001.
Worked example
A trader holds 1 standard lot (100,000 units) of EUR/USD, with a USD account.
- Pip size
- 0.0001 (non-JPY pair)
- Pip value in quote currency
- 0.0001 × 100,000 = $10
- Conversion rate
- 1 (quote currency USD = account currency USD)
- Pip value in account currency
- $10 × 1 = $10 per pip
Each pip of EUR/USD movement is worth $10 on a standard lot. For USD/JPY at ~150, the same lot is roughly $6.67 per pip once converted, since the pip size is 0.01 instead of 0.0001.
How this is calculated
A pip is the standard smallest move of a pair: 0.0001 for most pairs and 0.01 for JPY-quoted pairs.
pip value (quote) = pip size × units. Multiply by the quote-to-account conversion rate to get the value in your account currency. A standard lot is 100,000 units, mini 10,000, micro 1,000.
We use a manual conversion rate so the tool never depends on a live feed — enter the current rate from your platform.
When to use this calculator
Use this whenever your stop loss is measured in pips and you need to know what those pips cost in your own account currency. It is the bridge between a chart-based stop distance and a cash risk figure you can budget against.
It matters most on JPY-quoted pairs and crosses. JPY pairs use a 0.01 pip instead of 0.0001, and crosses need a quote-to-account conversion rate — the two places where mental arithmetic most often goes wrong by a factor of 100 or by the day's exchange rate.
Run it once per pair and lot size when conditions are stable, but re-check cross pairs periodically: their pip value drifts with the conversion rate, so a stop that risked $50 last month may risk a different amount today.
Common mistakes
- Using 0.0001 as the pip size for JPY pairs — JPY pairs use 0.01, so pip value is calculated 100x differently.
- Forgetting the quote-to-account conversion rate on cross pairs, which silently misstates pip value in your own currency.
- Confusing lot size (100,000/10,000/1,000 units) with position size in currency units, understating or overstating risk.
Frequently asked questions
- What is a pip?
- A pip is the standard smallest price move for a pair: 0.0001 for most pairs, and 0.01 for JPY-quoted pairs such as USD/JPY.
- How is pip value calculated?
- Pip value in the quote currency = pip size × units traded. Multiply by the quote-to-account conversion rate to express it in your account currency.
- How many units is a lot?
- A standard lot is 100,000 units, a mini lot is 10,000 and a micro lot is 1,000 units of the base currency.
- What is pip value for a mini or micro lot?
- It scales directly with size: a mini lot (10,000 units) has 1/10th the pip value of a standard lot, and a micro lot (1,000 units) has 1/100th.
- How do I find the conversion rate for a cross pair?
- Use the current exchange rate between the pair's quote currency and your account currency — for a JPY-quoted pair viewed from a USD account, use the USD/JPY rate to convert.
- Why is EUR/USD pip value always about $10 for a standard lot?
- Because the quote currency is USD (likely your account currency), so pip value in USD = 0.0001 × 100,000 = $10 with no extra conversion needed.
- Does pip value change as the price moves?
- For pairs quoted in your account currency it stays fixed; for cross pairs it moves slightly with the conversion rate, since pip value depends on the current quote-to-account rate.