Forex Pip Value Calculator — All Major Pairs

A pip is a movement, not an amount

That distinction is the whole point of the tool. Pips measure how far a price moved. Pip value converts that movement into money. Confusing the two is the error this page exists to prevent, because the same number of pips is a different amount of money on different pairs and at different sizes.

For most pairs a pip is the fourth decimal place — 0.0001.

Size sets the value, not the market

Lot sizes are fixed conventions: a standard lot is 100,000 units of the base currency, a mini lot 10,000, a micro lot 1,000.

On a four-decimal pair whose quote currency is your account currency, one pip is worth:

• Standard lot — 10
• Mini lot — 1
• Micro lot — 0.10

It scales linearly with size, which is the useful thing to internalise: you determine what a given price move is worth to you, not the market. The market decides how many pips; the size decides what each one costs.

The yen exception

Japanese yen pairs are quoted to two decimal places, so a pip there is 0.01 — a hundred times larger as a price increment than on a four-decimal pair.

This is where the most common pip mistake happens, and it is worth being explicit about why. Glance at two charts and a move that looks numerically similar is a completely different number of pips depending on whether the pair involves yen. Reading a move off a chart and assuming it means the same thing across pairs is straightforwardly wrong, and the factor is a hundred rather than something small.

Why the account currency matters

When the quote currency is not the currency your account is denominated in, the pip value has to be converted into your currency — so it moves as that exchange rate moves.

Which means pip value is not a fixed constant for a pair. It is fixed only in the case where the quote currency happens to be your account currency. Everywhere else, the figure you calculated last month is not the figure today.

What it is for

• Translating a stop distance in pips into an amount of money
• Comparing what the same stop distance costs across different pairs
• Checking a position size means what you think before opening it

That last one is the everyday use, and the yen case is exactly why it is worth doing rather than estimating.

One thing this is not

Leveraged foreign exchange trading carries substantial risk and can produce losses exceeding the amount deposited. A pip value calculation is arithmetic about position size. It says nothing about whether a trade is sound, whether a size is sensible for your circumstances, or whether you should be trading at all — those are separate questions and this page does not answer them.

Everything runs in your browser and nothing is uploaded. For the related arithmetic of what a position requires in margin, see the margin and leverage calculator.