Pip Value Calculator

How the calculator works

A pip is the smallest standard step in a currency price. A price quoted as 1.1000 moving to 1.1001 has moved one pip. Because the step is fixed and the position size is known, the dollar value of one pip is simple arithmetic.

The rate converts the pair's quote currency (the second currency in the pair) into your account currency. A pair quoted in dollars on a dollar account needs no conversion, so the rate is 1. For any other quote currency, enter how many account dollars one unit of the quote currency buys.

A worked example

Take 10,000 units of a pair quoted in dollars, with a pip size of 0.0001 and an account in dollars. One pip is worth 10,000 x 0.0001 x 1 = $1.00. Ten pips are $10 and a hundred pips are $100. At 100,000 units, one standard lot, the same pip is worth $10. At 1,000 units, a micro lot, it is worth $0.10. Calculated by us on 27 Oct 2026, exact.

Why yen pairs use 0.01

One yen is a small amount of money, worth a fraction of a cent, so a price quoted in yen has far fewer decimal places than one quoted in dollars. A move of 0.0001 yen would be too tiny to matter, so the convention is to count the second decimal place. A pip is 0.01 for pairs that include the yen.

A made-up example: 100,000 units of a pair quoted in yen, with a pip size of 0.01, is 100,000 x 0.01 = 1,000 yen per pip. If one yen is worth $0.0067 in the made-up exchange rate, one pip is worth 1,000 x 0.0067 = $6.70 in a dollar account. The rate moves all day, so the dollar value of the pip moves with it.

Where bots break the maths

A bot may trade several pairs at once. A single lot setting then means a different dollar value per pip on each pair, and the cost of the same 50 pip move is not the same across them. A 0.1 lot on a dollar-quoted pair is about $1 per pip. On a pair quoted in another currency it can be more or less, and it changes whenever the exchange rate does. A risk limit written in pips alone is not a risk limit in dollars.

A grid or martingale bot makes the pip value grow. If the bot adds lots as price falls, the pip value of the whole position rises each step, so the next pip costs more than the last. A ladder that starts at $1 per pip and doubles four times is $16 per pip at the top. The last 20 pips of a move can cost more than the first 100. See the martingale page and grid trading for the ladders themselves.

Checks before using a pip value

• Look up the pair's quote currency and the pip size your platform uses. Some platforms show fractional pips, one tenth of a pip, which is a fifth decimal place.
• Use the current rate for the conversion, and expect it to change.
• Check the pip value on your platform against this calculator before relying on either.
• For indexes, metals and crypto the tick size and contract size differ, so the pip idea does not carry over directly.