Pip Value Calculator
Enter the instrument, the current price and your trade size. The calculator shows the value of one pip in US dollars, which is what you need to size a stop loss or estimate the cost of a spread.
Pip value per standard lot in four common cases, for a USD account.
How pip value is calculated
A pip is the standard unit of price movement: 0.0001 on most currency pairs and 0.01 on pairs quoted in Japanese yen. Its cash value depends on three things:
- Trade size. One standard lot is 100,000 units of the base currency. A mini lot is 10,000 and a micro lot is 1,000.
- Pip size. 0.0001 or 0.01 depending on the pair.
- The quote currency. A pip is always worth a fixed amount of the quote currency (the second one in the pair). If that isn’t your account currency, it has to be converted.
The formula is:
Pip value = lot size × contract size × pip size × (value of 1 unit of the quote currency in your account currency)
Case 1: USD is the quote currency (EUR/USD, GBP/USD, AUD/USD)
Nothing to convert. One standard lot × 0.0001 = $10 per pip, whatever the price.
Case 2: USD is the base currency (USD/JPY, USD/CAD, USD/CHF)
The pip is worth a fixed amount of the quote currency, so divide by the price. On USD/JPY at 150.00: 100,000 × 0.01 = ¥1,000 per pip, and ¥1,000 ÷ 150 = $6.67 per pip.
Case 3: Cross pairs (EUR/GBP, EUR/JPY, GBP/JPY)
Neither currency is USD, so you need the rate that converts the quote currency to dollars. For EUR/GBP, one pip on one lot is £10; at GBP/USD 1.27 that is $12.70. The calculator asks for this conversion rate when you pick a cross.
Pip value quick reference
For a USD account, per standard lot:
| Pair | Pip size | Pip value per lot |
|---|---|---|
| EUR/USD, GBP/USD, AUD/USD, NZD/USD | 0.0001 | $10.00 |
| USD/JPY at 150 | 0.01 | about $6.67 |
| USD/CAD at 1.36 | 0.0001 | about $7.35 |
| USD/CHF at 0.88 | 0.0001 | about $11.36 |
| EUR/GBP (GBP/USD at 1.27) | 0.0001 | about $12.70 |
| XAU/USD (gold, 100 oz) | 0.1 | $10.00 |
Values for pairs that need converting move with the market, so use the calculator with live prices before you trade.
How much is 1 pip in dollars, by lot size
For EUR/USD and any pair quoted in USD (GBP/USD, AUD/USD, NZD/USD), the value is fixed:
| Trade size | Units | 1 pip is worth | 10 pips | 50 pips |
|---|---|---|---|---|
| 1 lot (standard) | 100,000 | $10.00 | $100 | $500 |
| 0.5 lot | 50,000 | $5.00 | $50 | $250 |
| 0.1 lot (mini) | 10,000 | $1.00 | $10 | $50 |
| 0.05 lot | 5,000 | $0.50 | $5 | $25 |
| 0.01 lot (micro) | 1,000 | $0.10 | $1 | $5 |
For gold with a 100-ounce contract and a pip of 0.1, the same table applies: $10 per pip on 1 lot and $0.10 on 0.01 lot. If your platform counts 0.01 as a pip on gold, divide each figure by 10.
Gold (XAUUSD) pips to USD: worked example
For a calculator preset to XAUUSD, with margin and position sizing for gold, use the gold pip calculator. Gold has no single pip standard, so work in price moves. A 100-ounce contract earns $100 for every $1.00 the price moves on 1 lot, or $1 on 0.01 lot. Under the common convention of 0.1 per pip, that is $10 per pip on 1 lot, $1 on 0.1 lot and $0.10 on 0.01 lot.
| Pips on gold (0.1 each) | Price move | 1 lot | 0.1 lot | 0.01 lot |
|---|---|---|---|---|
| 180 | $18.00 | $1,800 | $180 | $18 |
| 700 | $70.00 | $7,000 | $700 | $70 |
| 2,500 | $250.00 | $25,000 | $2,500 | $250 |
Example: gold rises from 2,400.0 to 2,418.0 and you hold 0.05 lot. The move is 18.0, or 180 pips. 180 × $10 × 0.05 = $90. Check: $18 price move × 5 ounces = $90.
If your platform counts 0.01 as a pip, “0.01 pips” is a $0.01 price move, worth $1 on 1 lot. In that convention 180 pips is a $1.80 move, or $180 on 1 lot and $1.80 on 0.01 lot. The pip count changes tenfold, the dollars for the same price move do not.
For other pairs, 2,500 pips on EUR/USD at 1 lot is 2,500 × $10 = $25,000, and on 0.01 lot it is $250. Figures are arithmetic examples, not forecasts.
Pip difference: counting pips between two prices
- Subtract the lower price from the higher price.
- Divide by the pip size (0.0001, or 0.01 for yen pairs and 0.1 for gold under the convention above).
- Multiply by the pip value for your lot size.
| Instrument | From | To | Pips | Value on 0.1 lot |
|---|---|---|---|---|
| EUR/USD | 1.0850 | 1.0890 | 40 | $40 |
| USD/JPY | 150.20 | 149.70 | 50 | about $33 at 150 |
| XAU/USD (100 oz) | 2,400.0 | 2,412.5 | 125 | $125 |
These are illustrations of the arithmetic, not price forecasts.
Indices (US30, US500, NAS100)
Index CFDs move in points, and the dollar value of a point per lot is set by each broker’s contract specification. One broker’s US30 lot can be $1 per point, another’s $10 or a different amount. The formula stays the same:
Value of the move = points moved × value per point per lot × lots
Open the instrument’s specification in MT4 or MT5 (right-click the symbol, then Specification) and use that figure before you size a trade.
Why pip value matters
- Position sizing. If your stop loss is 25 pips and one pip is worth $10, a one-lot trade risks $250. To risk less, cut the lot size. Our lot size calculator does this for you.
- Real trading costs. A 1.2-pip spread on EUR/USD costs $12 per lot every time you open a trade. Compare that with a raw-spread account that charges commission instead.
- Comparing instruments. A 50-pip move on gold is not the same as a 50-pip move on EUR/USD. Converting to dollars shows the real risk.
Common mistakes
- Mixing up pips and points. Platforms that show five decimals (1.08505) move in points. Ten points make one pip.
- Assuming every pair is $10 per pip. That only holds when USD is the quote currency.
- Ignoring the gold convention. Some platforms treat 0.01 as a pip on gold, others 0.1. A tenfold mistake in your stop loss is easy to make.
Learn more in our guides to what a pip is and forex pip value, or work out how much margin a trade needs with the margin calculator.
Frequently asked questions
How much is 1 pip worth on EUR/USD?
On EUR/USD one pip is worth $10 per standard lot (100,000 units), $1 per mini lot (0.1) and $0.10 per micro lot (0.01), because the quote currency is USD.
How much is 1 pip on gold (XAUUSD)?
With a contract size of 100 ounces and a pip of 0.1, one pip on 1 lot of gold is worth $10. Some brokers and traders call 0.01 a pip on gold, in which case the value is $1 per lot. Check how your platform defines it.
Why does pip value change on USD/JPY?
On pairs where USD is the base currency, the pip is measured in the quote currency (yen), so it has to be converted back into dollars at the current price. When USD/JPY rises, the dollar value of one pip falls slightly.
1 pip is equal to how many dollars?
On pairs quoted in USD, such as EUR/USD, 1 pip is $10 on 1 lot, $1 on 0.1 lot and $0.10 on 0.01 lot. On other pairs the dollar value depends on the exchange rate, so use the calculator.
How do I calculate the pip difference between two prices?
Subtract the lower price from the higher one and divide by the pip size: 0.0001 for most pairs, 0.01 for yen pairs. From 1.0850 to 1.0890 on EUR/USD is 0.0040 ÷ 0.0001 = 40 pips.
Do indices like US30 have pips?
Index CFDs usually move in points, not pips. The value of one point per lot is set by your broker's contract specification, so check it in the platform before sizing a trade.
What is the difference between a pip and a point?
Most brokers quote prices with one extra decimal (a fractional pip, or pipette). On EUR/USD a pip is 0.0001 and a point is 0.00001, so 10 points equal 1 pip.