What is pip value?
Pip value is the amount of money your position gains or loses when price moves by one pip. It depends on three things: the instrument's pip size, your position size in lots, and the currency your account is held in. Knowing it before you trade lets you translate any stop loss or target from pips into real money.
This pip value calculator gives you the value of one pip in your account currency for forex pairs, gold, silver, oil and other CFDs.
The formula
Pip value (quote currency) = Lots × Contract size × Pip size
Pip value (account) = Pip value (quote) converted at the current rate
Special case – account currency = base currency of the pair:
Pip value (account) = Pip value (quote) ÷ Current price of the pair
For forex, 1 standard lot is 100,000 units, 0.1 is a mini lot and 0.01 a micro lot. The pip size is 0.0001 on most pairs and 0.01 on JPY pairs. For gold (XAUUSD), 1 lot is 100 oz and the common retail pip is $0.10.
Pip value reference table (USD account)
The table below assumes a USD account and USDJPY at 150.00. Gold values use the $0.10 pip convention, with the $0.01 point shown for comparison.
| Lot size | EURUSD (per pip) | USDJPY at 150 (per pip) | XAUUSD (per $0.10 pip) | XAUUSD (per $0.01 point) |
|---|---|---|---|---|
| 0.01 | $0.10 | $0.0667 | $0.10 | $0.01 |
| 0.10 | $1.00 | $0.667 | $1.00 | $0.10 |
| 1.00 | $10.00 | $6.67 | $10.00 | $1.00 |
On USDJPY, one pip on 1 lot is 100,000 × 0.01 = 1,000 JPY. Converted at 150 yen per dollar, that is 1,000 ÷ 150 = $6.67. If USDJPY moves to a different level, the dollar value of a pip changes with it.
Some brokers call $0.01 a pip on gold, so "one pip" on 1 lot is $1, not $10. The money result of a move is the same; only the label changes.
Why your account currency matters
Pip value is first calculated in the quote currency, the second currency of the pair. EURUSD, GBPUSD and XAUUSD are quoted in dollars, so a USD account needs no conversion. Everything else does.
Worked example: a euro account trading GBPUSD
You hold a EUR account and open 0.3 lot of GBPUSD. Assume 1 USD = 0.92 EUR.
- Pip value in USD: 0.3 × 100,000 × 0.0001 = $3.00
- Converted to EUR: 3.00 × 0.92 = €2.76 per pip
A 40 pip stop would risk 40 × €2.76 = €110.40.
When the account currency is the base currency
Now the same EUR account trades 1 lot of EURUSD at 1.0870. The pip value in dollars is $10, and because the euro is the base currency of the pair, the calculator converts using the pair's own price:
- 10 ÷ 1.0870 = €9.20 per pip
That is why pip value on EURUSD in a euro account drifts as the rate changes.
How to use this calculator
- Pick the instrument (forex pair, gold, silver, oil, index or crypto CFD).
- Enter your position size in lots.
- Choose your account currency.
- For pairs that need conversion, check the current price or exchange rate filled in, or enter your own.
- Read the pip value per pip. Multiply by your stop or target distance, or use the pip calculator to get the full value of a move.
Pip values on other instruments
Contract sizes on CFDs vary by broker, so pip values do too. Under the most common specs:
- Silver (XAGUSD): 1 lot = 5,000 oz, so a $0.01 move is worth $50 per lot.
- Oil (USOIL, UKOIL): usually 1 lot = 1,000 barrels, so $0.01 is worth $10 per lot. Some brokers use 100 barrels.
- Indices: usually $1 (or €1, £1, ¥1) per index point per lot, though some brokers use 10 or 0.1.
Check your broker's contract specification and edit the contract size in the calculator when it differs. For index and Bitcoin moves counted in points, the points calculator is a better fit.
Using pip value for risk
Once you know what a pip is worth, risk is simple multiplication: stop distance in pips × pip value = money at risk. Working backwards, you can fix the risk and solve for the lot size, which is exactly what the position size calculator does.
Frequently asked questions
What is the pip value of 1 lot on EURUSD?
$10 per pip in a USD account. For 0.1 lot it is $1 and for 0.01 lot it is $0.10.
Why does the pip value on USDJPY change?
The pip is worth a fixed 1,000 JPY per lot, but your account is in dollars. As the USDJPY rate moves, the dollar value of 1,000 yen moves too.
How do I calculate pip value for a cross pair like EURGBP?
Calculate it in the quote currency (GBP), then convert to your account currency. One lot of EURGBP is worth £10 per pip, which the calculator converts at the current GBP rate.
Is gold pip value $1 or $10 per lot?
With the common $0.10 pip, it is $10 per lot. If your broker calls $0.01 a pip, it is $1 per lot. A $1 move in gold is $100 per lot under both conventions.
Does leverage change pip value?
No. Leverage changes the margin you need to open the position, not the value of each pip. Pip value depends only on position size, the instrument and the exchange rate.
Closing note
Pip value is the link between price movement and your balance. Check it whenever you change instrument, lot size or account currency, and your stop losses will always have a clear money figure behind them.
Trading leveraged products carries a high risk of loss. Results are estimates; check your broker's contract specifications.