How to calculate pip value, with examples for every pair

The pip value formula

Pip value = Pip size × Contract size × Lots

That answer comes out in the pair's quote currency, the second currency in the name. EURUSD gives dollars, USDJPY gives yen, EURGBP gives pounds. If that's your account currency you're done. If it isn't, you convert it, and that conversion is the only part that ever changes.

• Pip size: 0.0001, or 0.01 for yen pairs. See what is a pip if that's new.
• Contract size: 100,000 units per standard lot on currency pairs at almost every broker.
• Lots: your position size, such as 0.01, 0.25 or 2.

Lot sizes and what they mean for pip value

The pattern is worth memorising: on any pair quoted in your account currency, one pip is worth $10 per lot, $1 per mini lot and $0.10 per micro lot.

The three cases every pair falls into

Case 1: the quote currency is your account currency

EURUSD, GBPUSD, AUDUSD and NZDUSD on a USD account. Nothing to convert:

0.0001 × 100,000 × 1 lot = $10 per pip

This value is fixed. It doesn't matter whether EURUSD is at 1.05 or 1.25; one pip on one lot is always $10.

Case 2: the base currency is your account currency

USDJPY, USDCHF and USDCAD on a USD account. The formula gives you yen, francs or Canadian dollars, so divide by the pair's own price to get back to dollars:

Pip value in USD = (Pip size × 100,000 × Lots) ÷ Price

At ECB reference rates of 25 September 2026. One pip on 1 lot of USDJPY is ¥1,000, which at 157.59 is $6.35.

Case 3: neither currency is your account currency

Cross pairs such as EURGBP, EURJPY and GBPJPY on a USD account. Work out the pip value in the quote currency, then convert it to dollars at that currency's own rate:

Pip value in USD = Pip value in quote currency × (Quote currency → USD rate)

For EURGBP, one pip on 1 lot is £10. A pound was worth 1.3252 dollars, so that's $13.25. Every yen cross works the same way as USDJPY: ¥1,000 per pip per lot, converted at USDJPY.

Pip value table for common pairs

At ECB reference rates of 25 September 2026. Pairs in case 1 never change. The rest move a little as exchange rates move, which is why the pip value calculator uses current rates.

Pip value on crosses and minors

The same three cases cover every pair. Here are more of them, 1 lot on a USD account:

A useful shortcut falls out of this: every pair with the same quote currency has the same pip value. AUDJPY, CADJPY and CHFJPY are all ¥1,000 per pip per lot, so all $6.35 at today's USDJPY. EURCHF and GBPCHF match USDCHF. Learn one pip value per quote currency and you know them all.

Quick mental maths

• Pairs ending in USD: $10 per lot, always.
• Pairs ending in JPY: 1,000 ÷ USDJPY. At 150 that's $6.67; at 160 it's $6.25.
• Pairs ending in CHF or CAD: 10 ÷ USDCHF or 10 ÷ USDCAD.
• Pairs ending in GBP, EUR, AUD or NZD: 10 × that currency's rate against the dollar. EURGBP at GBPUSD 1.30 is $13.

Mental maths gets you close enough to plan. For the exact figure with live rates, use the pip value calculator.

If your account isn't in dollars

The same three cases apply, with your account currency in place of USD. On a euro account, EURUSD becomes case 2: $10 ÷ 1.1403 = €8.77 per pip per lot. On a pound account, EURGBP becomes case 1 at £10.

Many traders in India use a USD account, so pip values are in dollars. To see what they mean in rupees, multiply by the dollar rate:

A 30-pip loss on 0.01 lot of EURUSD is 30 × $0.10 = $3, about ₹287. The same 30 pips on 0.10 lot is about ₹2,875.

Why pip value changes on some pairs

In cases 2 and 3 the pip is a fixed amount of a foreign currency, so its dollar value moves with the exchange rate. Here's USDJPY:

The change is small from day to day, but it matters for traders who size positions to the dollar. A position sized when USDJPY was 140 risks about 15% less per pip if the price later reaches 165.

What to do with pip value

Turn pips into profit or loss

Profit or loss = Pips × Pip value per lot × Lots

A 42-pip gain on 0.30 lot of EURUSD is 42 × $10 × 0.30 = $126.00. The profit calculator does this from entry and exit prices.

Size a trade from your risk

Lots = Money at risk ÷ (Stop in pips × Pip value per lot)

Say you risk $100 with a 25-pip stop. On EURUSD: 100 ÷ (25 × 10) = 0.40 lots. On USDJPY, where a pip on 1 lot is about $6.35 ($6.3456 unrounded): 100 ÷ (25 × 6.3456) = 0.630, so 0.63 lots after rounding down. Same risk, same stop, different size, purely because of pip value. The lot size calculator does it for every pair, and lot size kaise nikale explains it in Hindi.

A complete example from start to finish

You sell 0.40 lot of GBPJPY at 208.84 with a stop at 209.44 and a target at 207.64. Your account is in dollars and USDJPY is 157.59.

1. Pip size: GBPJPY is a yen pair, so 0.01.
2. Stop and target in pips: 0.60 ÷ 0.01 = 60 pips of risk; 1.20 ÷ 0.01 = 120 pips of reward. That's 1 : 2.
3. Pip value in the quote currency: 0.01 × 100,000 × 0.40 = ¥400 per pip.
4. Convert to dollars: ¥400 ÷ 157.59 = $2.54 per pip. This is case 3.
5. Money at risk: 60 × 2.53823 = $152.29. Potential profit: 120 × 2.53823 = $304.59.
6. In rupees: about ₹14,593 at risk for about ₹29,186 of profit.

Spread, commission and swap come on top of these numbers. If the trade stays open overnight, the swap calculator shows that part.

Pip value is not margin

These two get mixed up all the time. Pip value is what each pip of movement earns or costs. Margin is the deposit your broker locks while the trade is open, and it depends on leverage, not on pips. A 1-lot EURUSD trade has a pip value of $10 whatever your leverage; its margin at 1:100 is about $1,140.30 and at 1:30 about $3,801.01. The margin calculator handles that side, and leverage and margin explains why it matters on funded accounts.

Why your broker's figure may differ by a few cents

Brokers convert profit into your account currency at their own live rate when the trade closes, not at the rate when you opened it, and they may use the bid or the ask. On case 2 and case 3 pairs that can shift the result slightly. It's normal, and it's another reason to treat pip value as a planning number rather than an exact promise.

Pip value in a spreadsheet

If you keep a trading journal in Excel or Google Sheets, these formulas work with lots in cell A2 and the price in B2:

• EURUSD, GBPUSD and other USD-quoted pairs: =A2*100000*0.0001
• USDJPY: =A2*100000*0.01/B2
• USDCHF or USDCAD: =A2*100000*0.0001/B2
• EURGBP, with GBPUSD in C2: =A2*100000*0.0001*C2

Our trading journal guide covers what else to record.

Reading pip value straight from MT5

MetaTrader's symbol specification (right-click the symbol in Market Watch and choose Specification) can show a tick size and a tick value. The tick value is what the smallest price step is worth on 1 lot, in your account currency or the profit currency. On a five-digit pair the tick is a pipette, so:

Pip value per lot = Tick value × (Pip size ÷ Tick size)

For EURUSD the tick size is 0.00001 and the tick value is $1, so a pip is $1 × 10 = $10. If a broker's numbers don't match the tables here, the specification is where to look first, because it reflects that broker's actual contract.

Gold and indices

Gold uses the same formula with a contract of 100 ounces. With a pip of 0.10, one pip on 1 lot is 0.10 × 100 = $10. With a pip of 0.01 it's $1, which is why gold pip values are so often confused. Gold pip value has full tables for both.

Indices are counted in points, and the value per point is the contract size your broker sets. The same 50-point move on NAS100 is worth very different amounts:

Check the symbol's specification before you trade an index for the first time. The NAS100 lot size calculator lets you set the contract size.

Common mistakes

• Assuming every pair is $10 per pip. Only pairs quoted in your account currency are.
• Forgetting to convert. ¥1,000 is not $1,000.
• Dividing when you should multiply on cross pairs. Convert the quote currency at its own rate to your account currency.
• Using a contract size of 100,000 for gold or indices. Gold is 100 ounces per lot at most brokers, and indices vary.
• Mixing pips and points in MT5, which makes every number ten times off.