Pip Calculator
Calculate pip value, position profit/loss, and lot sizes for any forex currency pair. Free pip calculator for EUR/USD, GBP/USD, USD/JPY, XAU/USD, and more.
Pip Calculator
Calculator
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Formula: Pip Value = Pip Size × Position Size (÷ Exchange Rate for non-USD pairs)
Worked example — Pip value: $10 | 70 pips gained | Profit: $700
Formula
Pip Value = Pip Size × Position Size (÷ Exchange Rate for non-USD pairs)
For USD-quoted pairs, multiply the pip size (0.0001 for most pairs, 0.01 for JPY pairs) by the total position size in units. For pairs not quoted in USD, divide the result by the current exchange rate to convert to your account currency.
Worked Examples
Example 1: Standard Lot EUR/USD
Problem:Calculate the pip value and profit for buying 1 standard lot of EUR/USD at 1.0850 and closing at 1.0920.
Solution:Pip value = 0.0001 × 100,000 = $10 per pip Pips gained = (1.0920 - 1.0850) / 0.0001 = 70 pips Profit = 70 × $10 = $700
Result:Pip value: $10 | 70 pips gained | Profit: $700
Example 2: Mini Lot USD/JPY
Problem:Calculate the pip value for trading 2 mini lots of USD/JPY with the rate at 149.50.
Solution:Position size = 2 × 10,000 = 20,000 units Pip value = 0.01 × 20,000 / 149.50 = $1.34 per pip For JPY pairs, divide by the exchange rate to convert to USD
Result:Pip value: $1.34 per pip for 2 mini lots
Frequently Asked Questions
What is a pip in forex trading?
A pip (Percentage in Point) is the smallest standard price movement in a forex currency pair. For most pairs like EUR/USD, one pip equals 0.0001 (the fourth decimal place). For Japanese Yen pairs like USD/JPY, one pip equals 0.01 (the second decimal place). Pips are used to measure price changes, calculate profits and losses, and determine spread costs. For example, if EUR/USD moves from 1.0850 to 1.0851, that is a one-pip movement.
How is pip value calculated?
Pip value depends on three factors: the currency pair, position size, and account currency. For USD-quoted pairs (like EUR/USD), the formula is: Pip Value = Pip Size × Position Size. For a standard lot (100,000 units) of EUR/USD, one pip = 0.0001 × 100,000 = $10. For a mini lot (10,000 units), one pip = $1. For a micro lot (1,000 units), one pip = $0.10. For non-USD quoted pairs, you must divide by the current exchange rate.
What is the difference between a pip and a pipette?
A pipette (or point) is one-tenth of a pip. Most modern brokers quote prices to 5 decimal places for standard pairs (3 for JPY pairs), with the last digit being a pipette. For example, if EUR/USD moves from 1.08505 to 1.08506, that is a one-pipette movement, or 0.1 pips. Pipettes allow for tighter spreads and more precise pricing but are not commonly used for profit/loss calculations.
How many pips should a trade target?
There is no universal number, and any figure quoted as a standard target is guesswork, because a pip is an absolute price increment: the same count means very different things on different pairs, timeframes and volatility regimes. A defensible target comes from the chart instead. Measure the pair's recent average true range on the timeframe you trade, place the stop where the trade idea is proven wrong, and set the target as a multiple of that stop distance. Two traders can bank identical pip totals and end the year in opposite places, because what decides the outcome is the size of the average winner against the average loser and the win rate that pairing needs to break even. Size the position from the stop distance and the money you are prepared to risk, and let the pip figure fall out of that rather than picking it first.
How do I calculate profit from pips?
Multiply the number of pips gained or lost by the pip value for your position size. For example, if you buy 1 standard lot of EUR/USD at 1.0850 and sell at 1.0900, you gained 50 pips. At $10 per pip for a standard lot, your profit is 50 × $10 = $500. For a mini lot, it would be 50 × $1 = $50. Always factor in spread costs — if the spread is 1.5 pips, your net gain is 48.5 pips, not 50.
Why is one lot of XAU/USD 100 ounces rather than 100,000 units?
Gold trades as a 100-ounce contract, which is the convention Pip Calculator applies when XAU/USD is selected. With a pip of 0.01, one standard gold lot is worth 0.01 x 100 = $1 per pip, against $10 per pip for a standard lot of EUR/USD. That is why a 200-pip swing in gold, which is a $2.00 move in the quoted price, produces a much smaller dollar result than the pip count alone suggests.
How should cross pairs such as EUR/GBP be handled when my account is in dollars?
A pip is always denominated in the pair's quote currency, so a pip on EUR/GBP is a fixed amount of pounds: 0.0001 x 100,000 = 10 GBP per standard lot. Converting that into a dollar account needs the GBP/USD rate, not the EUR/GBP rate. The divide-by-the-rate shortcut used for USD/JPY or USD/CHF is exact only because the dollar is the base currency in those pairs, so verify crosses against your broker's own figure.
Why does the same pip count mean a different percentage move on different pairs?
A pip is an absolute price increment, not a proportion. One hundred pips on EUR/USD is a 0.0100 move, which at 1.0850 works out at roughly 0.92 percent of price. One hundred pips on USD/JPY is a 1.00 move, which at 149.50 is only about 0.67 percent. Comparing volatility or strategy performance across pairs on pip counts alone is therefore misleading, so convert to percentage or to average true range first.
How large is a broker commission once it is expressed in pips?
Commission is normally quoted per lot per side, so a charge of $3.50 per side comes to $7.00 round turn on one standard lot. At $10 per pip on EUR/USD that is exactly 0.7 pips, which can be added to the spread to get the true cost of entry. The conversion matters most for scalping, where 0.7 pips of commission consumes about 14 percent of a 5-pip target before the trade moves.
Why does a profitable short trade show a negative pip figure?
The calculator measures exit minus entry, which is the convention for a long position, so a fall in price appears as negative pips and a negative profit. For a short the sign simply reverses: selling EUR/USD at 1.0900 and buying it back at 1.0850 is displayed as -50 pips, but it is a 50-pip gain on the trade. Read the magnitude and flip the sign whenever the direction is sell.
References
Reviewed for accuracy by Daniel Agrici, Founder & Lead Developer · Editorial policy
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