How to use it
- Pick the pair you trade.
- Enter the lot size (1 standard lot = 100,000 units; 0.1 = mini; 0.01 = micro). For gold, 1 lot = 100 oz.
- Enter the current price. For crosses, also enter the rate that converts the quote currency to USD.
- Optionally enter your stop in pips to see what it costs.
The formula
Pip value = Units × Pip size (in quote currency), then converted to USD
On EUR/USD, 1 standard lot × 0.0001 = $10 per pip. On USD/JPY at 150, 1 lot × 0.01 = ¥1,000 = $6.67 per pip.
What is a pip?
A pip is the standard price increment of a currency pair: 0.0001 for most pairs and 0.01 for pairs quoted in Japanese yen. For gold (XAU/USD), this calculator uses $0.01 as the pip, a common broker convention — check your broker, as some use $0.10.
Why pip value changes
When USD is the quote currency (EUR/USD), a pip has a fixed USD value. When it is the base currency (USD/JPY) or absent (EUR/GBP), the pip value moves with exchange rates, so recalculate when prices move significantly.
From pips to position size
Divide the money you are willing to risk by (stop in pips × pip value per lot) to get your lot size. Example: $100 risk, 20-pip stop, $10/pip per lot → 0.5 lots.
Educational content — not financial advice.