A pip is the standard smallest quoted move on a currency pair: 0.0001 on most pairs and 0.01 on JPY-quoted pairs. Many brokers also quote a fractional tenth-pip digit, which is one tenth of the values used here.

Why is pip value not always 10 per lot?

Ten per standard lot only holds when the quote currency is your account currency. For every other pair the pip value has to be converted at the current quote-to-account rate, which is what the conversion field does.

Does pip value change during a trade?

For pairs where the quote currency differs from your account currency, yes — the conversion rate moves, so the cash value of a pip drifts slightly while the position is open.

FX Vector Lab · Calculator

Pip value calculator

Pip value is the bridge between price movement and money. Set your trade size, pair type and account currency to see exactly what a one-pip move is worth.

Pip value (account currency)

$10.00

Pip size: 0.0001
Units traded: 100,000
Pip value in quote currency: 10.00
Pip value in base currency: 9.22
10 pips: $100.00

Pip value = pip size × units traded, converted into your account currency at the rate you enter.

How this calculator works

One pip on a standard lot is simply the pip size multiplied by the units traded: pip value = pip size × units. A standard lot is 100,000 units, so 0.0001 × 100,000 gives 10 units of the quote currency.

The result is denominated in the quote currency — the second currency in the pair. If your account is held in something else, multiply by the current quote-to-account exchange rate. Entering 1 in the conversion field leaves the value untouched, which is correct whenever the quote currency already matches your account.

JPY-quoted pairs use a pip of 0.01 rather than 0.0001, which is why the pair type selector matters. Getting this wrong understates or overstates risk by a factor of 100.

Frequently asked questions

What is a pip?: A pip is the standard smallest quoted move on a currency pair: 0.0001 on most pairs and 0.01 on JPY-quoted pairs. Many brokers also quote a fractional tenth-pip digit, which is one tenth of the values used here.
Why is pip value not always 10 per lot?: Ten per standard lot only holds when the quote currency is your account currency. For every other pair the pip value has to be converted at the current quote-to-account rate, which is what the conversion field does.
Does pip value change during a trade?: For pairs where the quote currency differs from your account currency, yes — the conversion rate moves, so the cash value of a pip drifts slightly while the position is open.