Short answer: A pip is the standard unit of price movement in forex, usually the fourth decimal place (0.0001), or the second for yen pairs (0.01). On one standard lot (100,000 units) of any pair quoted in US dollars, such as EURUSD or GBPUSD, one pip is worth $10. For other pairs, divide by the exchange rate to convert. Our pip value calculator does it instantly.
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What is a pip?
| Pair type | Example quote | 1 pip | Extra decimal (pipette) |
|---|---|---|---|
| Most pairs | EURUSD 1.08452 | 0.0001 | 0.00001 |
| Yen pairs | USDJPY 151.237 | 0.01 | 0.001 |
Most platforms show one extra decimal, called a pipette or "point". On MT5, 10 points = 1 pip. If your platform shows a 15-point spread on EURUSD, that's 1.5 pips.
Lot sizes
| Lot | Units of base currency |
|---|---|
| 1.00 (standard) | 100,000 |
| 0.10 (mini) | 10,000 |
| 0.01 (micro) | 1,000 |
Pip value scales directly with lot size: 0.10 lots is worth a tenth of 1.00 lot.
Pip value formulas
1. Pairs where USD is the quote currency (EURUSD, GBPUSD, AUDUSD, NZDUSD)
Pip value = 0.0001 × 100,000 = $10 per standard lot
This is fixed no matter what the price is.
2. Pairs where USD is the base currency (USDJPY, USDCHF, USDCAD)
Pip value (USD) = (pip size × 100,000) ÷ exchange rate
USDJPY at 150.00: (0.01 × 100,000) ÷ 150 = $6.67 per lot. USDCAD at 1.3700: (0.0001 × 100,000) ÷ 1.37 = $7.30 per lot.
3. Cross pairs (EURGBP, GBPJPY, EURJPY)
Work out the pip value in the quote currency, then convert it to USD.
GBPJPY: a pip is worth 1,000 JPY per lot. With USDJPY at 150, that's 1,000 ÷ 150 = $6.67 per lot. EURGBP: a pip is worth £10 per lot. With GBPUSD at 1.30, that's 10 × 1.30 = $13.00 per lot.
Pip value cheat sheet (per 1.00 lot, approximate)
| Pair | Pip value | Assumed rate |
|---|---|---|
| EURUSD, GBPUSD, AUDUSD | $10.00 | Fixed |
| USDJPY, EURJPY, GBPJPY | $6.67 | USDJPY 150 |
| USDCAD | $7.30 | 1.37 |
| USDCHF | $11.24 | 0.89 |
| EURGBP | $13.00 | GBPUSD 1.30 |
Rates change, so the yen, CAD, CHF and GBP figures move a little every day. Check live values in the calculator.
Gold, silver and indices
Gold isn't usually measured in pips. On most MT5 brokers, 1 lot of XAUUSD is 100 ounces, so every $1 move in the gold price is worth $100 per lot, or $1 at 0.01 lots. Some brokers call $0.01 a point and $0.10 a pip; measuring in dollars of price avoids confusion. Details are in our XAUUSD lot size guide.
For indices and other CFDs, check the contract size in your platform's symbol specification.
Using pip value to size a trade
Lot size = Risk in dollars ÷ (Stop loss in pips × Pip value per lot)
Example: $2,000 account, 1% risk = $20, EURUSD stop of 25 pips. Lot size = 20 ÷ (25 × $10) = 0.08 lots.
Same trade on USDJPY (pip value $6.67): 20 ÷ (25 × 6.67) = 0.12 lots.
That's why the same stop in pips needs a different lot on different pairs.
Account currency other than USD
If your account is in EUR, GBP or another currency, convert the USD pip value at the current rate. Most platforms and our calculator handle this for you.
FAQ
How much is 1 pip worth on 0.01 lot?
About $0.10 on EURUSD and other USD-quoted pairs, and about $0.067 on USDJPY at 150.
How much is 1 pip on gold?
It depends on the broker's definition. Measured in dollars, a $1 move on 0.01 lots of XAUUSD is worth $1.
What is the difference between a pip and a point?
On most modern platforms a point is one tenth of a pip (the last decimal shown).
Why does pip value change on USDJPY?
Because the profit is in yen and has to be converted to dollars at the current USDJPY rate.
Risk warning: Trading forex and CFDs on margin carries a high risk of loss. Figures are illustrative; check live values on your platform. Updated: 24 October 2026.