Pip value
What is one pip worth on this trade, in your account currency?
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How it is calculated
Value of 1 pip = pip size × lots × contract size of 1 lot × the rate from the quote currency to your account currency.
- Pip size is 0.0001 on most pairs, 0.01 on pairs quoted in JPY, and 0.1 on gold (XAUUSD) following the convention used in the article on gold lots. Some brokers treat 1 gold pip as 0.01, so check the convention your own broker uses.
- Contract size of 1 lot is 100,000 units of the first currency in the pair; for gold it is 100 ounces. Those are the figures on CXM Direct's product page, checked on Sep 15, 2026; Cent accounts and other brokers may differ.
- The conversion rate is 1 when the second currency matches your account currency (EURUSD on a USD account). When your account currency comes first (USDJPY on a USD account), divide by the price. For a cross pair, use the price of the pair between the quote currency and your account currency: EURGBP needs the GBPUSD price.
Examples
USDJPY at 147.00, 1 lot, USD account: 0.01 × 1 × 100,000 = 1,000 JPY per pip; converted to USD: 1,000 ÷ 147.00 ≈ 6.80 USD.
EURGBP, 1 lot, USD account, GBPUSD at 1.35: 0.0001 × 1 × 100,000 = 10 GBP; 10 × 1.35 = 13.50 USD.
Once you know the pip value, you know what a trade loses if it reaches your stop: value of 1 pip × pips to the stop loss. To work the other way and pick a lot size from the risk you accept, use the position size tool.