What is a pip calculator?

A pip calculator is a crucial risk management tool for any forex trader. The value of a pip —the fourth decimal place in forex pairs (second decimal place in JPY pairs)—varies based on account currency, the pair you’re trading, and exchange rates.

What is the pip value of USD/AUD?

If you are trading the USD/AUD and your account is AUD, the pip value is AUD10 (NOT USD) for a standard lot (100,000 units). When our account currency is different than the quote currency in the pair, 10 in the quote currency needs to be converted to our own account currency. This means the pip value will be different than 10.

How do I convert pip value to currency?

Depending on your account base currency, you would need to convert the pip value accordingly. Pip Value = (1 pip / Quote Currency Exchange Rate to Account Currency) * Lot size in units For example, the pip value of EURUSD is $10 per pip with a standard lot size and a USD account: Pip Value = (0.0001 / 1)*100000 = $10.

How much is a 10 pips stop loss?

For example, if you set a stop loss of 10 pips for your trade, this could mean $100 or $1000 loss, depending on the lot size you are trading. Keep in mind that the value of pip will always differ for the different currency pairs, depending on the quote currency.