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Pip Value Calculator
Calculate the exact dollar value of 1 pip for any currency pair and lot size. Know your risk per pip before you place the trade - essential for staying within prop firm drawdown limits.
Currency pair
Lot size
Stop loss cost (optional)
Stop loss distance (pips)
Pip value (per std lot)
$10.00
Pip value at 1 lot
$10.00
10 pip move
$100.00
20 pip move
$200.00
50 pip move
$500.00
FAQs — Pip Value
Pip values, lot sizes and how to size your risk per trade in dollars.
What is pip value and why does it matter for prop trading?
Pip value is the dollar amount your account changes by for every 1 pip of price movement at your current lot size. Knowing this is essential for prop firm risk management - your stop loss distance multiplied by pip value tells you exactly how much you are risking per trade.
Why is the pip value different for USD/JPY compared to EUR/USD?
For pairs where USD is the quote currency (EUR/USD, GBP/USD), the pip value is always exactly $10 per standard lot. For pairs where USD is the base currency (USD/JPY), the pip value changes with the exchange rate because you are dividing by the current price.
What is a standard lot, mini lot and micro lot?
A standard lot is 100,000 units of the base currency. A mini lot is 10,000 units (0.1 lots). A micro lot is 1,000 units (0.01 lots). For EUR/USD, 1 standard lot means you are controlling €100,000 worth of EUR/USD. Pip values scale proportionally.
How do I use pip value to calculate my risk per trade?
Risk in dollars = pip value × stop loss distance in pips. For example, if EUR/USD pip value is $10 per standard lot and your stop is 20 pips, risking 1 standard lot means $10 × 20 = $200 risk. For a $100,000 account, that is 0.2% of account risk - well within safe prop firm parameters.
Why does gold (XAU/USD) work differently to forex pairs?
Gold is quoted in dollars per ounce rather than as a currency pair, so its "pip" is typically the second decimal place ($0.01) rather than the fourth. Because XAU/USD is USD-quoted, the dollar value per 0.01 move is fixed per lot size the same way a USD-quote forex pair is, but the lot size definition and broker contract size can vary - always check your broker specification before sizing a trade.
Do I need to recalculate pip value every time the exchange rate moves?
Only for pairs where USD is the base currency, like USD/JPY or USD/CAD - their pip value shifts slightly as the rate moves because you are dividing by the current price. For USD-quote pairs like EUR/USD or GBP/USD, pip value per standard lot stays fixed at $10 regardless of where the rate is.
How does lot size affect my pip value and overall risk?
Pip value scales linearly with lot size - a mini lot (0.10) has one tenth the pip value of a standard lot, and a micro lot (0.01) has one hundredth. Trading smaller lot sizes is one of the simplest ways to reduce dollar risk per trade while keeping your stop distance and strategy exactly the same.
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What is Prop Firm Pal?
Prop Firm Pal is a comparison and review platform for proprietary trading firms. We list popular prop firms, publish detailed descriptions, collect real trader reviews, and provide verified discount codes for challenges and funded accounts. Our goal is to help traders compare prop firms, save money with promo codes, and choose the best funded trading program for their needs.
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Prop Firm Pal allows traders to browse a curated list of proprietary trading firms, read in-depth information about each firm, and view real user reviews. When you find a prop firm you like, you can click the discount code button to copy the promo code and visit the firm’s website through our link. If you complete a purchase, you receive the advertised discount and we may earn a commission from the prop firm at no additional cost to you.
What is a proprietary trading firm (prop firm)?
A proprietary trading firm, also known as a prop firm, is a company that provides traders with access to funded trading accounts. Instead of risking your own capital, you trade the firm’s funds and earn a share of the profits. Most prop firms require traders to pass an evaluation or challenge that tests consistency, risk management, and profitability before granting a funded account.
How do prop firm challenges work?
Prop firm challenges are evaluation programs where traders must meet specific profit targets while following strict risk management rules. These rules often include maximum daily drawdown, overall drawdown limits, minimum trading days, and consistency requirements. If you successfully complete the challenge and any verification phase, you can qualify for a funded trading account and receive a profit split.
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