It is important to understand the mechanics of how pips are calculated, but it can seem confusing at first. Fortunately, we can access a forex pip calculator to quickly do the math for us.
When you open a Forex pip calculator, you will usually see an empty table that shows different Forex pairs in the first column and different units traded – 1,000, 10,000, and 100,000.
The calculator will require you to choose the currency you want to express the pip value in. This is your account currency. Then you should simply click “Calculate, ” and the table will be filled in automatically with results based on the current exchange rates of the Forex pairs.
Next to every currency pair from the first column, you will see its current price and the Forex pip value for 1,000 units, 10,000 units, and 100,000 units.
This is how the results from a Forex pip calculator will typically appear:
As you can see from the image above, the information is well organized within a table and displays the pip value of sixteen different Forex pairs taking into consideration the units of a Micro lot, Mini Lot, and a Standard Lot. You will also see the current price of the Forex pair used to calculate the respective pip value.
Monitoring the Forex pip value of the different currency pairs puts you in a position to make better decisions about your trades. You will be able to place a stop loss and know the exact risk you are taking. In addition, you will be able to apply prudent position sizing strategies based on this knowledge as well.
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