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Point Value Calculation
InstrumentPips, US$
USDCHF8.92
GBPUSD10.00
USDJPY10.61
EURUSD10.00
USDCAD8.47
AUDUSD10.00
USDSEK12.72
NZDUSD10.00
USDISK5.08
CHFJPY10.61
GBPCHF8.92
GBPJPY10.61
EURCHF8.92
EURGBP14.60
EURJPY10.61
EURCAD8.47
EURAUD7.15
EURISK6.70
AUDJPY10.61
USDX11.98
XAUUSD10.00
XAGUSD5.00

All currency pairs can be divided into three categories — pairs with direct quote (EURUSD, GBPUSD), reverse quote pairs (USDJPY, USDCHF), and cross-rates (GBPCHF, EURJPY etc.).

  1. For currency pairs with direct quote the point value measured in dollars is calculated with the formula

    PIP = LOT_SIZE × TICK_SIZE

    For currency pairs with direct quote the point value is constant and doesn't depend on the current quote.

    Example:
    For EURUSD the lot size is 100,000 Euro, tick size — 0.0001
    PIP = 100,000 * 0.0001 = $10.00

  2. For reverse quote pairs the point value measured in dollars is calculated with the formula

    PIP = LOT_SIZE × TICK_SIZE / CURRENT_QUOTE

    For reverse quote pairs the point value is changing depending on current quote.

    Example:
    For USDJPY the lot size is 100,000 US Dollars, tick size — 0.01. USDJPY quote is 114.66
    PIP = 100,000 * 0.01 / 114.66 = $8.72

  3. For cross-rates the point value measured in dollars is calculated with the formula

    PIP = LOT_SIZE × TICK_SIZE × BASE_QUOTE / CURRENT_QUOTE,
    where BASE_QUOTE — current quote of base (first) currency against US Dollar, CURRENT_QUOTE — current pair quote.

    For cross-rates the point value is changing depending on current quotes of the pair and base currency.

    Example:
    For GBPJPY the lot size is 100,000 Pounds, tick size — 0.01, base currency — GBPUSD. GBPJPY quote is 230.82, and GBPUSD is 2.0107
    PIP = 100,000 * 0.01 * 2.0107 / 230.82 = $8.71

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