The value of a pip changes as currency rates fluctuate.
To calculate your pip value, use the pip calculator to simply select your currency pair from the drop list, enter the contract size and the current price and push the Calculate button.
Note: MetaTrader calculates the value of a pip at the price a ticket was opened at. Thus, the value-per-pip may differ between 2 trades on the same currency pair.
Calculate Pip Value: Forex Pip Calculator
What is 'Pip'?
Pip (or Points) is the term used in currency market to represent the smallest incremental move an exchange rate can make. Depending on context, a change of 1 pip is normally one basis point (0.0001 in the case of EUR/USD, GBD/USD, USD/CHF and .01 in the case of USD/JPY).
What is a 'Lot'?
In the currency market, contract sizes are referred to as 'lots'. A standard contract is equal to $100,000 USD. A trader placing a 4 lot trade is thus trading $400,000 dollars in the market. Because most traders are using margin, standard lots are typically controlled with $1,000 (100:1* leverage). The above contract sizes are listed in order to determine pip values based on the contract size you are trading. As you likely know, many currency brokers now offer 'mini' or even 'micro' lots. Mini contracts are simply 10% the size of a standard lot, a micro contract would thus be 10% the size of a mini contract.
*The notional value and maximum leverage amount for the USD/SGD and USD/ZAR has been reduced to 25,000 per 1 standard lot contract and 25:1 respectively.