Calculate the value of a pip for different currency pairs and lot sizes
Standard lot = 1.0, Mini lot = 0.1, Micro lot = 0.01
A pip (percentage in point) is the smallest price move that a currency pair can make. For most pairs, a pip is 0.0001, but for JPY pairs, it's 0.01.
Knowing the pip value helps you manage risk and calculate potential profits or losses in your account currency before entering a trade.