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How to Calculate Pips in MetaTrader: A Comprehensive Guide for Traders

Trading in the foreign exchange (Forex) market requires a good understanding of various trading concepts, including pips. Pips play a crucial role in calculating profits and losses in Forex trading. In this article, we will explore how to calculate pips in MetaTrader, one of the most widely used trading platforms. Whether you are a beginner or an experienced trader, this guide will provide you with the knowledge you need to accurately calculate pips and make informed trading decisions.
how to calculate pips in metatrader

What are Pips?

Before delving into the details of calculating pips in MetaTrader, let's first understand what pips are. A pip, short for "percentage in point," is a standardized unit of measurement in the Forex market. It represents the smallest price movement that a currency pair can make. In most currency pairs, a pip is equivalent to 0.0001 or 1/100th of a percent. However, there are exceptions, such as currency pairs involving the Japanese yen, where a pip is equivalent to 0.01 or 1 percent.

Understanding MetaTrader

MetaTrader is a popular trading platform widely used by Forex traders around the world. It provides a user-friendly interface, advanced charting tools, and various technical indicators to help traders analyze the market and execute trades. MetaTrader also offers a built-in calculator that simplifies the process of calculating pips, making it convenient for traders of all levels of expertise.

Step-by-Step Guide to Calculating Pips in MetaTrader

Step 1: Open MetaTrader

To begin calculating pips in MetaTrader, open the platform and navigate to the desired currency pair's chart. MetaTrader allows you to trade a wide range of currency pairs, including major, minor, and exotic pairs.

Step 2: Identify the Bid and Ask Price

Once you have opened the chart for the currency pair you want to trade, identify the bid and ask prices. The bid price represents the price at which you can sell the base currency, while the ask price represents the price at which you can buy the base currency.

Step 3: Determine the Pip Value

To calculate the pip value, you need to know the lot size of your trade. A standard lot in Forex trading is typically 100,000 units of the base currency. However, MetaTrader allows you to trade in different lot sizes, including micro lots (1,000 units) and mini lots (10,000 units).

Step 4: Apply the Pip Calculation Formula

The pip calculation formula varies depending on the currency pair and the quote currency. For currency pairs where the quote currency is the US dollar (USD), the pip value can be calculated using the following formula: Pip value = (0.0001 / Exchange rate) * Lot size For example, if you are trading EUR/USD with a lot size of 0.5, and the exchange rate is 1.2000, the pip value would be: Pip value = (0.0001 / 1.2000) * 0.5 = 0.00004167

Step 5: Calculate Profit and Loss

Understanding the pip value allows you to calculate the potential profit or loss of a trade. To calculate the profit or loss in monetary terms, you need to multiply the pip value by the number of pips gained or lost in the trade.

Step 6: Use MetaTrader's Built-in Calculator

MetaTrader offers a convenient built-in calculator that automates the process of calculating pips. To access the calculator, simply right-click on the trade order in the "Trade" tab and select "Modify or Delete Order." In the order modification window, you will find the calculator button labeled "Calculate." Clicking on this button will open the calculator, where you can input the necessary details, such as the lot size and the number of pips, to calculate the profit or loss.

Tips for Using MetaTrader to Calculate Pips

1. Familiarize Yourself with the Platform

Take the time to explore MetaTrader's features and familiarize yourself with the platform. Understanding how to navigate the charts, access the calculator, and interpret the information provided will make it easier for you to calculate pips accurately.

2. Double-Check the Currency Pair

Before calculating pips, double-check that you are working with the correct currency pair. Mistakenly using the wrong pair can lead to inaccurate calculations and potentially costly errors.

3. Consider Using Stop Loss and Take Profit Orders

To manage risk and protect your profits, consider using stop loss and take profit orders. These orders automatically close your trades at predefined levels, helping you avoid significant losses or secure desired profits.

4. Regularly Monitor the Pip Values

Pip values can fluctuate based on exchange rates and market conditions. Therefore, it is essential to regularly monitor the pip values of your trades, especially if you are trading volatile currency pairs.


Accurately calculating pips is a fundamental skill for Forex traders, and MetaTrader provides a user-friendly platform to simplify this process. By following the step-by-step guide and utilizing MetaTrader's built-in calculator, you can quickly calculate pip values and make informed trading decisions. 

Remember to double-check your calculations, regularly monitor pip values, and take advantage of the various features MetaTrader offers. With practice and a solid understanding of pip calculations, you will be better equipped to navigate the Forex market and optimize your trading strategies.

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