Lot size calculator
A lot size on its own tells you little until you know how many units it is, what one pip is worth and how much margin it ties up. Pick your pair, enter the price, the number of lots and your leverage, and this calculator converts it all into US dollars for a dollar-based account. The comparison underneath shows the same trade in standard, mini, micro and nano lots.
What different moves are worth
Profit or loss on your position for common price moves.
Lot types side by side
The same pair and price in each standard lot size, next to yours.
| Lot size | Units | Pip value | Position value | Margin at your leverage |
|---|
How lots are converted
Everything is shown in US dollars. How a pip converts depends on where the dollar sits in the pair: as the quote currency, as the base currency or not at all, in which case you enter the quote currency's rate against the dollar.
Units
Lots times the contract size: 100,000 for currencies, 100 ounces for gold.
units = lots × contract size
Pip value in the quote currency
Units times the pip size: 0.0001, 0.01 for yen pairs, 0.1 for gold.
pip value = units × pip size
Convert to dollars
Dollar-quoted pairs need no conversion. Dollar-based pairs divide by the price. Crosses multiply by the quote currency's dollar rate.
USD/JPY pip value = units × 0.01 ÷ price
Position value
What the position is worth in dollars.
value = units × base currency in USD
Margin
Position value divided by leverage.
margin = value ÷ leverage
Lot size questions
How many units are in a forex lot?
A standard lot is 100,000 units of the base currency, a mini lot 10,000, a micro lot 1,000 and a nano lot 100. So 0.25 lots of EUR/USD is 25,000 euros. Gold is usually quoted in lots of 100 ounces, but brokers differ, so check your contract specification.
What is a pip worth?
On pairs quoted in US dollars, such as EUR/USD, one pip on a standard lot is worth $10, on a mini lot $1 and on a micro lot $0.10. On pairs where the dollar is the base, such as USD/JPY, the pip value changes with the price, and on crosses it depends on the quote currency's rate against the dollar.
What is a pip?
A pip is the standard price step: 0.0001 for most pairs and 0.01 for pairs quoted in yen. Many brokers show a fifth decimal, called a pipette or point, which is a tenth of a pip.
How is margin calculated?
Margin is the position value divided by your leverage. One standard lot of EUR/USD at 1.0850 is worth $108,500; at 30:1 leverage the broker holds about $3,617 as margin. Margin is not a fee, but if your account falls below the margin requirement, positions can be closed.
What leverage should I use?
Leverage only changes how much margin a position ties up, not how much you lose per pip. What matters for risk is lot size against your stop. Many regulators cap retail leverage on major pairs at 30:1 or 50:1.
How do I choose a lot size?
Start from the money you are willing to risk and the distance to your stop, then work out the lots. Our forex position size calculator does exactly that. This calculator then tells you what that lot size means in units, pip value and margin.