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A pip is a minor change in the exchange rate for a currency pair and is calculated using the last decimal point. Since most major currency pairs are priced to four decimal places, the slightest change is that of the last decimal point, equivalent to 1/100 of 1% or one basis point.
How to Calculate Pips on TradingView?
To calculate pips on the TradingView chart, you need to use the tool “Measure.” When you drag and drop the “Measure” tool, you can mark two price levels to calculate pips differences.
In the image below, you can see what the “Measure” tool looks like:
Let us show you how we can calculate pips on the TradigView chart if we pick the highest and lowest price levels on the EURUSD chart during the US session.
For example, the highest high price level is 1.0859, and the lowest low is 1.0802.
As you can see, this tool shows 57 pips, a difference between 1.0859 and 1.0802.
In any trading platform, to calculate pips for various assets:
How to calculate pip difference in forex?
To calculate the pip difference in the forex pair, you need to count the decimal places where the last decimal place represents one pip difference. For example, the EURUSD currency pair exchange rate of 1.1012 has four decimal places, and each pip has a value of 0.0001. From 1.1012 till 1.1013 is a one pip difference. However, some currency pairs like USDJPY have one pip value of 0.01. For example, from 108.20 to 108.21 is one pip difference.