Silver is one of the most trading metals after gold. Silver or XAGUSD can be easily calculated on the trading platform based on volume size.
There are two kinds of brokers and two ways to calculate the silver pip value.
In one version, silver pips can be calculated as gold pips (most brokers), and in another silver, pips value is worth 5 times more (other brokers).
If we trade Silver on the Metatrader platform, then 1 micro lot trading size for 100 pips is $1. If we buy 1 micro lot from 24.51 to 25.51, it is $1 or 100 pips. If we buy 1 mini lot from 24.51 to 25.51, it is $10 or 100 pips. If we buy 1 lot from 24.51 to 25.51, it is $100 or 100 pips. Usually, XAGUSD pip is equal to $1 for 1 mini lot trade size.
Let we see an example, how to calculate pips on silver when we trade on Metatrader:
In the image above, we have 34.7 pips gain represented.
The entry price for silver (XAGUSD) was 24.269, and the closed price was 24.616. It was 34.7 pips gain.
As we can see, 1 mini lot and 34.7 pips gain were $34.7, and 1 lot trade gain was 347 dollars.
However, there another way of calculation silver pips. Some trading brokers have different silver pip calculation such as:
For Silver (XAG/USD):
1 lot – 5000 oz. of silver = pip value of $5.00
1 mini lot = 500 oz. of silver = pip value of $0.50
1 micro lot = 50 oz. of silver = pip value of $0.05
We suggest that every trader test on the demo account his positions, create demo trades, easily see several pips, position size, and a final number of dollars gain or loss.