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 silver pip value.
In one version, silver pips can be calculated as same as gold pips (most brokers), and in another silver, pips value worth 5 times more (other brokers).
If we trade Silver on the Metatrader platform then 1 micro lot trading size for 100 pips target 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 $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
Our suggestion is that every trader should test on demo account his positions, creating demo trades, easily can see number of pips, position size, and final number of dollars gain or loss.