The pip calculator in Forex represents a **Forex calculator **that calculates the value of a pip in the currency you want by defining following values:

- number of pips
- lot size used
- currency pair
- deposit currency

**Why do you need EURCAD pip value calculator?**

You can calculate the value for a number of pips. And that means for example if you have 100 pips as a stop loss or take profit set, then you can calculate how much that will be in terms of a currency you select.

**How to use EURCAD pip value calculator?**

Inside the calculator you have several fields you need to fill with the data. And those are the number of pips, currency pair, deposit currency and lot size. At the end you click the button **Calculate** and you get the value of a pip.

In this article I will show you all details you need to know about EURCAD pip value calculator and what you can get with using it, why you should use it to speed up the process of calculating pip value and how to use it so you do not get confused when looking at pip calculator.

**Read more: What is Pip Value Calculator**

Contents

## EURCAD Pip Value Calculator Example

The best way to explain how the EURCAD calculator works is to show an example. I will make a few examples so you can see the difference in calculations.

First example is when you have EURCAD currency pair with EUR as a deposit currency:

**Number of pips**: 1**Instrument**: EURCAD**Lot size**: 1.00 (100,000 units)**Deposit currency**: EUR**EURCAD pip size**: 0.0001

Second example is when you have EURCAD currency pair with CAD as a deposit currency:

**Number of pips**: 1**Instrument**: EURCAD**Lot size**: 1.00 (100,000 units)**Deposit currency**: CAD**EURCAD pip size**: 0.0001

### How to Calculate Pips for EURCAD

To calculate pips for EURCAD you need to use following formula which defines the pip value:

For deposit currency which is equal to base currency, **EUR**:

**Pip value = (Pip / Current market price) x Lot size**

For deposit currency which is equal to quote currency, **CAD**:

**Pip value = Pip x lot size**

### EURCAD Pip Value

Now with the formula you have you need to use the first formula where the deposit currency is EUR.

#### Pip Value for Base Currency

For deposit currency which is equal to base currency, **EUR, **pip value will be equal to:

**Pip value = (Pip / Current market price) x Lot size**

Here are other data you need:

**Number of pips**: 1**Instrument**: EURCAD = 0.8246**Lot size**: 1.00 (100,000 units)**Deposit currency**: EUR**EURCAD pip size**: 0.0001

Now, when you put all the data in the formula you get:

**Pip value = (Pip / Current market price) x Lot size**

**Pip value = (0.0001 / 0.8246) x 100,000**

**Pip value = (1.213e-4) x 100,000**

**Pip value = 12.13**

#### Pip Value for Quote Currency

For deposit currency which is equal to quote currency, **CAD, **pip value will be equal to:

**Pip value = Pip x Lot size**

Here are other data you need:

**Number of pips**: 1**Instrument**: EURCAD = 0.8246**Lot size**: 1.00 (100,000 units)**Deposit currency**: CAD**EURCAD pip size**: 0.0001

Now, when you put all the data in the formula you get:

**Pip value = Pip x Lot size**

**Pip value = 0.0001 x 100,000**

**Pip value = CAD$10,00**

#### Pip Value for Third Currency

Third case is when you have a EURCAD currency pair, but the deposit currency is USD. Which is not EUR or CAD.

This case requires that you make more calculations. If you use the EURCAD calculator then the whole calculation is done by the pip calculator.

But, if you want to do it manually, then you need to use the following process.

**First:**

- decide in which currency you will calculate the pip value. Will that be EUR or CAD

Let’s use EUR. The formula for the pip value will be:

**Number of pips**: 1**Instrument**: EURCAD = 160.927**Lot size**: 1.00 (100,000 units)**Deposit currency**: EUR**EURCAD pip size**: 0.0001

**Pip value = (Pip / Current market price) x Lot size**

**Pip value = (0.0001 / 0.8246) x 100,000**

**Pip value = (1.213e-4) x 100,000**

**Pip value = 12.13**

**Second:**

Now, you need to use the EUR/USD currency pair so you can extract USD pip value from it.

Current market price for the EUR/USD = 0.6217. Which gives us EUR = 0.6217 USD.

So, the formula would be:

**Pip value (USD) = Pip value (EUR) x (EUR/USD)**

**Pip value (USD) = 12.13 x 0.6217**

**Pip value (USD) = 7.54**

## How Do You Calculate EURCAD Pip Profits?

With the above calculated you can calculate EURCAD pip profit.

Let’s say you have an open SELL order on the market with the EURCAD = 0.8246.

And you want to close the trade at EURCAD = 0.8226.

The price difference in pips is:

**Pips = |Entry price – Exit price|**

**Pips = |0.8246 – 0.8226|**

**Pips = 0.20**

You can see the difference is 20 pips between open and close price.

Now, the profit for 20 pips is:

**Profit = Pip value x Pips**

**Profit = 7.54 x 20**

**Profit = $150.8**

If you want to use EUR as a deposit currency then the pip value is **12.13:**

**Profit = Pip value x Pips**

**Profit = 12.13 x 20**

**Profit = 242.6**

## Conclusion

If you are beginner in Forex trading you will need this calculator because the calculation manually is not so easy.

Even the Forex basics is not so easy to understand, but in time you learn everything.

Use this calculator and other calculators to see how much you will make per pip so you can set stop loss and take profit properly.

### Disclaimer

*Calculation`s made in the trading calculator are for informational purposes only. Whilst every effort is made to ensure the accuracy of this information, you should not rely upon it as being complete or up to date. Furthermore this information may be subject to change at any time.*

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