How it is calculated
One pip is a fixed price step: 0.0001 on most pairs, 0.01 on JPY pairs, 0.1 on gold in this calculator.
Its value is that step times the contract size times the number of lots, in the quote currency of the symbol.
If the quote currency is not your account currency, the value is converted. When the account currency is one of the two currencies in the pair, the calculator does it from the price; otherwise you enter the rate.
Pip value = Pip size × Contract size × Lots × (Quote → account rate)
FAQ
Why is one pip on EURUSD worth $10?
A standard lot is 100,000 euros. A move of 0.0001 in the price changes its value by 100,000 × 0.0001 = 10 US dollars.
Why does the pip value of USDJPY change?
USDJPY is quoted in yen. One pip is always 1,000 yen per lot, but how many dollars that is depends on the current USDJPY price.
What is the difference between a pip and a point?
MetaTrader shows prices with one extra digit, so 1 pip = 10 points on most forex pairs. EAs and indicators often take inputs in points.