Top 5 Best Forex Pip Calculator App​s

Whether you're new to forex trading or a seasoned veteran, pip calculators can simplify your life when determining the monetary value of a single pip movement. Yes, calculating pip movement manually is an option and an important skill to master nonetheless. 

However, for busy forex traders looking to qualify for that funded account, there are other options than using precious time for manual calculations. That said, pip calculators are a dime a dozen, and finding the right one for your needs is something else you might not have time for.

We’re here to help with that today, providing you with a detailed overview of pip calculators, how to choose the best one, and the top five best forex pip calculator apps.

Keep reading to find the best forex pip calculator app, but first, let’s discuss what a pip calculator is. 

Contents

• Key Takeaways
• What Is a Forex Pip Calculator?
• The Benefits of Using a Forex Pip Calculator
• Top 5 Forex Pip Calculators
• How to Choose a Forex Pip Calculator
• Final Thoughts on the Best Forex Pip Calculator Apps
• Frequently Asked Questions

Key Takeaways

• Pip calculators simplify complex calculations by converting pip movements into monetary values instantly.
• These tools are essential for effective risk management and precise position sizing in Forex trading.
• Myfxbook stands out for its versatility and additional resources for traders.
• Tyrcord is a mobile-friendly app offering on-the-go pip value calculations with ease.
• BabyPips provides a beginner-friendly pip calculator ideal for new traders.
• Pip calculators like Boldizsar Tompe’s app offer advanced functionalities for experienced traders.

What Is a Forex Pip Calculator?

A Forex pip calculator is a specialized tool designed to help traders calculate the monetary value of a single pip movement in a Forex trade, an important aspect in calculating forex profits. 

A pip, short for "percentage in point," represents the smallest price movement in a currency pair and is critical in determining the profitability and risk of trades. 

Since currency pairs are quoted to several decimal places, the pip value can vary depending on the lot size, base currency, quote currency, and the trader's account currency.

The pip calculator simplifies the process by instantly converting these complex variables into a clear monetary value. 

Traders input details such as the currency pair, lot size, and account currency, and the calculator computes the pip's value in real time. This information is vital for setting appropriate stop-loss levels, determining position sizes, and managing overall trading risk.

Whether you’re trading on a standard, mini, or micro account, understanding pip value is fundamental to risk management in Forex. 

Without a pip calculator, traders risk overexposure or miscalculating their potential profits and losses. This tool, therefore, becomes an essential part of any Forex trader’s toolkit, especially when working with multiple currency pairs and fluctuating exchange rates.

The Benefits of Using a Forex Pip Calculator

Using a forex pip calculator provides numerous benefits, such as improved risk management, simplified position sizing, and adaptability across current pairs. 

Below are the key advantages of using a forex pip calculator:

Accurate Risk Assessment

A forex pip calculator allows traders to accurately determine how much they stand to gain or lose with every pip movement. 

By knowing the exact monetary value of a pip, traders can set stop-loss and take-profit levels more effectively, ensuring their trades align with their risk tolerance.

Simplifies Position Sizing

Position sizing is a critical aspect of forex trading, as it determines the volume of currency to trade in a given transaction. 

A pip calculator helps traders calculate the correct position size based on their account balance, risk percentage, and pip value. This reduces the likelihood of overleveraging and ensures disciplined trading.

Saves Time and Effort

Calculating pip values for various currency pairs, account currencies, and lot sizes can be time-consuming and error-prone. A pip calculator automates this process, delivering results within seconds and minimizing the risk of human error.

Adaptability Across Currency Pairs

Forex pip calculators are designed to handle multiple currency pairs, making them versatile for traders dealing with major and exotic pairs. This adaptability ensures accurate pip value calculations, regardless of the trading instrument.

Improves Decision-Making

These calculators empower informed decision-making by providing traders with precise information on pip values. 

Traders can evaluate potential profits and losses before entering a trade, ensuring they only take positions that align with their trading plan and risk management strategy.

Essential for Scalpers and Day Traders

A pip calculator is indispensable for traders who rely on frequent, small trades, such as scalpers or day traders. 

It allows them to quickly assess the profitability of each trade and make real-time adjustments without losing momentum.

Whether a scalper or day trader, if you want to pass a prop firm’s evaluation to become a funded trader, start learning forex with Photon Trading. 

Top 5 Forex Pip Calculators

Here is a detailed look at five of the best Forex pip calculators, each offering unique features to cater to traders of all experience levels:

1. Myfxbook Pip Calculator

Myfxbook offers one of the most user-friendly and versatile pip calculators available online. This tool supports a wide range of currency pairs and account types, including standard, mini, and micro accounts. 

It calculates pip values based on real-time market data, ensuring accuracy even in volatile markets. Traders simply input their trade size, base currency, and currency pair, and the calculator instantly delivers precise results.

Alongside its pip calculator, Myfxbook provides an array of Forex tools, such as profit calculators and economic calendars, making it a one-stop shop for traders. The sleek interface is easy to navigate, whether you're a beginner or a seasoned trader. 

This tool is particularly beneficial for traders working with diverse currency pairs, as it adapts to varying account settings and market conditions.

2. Pip Calculator by Tyrcord (iOS and Android)

This mobile app is a favorite among traders who need on-the-go pip value calculations. Available for both iOS and Android, Tyrcord's Pip Calculator allows users to input essential trade details, such as currency pair, account currency, and lot size, to generate pip values instantly. 

The app also includes tools for calculating position size and risk-to-reward ratios, making it a comprehensive trading assistant.

The app is praised for its intuitive design and lightweight functionality, making it perfect for traders who frequently travel or trade away from a desktop setup. Its seamless integration with mobile platforms ensures that users can access accurate calculations anytime and anywhere.

3. BabyPips Pip Value Calculator

BabyPips, a trusted name in forex, offers a straightforward yet powerful pip value calculator. This tool is ideal for beginners, as it simplifies complex calculations while maintaining accuracy. 

Users input details such as currency pair, account currency, and trade size to instantly calculate the value of a single pip.

4. Pip & Forex Calculator by Boldizsar Tompe (iOS)

This iOS-exclusive app is a versatile tool for traders seeking multiple calculators in one place. In addition to pip value calculations, it includes tools for position sizing, stop-loss and take-profit calculations, and margin requirements. 

The app is designed for efficiency, enabling users to quickly switch between calculators to optimize their trades.

The interface is sleek and easy to navigate, making it suitable for both beginners and advanced traders. The app’s ability to handle various currency pairs and account types adds to its appeal. For iPhone users, this app is a reliable companion for precise Forex trading.

5. Trade Assistant for MT4/MT5

The Trade Assistant for MT4/MT5 is an essential plug-in designed to simplify manual trading processes on MetaTrader platforms. Its primary feature is the ability to quickly place trades using intuitive drag-and-drop lines for setting entry points, stop loss, and take profit levels directly on the chart. 

One of its most important functionalities is automated pip-based risk management. It precisely calculates your position size based on predefined risk parameters and stop loss distance, ensuring accurate pip-based risk-to-reward ratios for every trade. 

The plug-in supports customizable lot sizes, percentage-based risk calculations, and integrates with various account balances and equity levels. 

Also, advanced features like trailing stops , breakeven adjustments, and partial order closing offer further flexibility. With tools for managing pending orders and hiding stop loss/take profit for stealth execution, the Trade Assistant allows traders to execute strategies with precision and efficiency.

How to Choose a Forex Pip Calculator

Forex pip calculators might all seem the same, but this is not true. They feature different levels of functionality in terms of ease of use, accuracy, and compatibility.

Therefore, paying attention to the factors below is important when choosing a forex pip calculator. 

Focus on Ease of Use

The best pip calculators should be intuitive and straightforward to use. Look for tools with a clean interface that makes it easy to input details like currency pairs, lot sizes, and account currency. 

Calculators with clearly labeled fields and step-by-step instructions can save time and reduce errors, making them suitable for traders at any experience level.

Prioritize Accuracy

Accuracy is critical when selecting a pip calculator. 

A reliable tool should use real-time market data to calculate pip values, especially for volatile instruments like exotic currency pairs or metals like gold. 

This ensures that the pip values you get are precise, helping you make well-informed trading decisions.

Check Compatibility with Instruments

Not all pip calculators are created equal. Choose one that supports various instruments, including forex pairs, indices, metals, and cryptocurrencies. 

The tool should also handle different account types, such as standard, mini, or micro accounts, allowing it to adapt to your trading style.

Opt for Mobility and Accessibility

If you frequently trade on the go, prioritize mobile-friendly calculators or dedicated apps. 

These tools should work seamlessly on smartphones and tablets, enabling you to calculate pip values anytime. 

Apps like Tyrcord’s Pip Calculator are excellent for traders who need flexibility in their trading tools.

Look for Additional Features

Beyond calculating pip values, many calculators offer added functionalities like position size calculations, risk-to-reward analysis, or integration with live market charts. 

These features can provide deeper insights into your trades, making them more effective tools for managing risk and optimizing your strategies.

Choose a Trusted Provider

Select pip calculators from well-known and reputable platforms like Myfxbook or BabyPips. These platforms are widely used in the Forex trading community and offer reliable, secure tools. 

A trusted provider ensures that you’re working with accurate data and dependable technology, complementing the trading application you’re using.

By considering these factors and evaluating your trading needs, you can confidently choose a pip calculator that enhances your trading efficiency and risk management.

Final Thoughts on the Best Forex Pip Calculator Apps 

Choosing the right Forex pip calculator is important for traders aiming to streamline their trading process, enhance risk management, and save valuable time. 

Pip calculators simplify complex calculations, providing precise monetary values for each pip movement based on real-time market data and customizable inputs. 

The top Forex pip calculator apps offer unique features tailored to different trading needs. 

These tools are user-friendly, accurate, and versatile, catering to traders using multiple instruments and trading styles. 

Ultimately, the best pip calculator aligns with your trading goals, platform compatibility, and preferred level of functionality. With the right tool, you can focus more on strategy and less on tedious calculations, helping you make smarter trading decisions and achieve greater success in Forex trading.

Get your free trading course + cheatsheets from Photon Trading today. 

Frequently Asked Questions

What Is the Most Accurate Forex Pip Calculator?

Accuracy depends on real-time data integration. Tools like Myfxbook are highly accurate as they update based on live market data, ensuring precision for volatile currency pairs.

Can Pip Calculators Handle Exotic Currency Pairs?

Yes, most advanced pip calculators, such as those from Myfxbook or Tyrcord, support exotic currency pairs alongside majors, ensuring versatility for all types of traders.

How Do Mobile Pip Calculators Compare to Desktop Tools?

Mobile calculators, like Tyrcord, provide the same accuracy and features as desktop tools but offer the added convenience of portability, making them ideal for traders on the move.

Do Pip Calculators Account for Different Lot Sizes?

Yes, pip calculators are designed to handle standard, mini, and micro accounts, allowing traders 

to calculate pip values based on their preferred lot size.

Are There Any Costs Associated With Using Pip Calculators?

Most pip calculators are free to use. However, some apps with advanced features may have a one-time purchase or subscription fee.