Pip Value can be variable or fixed, depending on two factors: 1. The currency pair traded, (for example: EUR/USD). 2. The base currency, (for example: EUR of the EUR/USD currency pair is the measuring currency). To calculate pip value, divide one pip (usually 0.0001) by the current market value of the forex pair. Then, multiply that figure by your lot size, which is the number of base units that you are trading. This means that the value of a pip will be different between currency pairs, due to the variations in exchange rates.