A pip is the smallest quoted price change for most currency pairs; its dollar value depends on lot size and the instrument.
For most major forex pairs, a pip = 0.0001. For JPY pairs a pip = 0.01.
Lot size examples:
Standard lot (100,000 units): EURUSD pip value = 0.0001 × 100,000 = $10 per pip
Mini lot (10,000 units): 0.0001 × 10,000 = $1 per pip
Micro lot (1,000 units): 0.0001 × 1,000 = $0.10 per pip
JPY pair (standard lot): 0.01 × 100,000 = 1,000 JPY per pip (convert to USD)
Always check your platform’s contract specification for exact sizing and currency conversions if your account currency is not USD.