PIP calculator is a simple tool to calculate your profit/loss for any currency pair. The tool can be handy for risk management as you can estimate your profit/loss before entering a trade. To calculate the P&L, you will select the currency pair, deposit currency, lot size you are trading, and entry and exit prices. The calculator will then return P&L using your inputs. The tool can also help to maintain a trading ledger which is an ideal way to review your past trading performance.