User Documentation
Complete guide to using all ForexTools calculators and converters
Table of Contents
Getting Started
Welcome to ForexTools! This documentation will help you understand how to use each of our calculators effectively. All tools are designed to be intuitive, but understanding the underlying concepts will help you get the most out of them.
Pip Value Calculator
The Pip Value Calculator helps you determine the monetary value of a pip movement for any currency pair based on your trade size and account currency.
How to Use
- Select Trading Pair: Choose the currency pair you want to trade (e.g., EUR/USD)
- Enter Lot Size: Input your trade size in lots (standard, mini, micro, or custom)
- Choose Account Currency: Select the currency your trading account is denominated in
- Enter Current Price: Input the current market price (or use the default)
- Click Calculate: View pip values for different pip movements
Example Calculation
Scenario: Trading 1 standard lot (100,000 units) of EUR/USD with a USD account
Current Price: 1.09250
Pip Value: $10.00 per pip
Calculation: (0.0001 × 100,000) ÷ 1.09250 = $9.15 (approximately)
Key Concepts
- Pip: The smallest price move in a currency pair (usually 0.0001 for most pairs)
- Lot Sizes: Standard (100,000 units), Mini (10,000), Micro (1,000)
- Account Currency: Your result will convert to your account's base currency
Currency Converter
Our Currency Converter supports 180+ world currencies, commodities, cryptocurrencies, and indices with real-time rates.
How to Use
- Select Type: Choose from Currencies, Commodities, Crypto, or Indices
- Search/Select: Find the items you want to convert
- Enter Amount: Input the amount to convert
- Get Live Rate: Click "Fetch Live Rate" for current exchange rates
- View Results: See converted amount and detailed rate information
Features
- Swap Currencies: Click the swap button to reverse the conversion
- Manual Entry: You can also enter exchange rates manually
- Quick Conversions: See common amounts instantly
- History: Your recent conversions are saved locally
Position Size Calculator (Coming Soon Q2 2026)
The Position Size Calculator helps you determine the optimal lot size based on your account balance, risk percentage, and stop loss distance.
Planned Features
- Risk-based position sizing
- Account balance input
- Risk percentage selection
- Stop loss distance in pips
- Multiple account currencies
Risk/Reward Calculator (Coming Soon Q2 2026)
Calculate risk/reward ratios and optimal position entries based on your trading strategy.
Planned Features
- Entry, stop loss, and take profit inputs
- Automatic risk/reward ratio calculation
- Win rate analysis
- Position size recommendations
Margin Calculator (Coming Soon Q2 2026)
Calculate required margin for forex trades with static leverage rates.
Planned Features
- Required margin calculation
- Free margin estimation
- Margin level monitoring
- Leverage selection
Swap/Overnight Fee Calculator (Coming Soon Q3 2026)
Calculate overnight swap rates and holding costs for positions held past market close.
Planned Features
- Long/Short swap rate inputs
- Triple swap day calculation
- Holding period cost
- Multi-currency support
Breakeven Calculator (Coming Soon Q3 2026)
Calculate breakeven points and required price movements for your trades.
Planned Features
- Breakeven price calculation
- Spread impact analysis
- Commission effects
- Multiple entry/exit scenarios
Profit/Loss Calculator (Coming Soon Q3 2026)
Calculate profit and loss for trades with static price inputs.
Planned Features
- Entry and exit price inputs
- P&L in multiple currencies
- Percentage returns
- Trade analysis
Leverage & Equity Calculator (Coming Soon Q4 2026)
Calculate effective leverage and equity requirements for trades.
Planned Features
- Effective leverage calculation
- Equity requirements
- Buying power analysis
- Risk exposure metrics
Historical Data Simulator / Backtesting (Coming Soon Q4 2026)
Backtest strategies with historical data and performance analysis.
Planned Features
- Historical data import
- Strategy backtesting engine
- Performance metrics (win rate, profit factor, drawdown)
- Visual charts and reports
Frequently Asked Questions
General Questions
Are these tools really free?
Yes! All tools on ForexTools are completely free to use. No registration, no subscriptions, no hidden fees. We believe trading tools should be accessible to everyone.
Do I need to create an account?
No, account creation is not required. You can use all available tools immediately without any sign-up process.
How accurate are the calculations?
Our calculators use standard forex formulas and are tested for accuracy. However, always verify with your broker as spreads, commissions, and other factors may affect actual values.
Pip Calculator FAQ
What's the difference between standard, mini, and micro lots?
Standard lot = 100,000 units, Mini lot = 10,000 units, Micro lot = 1,000 units. The lot size directly affects your pip value.
Why does pip value change with price?
For pairs where USD is the quote currency (EUR/USD, GBP/USD), pip value is fixed. For pairs where USD is the base currency (USD/JPY, USD/CAD), pip value fluctuates with the exchange rate.
Currency Converter FAQ
How often are exchange rates updated?
Rates are cached for 1 hour to minimize API calls. Click "Fetch Live Rate" to get the most current rates (uses one of your limited monthly requests).
Why do you cache rates for an hour?
We use a free API with 100 requests/month. Caching allows unlimited users to access the service while staying within API limits.
Can I enter rates manually?
Yes! You can override the fetched rate by typing directly in the exchange rate field. This is useful for "what-if" scenarios.
Technical Questions
Is my data saved anywhere?
We only use browser localStorage to cache exchange rates and save your conversion history. This data never leaves your device. See our Privacy Policy for details.
Do you use cookies?
We use essential cookies for functionality and analytics cookies to improve our services. You can control cookie settings in your browser.
Can I use these tools on mobile?
Absolutely! All tools are fully responsive and work great on smartphones and tablets.
Need Help?
If you couldn't find what you're looking for, please contact us:
- Email: support@forextools.com
- Live Chat: Available soon
- FAQ: Check above or contact us