Calculate pip and pip value in MT4

 Gold has to be quoted in cents as well and 1 cent is 1 pip. If your broker doesn't quote it you have to adjust your calculations. In major currencies pip is the 4th decimal, Commodities, JPY pairs 2nd decimal.
Pip is bold:
EURUSD 1.38055
USDJPY 102.026
GOLD 1324.04

How to calculate pip value in MT4

Determining the contract size for a position size of 1.00

number_1 In MetaTrader 4, right-click on Market Watch and click Symbols.

number_2 Click on the instrument with which you need more information.
number_3 Click Properties.

The information under Contract Size shows you how many contracts, or units, you are trading of the asset when entering 1.00 in the volume field. When you enter a fraction of 1.00, you trade with the respective fractional amount of contracts or units.

Here, for example, you would buy 100 ounces of gold when entering 1.00 for the volume.

Calculating the value of a pip

With the help of this value, you can calculate the value per pip.

Keep in mind that this is an exemplary table and contract size per volume can differ, depending on your broker.

Instrument	Volume	Contract size	Pip size	Value per pip
EUR/USD	1.00	100000	$0.0001	$10
XAU/USD (Gold)	1.00	100	$0.01	$1.00
CFDs (e.g DAX30)	1.00	1	1 EUR	1 EUR