Step Index Pip Value Calculator
Synthetic Indices
Step Index is one of Deriv's own synthetic instruments — it only trades on Deriv's platform, not through a standard MT4 forex broker, so this calculator uses a periodically-updated reference price rather than a live feed. The math below still matches exactly what you'd see sizing a real position.
How do I calculate pip value for Step Index?
STEP-INDEX moves in whole points, with this site treating one point the same way it treats one pip elsewhere — the figures below are already converted to Deriv's own 10-unit contract size for this instrument.
Take a trade at 1.0 lot, entry 8,868.40, stop 8,909.20, target 8,816.40:
How does the Step Index behave?
Step Index moves in fixed-size steps each tick, up or down with equal probability — closer to a simple random walk than the other synthetic families, which is also why Deriv quotes it with its own 10-unit contract size rather than the 1-unit convention used across the rest of this list.
Can I size this the same way I would size a normal forex trade?
Be careful — synthetic indices are engineered to include sudden, outsized price movement as part of their own design, not as a rare tail event the way a real-market shock is. Treat your usual forex risk-per-trade habits as a loose starting point only, and consider sizing STEP-INDEX more conservatively than a comparable forex position, since a single adverse spike or jump can move price by many points in one tick.
Conclusion
10 units per lot is Deriv's own stated contract size for STEP-INDEX — confirm it against your own Deriv account's contract specification before trusting this figure for a real position, the same discipline that applies to any other instrument on this site. See the Pip Value calculator hub and Deriv's own overview of its synthetic indices.
Contract specification
Point value and minimum lot step vary by broker on index/CFD instruments — a mismatch here is a common, avoidable cause of an unexpectedly large loss. Confirm this instrument's contract specification in your platform before sizing a real trade.
Frequently asked questions
What is a pipette?
A pipette (fractional pip) is one-tenth of a pip — the fifth decimal place for most forex pairs, or the third decimal for JPY pairs. Synthetic indices like this one are quoted to their own precision instead, with one point already treated as the smallest meaningful unit.
Why doesn't this page show a live price for STEP-INDEX?
STEP-INDEX only trades on Deriv's own platform, which isn't part of the MT4 feed this site otherwise uses — the reference price here is a periodically-updated snapshot for worked examples, not a live tick. The pip/point value math itself doesn't depend on the live price at all.