Pip calculation

I just have a question about pip calculation and MetaTrader 4 demo with InterbankFx. This is the correct way to calculate pip value is it not???

AUD/USD 0.7293

0.0001/0.7293 = AUD $0.00013712

Convert back to USD:

0.00007293 * 0.7293 = USD $0.0001

Multiply by lot size

USD $10.00 per pip

Which is correct, I made an error in my original calcultion.

Easy answer: use an online pip value calculator (http://www.babypips.com/tools/forex-...s/pipvalue.php) ;o) Okay, if you are like me, then you want to understand the calculation not only get the answer.

The PIP Calculation formula:
(one pip, with proper decimal placement/currency exchange rate) x (Notional Amount)

So in your example:
AUD/USD exchange rate is 0.7293

1 pip / exchange rate x lot size = pip value in AUD
(0.0001 / 0.7293) x 100,000 = 13.71

Convert back to USD
AUD pip value x Exchange rate = value in USD
13.71 x .7293 = 10 (rounded up from 9.998)