Pip value is the amount you gain or lose when the price moves by one pip. It equals position size in units multiplied by the pip size, converted into your account currency.
How the calculation works
One standard lot of EUR/USD is 100,000 euros and one pip is 0.0001, so one pip is worth 10 US dollars. If your account is in dollars the conversion rate is 1. If it is in another currency, enter the rate from the quote currency to your account currency.