What a pip is
A pip is the price move a market normally counts in. On most currency pairs that is the fourth decimal — 1.09420 to 1.09430 is one pip. On yen pairs it is the second decimal, because a yen is worth so much less than a dollar. The fifth decimal your platform shows is a point, a tenth of a pip, and quoting a stop in points when you meant pips is a ten-times mistake.
The formula
pip value = contract size × pip size × lots × (quote currency → account currency)
The last term is the one that gets skipped. A pip on EUR/GBP pays in pounds; if the account is in rand, the answer means nothing until the pounds are converted. That is why this page asks for a rate instead of quietly assuming a dollar account.
Gold and the indices
These are where brokers disagree most. Gold with a 100-ounce contract moves $1 per 0.01 and $10 per 0.10 — and platforms are split on which of those they call a pip. Index CFDs are usually one contract with a one-point pip, so a point is a dollar, but not everywhere. Check the symbol specification and edit the two fields.