The formula for Notional Value

Beginner Questions
1

Hi,

  1. Initial date:

    In this lesson, with the informations from “Example #1: Open a long USD/JPY position”, “Example #2: Open a long GBP/USD position” and “Example #3: Open a long EUR/AUD position”.

  2. Questions:

  1. From examples 1, 2 and 3 I have deduced that the unit of measure (in currency) of Notional Value is, always, the currency in which the trader’s account is denominated. Correct ?
  1. So, what is the calculation formula for Notional Value ?
    Below, I have tried to give an answer of what I think till now (but I’m not sure if it’s correct):
    Notional Value = Number of units x Exchange Rate Between Base Currency and Account Currency ???
    From example #3:
    Notional Value = 10.000 units x 1.1500 USD = 11.500 USD ???

Thanks for your time !

2

I also don’t know what the correct answer is lol however I can send you some links that might be of help??

4

So, what’s the answer for question 1 ?