Pip

What is a Pip? Curious student and financial education illustration

A pip is a conventional forex price unit, usually 0.0001 or 0.01 for pairs quoted in yen.

An extra decimal place can represent a tenth of a pip, often called a pipette.

An MT5 point follows quote precision, while tick size is the permitted price increment, so neither necessarily equals a pip.

Gold pip conventions vary by broker, and cash value also depends on contract size and trade volume.