pip

The standard smallest price increment for a currency pair — the fourth decimal (0.0001) for most pairs, the second decimal (0.01) for yen pairs. A fifth-decimal quote is a fractional pip or pipette; on MT5 a ‘point’ usually refers to that last displayed digit.

First used in Lesson 1.1 · FX & CFD mechanics: speak broker — the lesson that makes this term real.