The standard unit of measure for price changes in forex. A pip (short for “point in percentage”) is typically the fourth decimal place in a currency pair’s price (0.0001) for most pairs, or the second decimal for JPY pairs. For example, if EUR/USD moves from 1.1050 to 1.1062, it moved 12 pips. Backtesting results for forex robots often report profits and losses in pips in addition to account currency, to normalize performance regardless of position size.

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