Pip

Pip - (Not explicitly MetaTrader-specific) A “percentage in point” – in Forex a standard pip is 1/10,000 (for most 4-decimal pairs). With 5-decimal quotes, 1 pip = 10 points. Traders often use “pip” to gauge movements. MetaTrader’s point is the programmatic unit, so note the difference (5-digit MT4 quotes use 0.00001 as point, one pip = 10 points).