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Our article explains the basics of pips and ticks and how to use them when trading with OANDA  On This Page [In this article you will learn](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#in-this-article-you-will-learn) [What does “pip” mean?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#what-does-pip-mean) [How does a pip work?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#how-does-a-pip-work) [How a pip works in currencies](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#how-a-pip-works-in-currencies) [How pips work in other asset classes](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#how-pips-work-in-other-asset-classes) [Gains and losses in pips](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#gains-and-losses-in-pips) [What is a pipette?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/#what-is-a-pipette) [Learn](https://www.oanda.com/us-en/learn/) Difference between leveraged and other forms of financial trading. *expand\_less* *expand\_more* [What is leverage trading?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-leverage-trading/) [Beginners guide to trading with margin](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-margin-in-trading/) [What is a pip in leverage trading?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/) [What does it mean to trade ‘long’ or ‘short’?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/long-and-short-positions/) [Beginners guide to market orders](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/order-types-explained/) Use fundamental analysis to your advantage. *expand\_less* *expand\_more* [The basics of fundamental analysis](https://www.oanda.com/us-en/learn/fundamental-analysis/introduction-to-fundamental-analysis/) How is technical analysis different from fundamental analysis? *expand\_less* *expand\_more* [Technical analysis in trading](https://www.oanda.com/us-en/learn/technical-analysis/introduction-to-technical-analysis/) How to build a robust trading strategy using indicators and oscillators. *expand\_less* *expand\_more* [Beginners guide to moving averages](https://www.oanda.com/us-en/learn/indicators-oscillators/filtering-out-the-noise-moving-averages/) [MACD: Finding entry and exit points](https://www.oanda.com/us-en/learn/indicators-oscillators/determining-entry-and-exit-points-with-macd/) ## In this article you will learn: - What a pip is and what it represents - How to calculate gains and losses based on pips - What is a pipette and why it was introduced ## What does “pip” mean? Pip stands for ‘**percentage in point’**. A **pip in forex trading** is the smallest standardized move by which a current quote can change. As it defines the change in price (for instance between two currencies), traders calculate **the spread between the bid and ask prices** of the traded instrument, and refer to the profit or loss that their position has made in terms of pips. ## How does a pip work? As mentioned above, each one pip move in your favor translates into a profit and every one pip move that goes against you translates into a loss. The size of that move determines how big the profit or loss is. Let’s focus on some real-life examples on how that translates to trading the markets. ### How a pip works in currencies Most currency pairs are **priced out to four decimal places** and the pip change is the last (fourth) decimal point. One pip, therefore, is equivalent to 1/100 of 1% or one basis point. []() **The Japanese yen is a notable exception**, as these currency pairs are **quoted to only two decimal places**. To calculate a change in **pips in forex trading** for, say USD/JPY, you have to look at the second digit after the decimal point. With a yen currency pair such as USD/JPY, a move of 154.01 to 154.02 would be a single-pip movement. This means that if you decided to enter a long position on the pair and closed your trade as price reached 154.51, you would make a 50-pip profit (154.51 - 154.01 = 0.50). []() Let’s take a look at some examples. Let’s say you’re trading the EUR/USD currency pair. If the market were to move from 1.1600 to 1.1605, that 0.0005 increase would be a 5-pip move. If you had entered a long position (clicking on buy), and the market moved from 1.1600 to 1.1650, and at that point you closed your trade, you would have made a profit of 50 pips (1.1600 - 1.1650 = 0.0050). Conversely, let’s say you had placed a stop loss at 1.1550 and the market moved against you, dropping from 1.1600 to 1.1550. Assuming there was no slippage, your stop-loss order would be hit and you would have made a loss of 50 pips (1.1600 - 1.1550 = 0.0050). ### How pips work in other asset classes **The pip decimal position between instruments in other asset classes varies**, just like it does for the Japanese yen. The reason for this is similar and depends on how many decimal places there are on the price of the instrument that is being quoted. | | | | |---|---|---| | Asset class | Instrument example | Pip placement | | Currency | US dollar | 4 | | | Euro | 4 | | | Japanese yen | 2 | ### Gains and losses in pips **Example 1:** Let’s say you buy at 1.0598 to open a 100,000 unit trade on USD/CAD when it’s trading at 1.0597/**1\.0598**. When the value of USD/CAD rises to **1\.0618**/1.0619, you close the trade by selling at 1.0618. Given that one pip is a movement of 0.0001, you have made a profit of 20 pips (1.0618 – 1.0598 = 0.0020). **Example 2:** Let’s say you open an order to buy a 10,000 unit trade on USD/CAD when it’s trading at 1.0669/**1\.0670**. The value of USD/CAD falls to **1\.0640**/1.0641 and hits your stop loss, closing the trade for a 30-pip loss (1.0670 – 1.0640 = 0.0030). ## What is a pipette? **Fractional pips are known as "pipettes"**. A fractional pip is **equivalent to 1/10 of a pip**, giving you the EUR/USD currency pair with **five decimal points**, while yen pairs now extend to three decimal points. Pipettes are displayed in superscript format in the quote panel. []() You can further build your knowledge of leverage trading by attending [free live or recorded webinars](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/None) that are conducted by our team of market analysts. Our webinars cover a range of strategies as well as how to use [fundamental](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/None) and [technical analysis](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/None). Besides the [introduction to leverage trading](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/None) articles, you have access to live market analysis, premium webinars series and articles on basics of risk management. This article and its contents are intended for educational purposes only and should not be considered trading advice. Forex trading is high risk. Losses may exceed deposits. [Learn](https://www.oanda.com/us-en/learn/) Difference between leveraged and other forms of financial trading. *expand\_less* *expand\_more* [What is leverage trading?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-leverage-trading/) [Beginners guide to trading with margin](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-margin-in-trading/) [What is a pip in leverage trading?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-a-pip/) [What does it mean to trade ‘long’ or ‘short’?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/long-and-short-positions/) [Beginners guide to market orders](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/order-types-explained/) Use fundamental analysis to your advantage. *expand\_less* *expand\_more* [The basics of fundamental analysis](https://www.oanda.com/us-en/learn/fundamental-analysis/introduction-to-fundamental-analysis/) How is technical analysis different from fundamental analysis? *expand\_less* *expand\_more* [Technical analysis in trading](https://www.oanda.com/us-en/learn/technical-analysis/introduction-to-technical-analysis/) How to build a robust trading strategy using indicators and oscillators. *expand\_less* *expand\_more* [Beginners guide to moving averages](https://www.oanda.com/us-en/learn/indicators-oscillators/filtering-out-the-noise-moving-averages/) [MACD: Finding entry and exit points](https://www.oanda.com/us-en/learn/indicators-oscillators/determining-entry-and-exit-points-with-macd/) Up Next [](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-leverage-trading/) [What is leverage trading?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-leverage-trading/) Leverage trading is the use of a smaller amount of initial funds or capital to gain exposure to larger trade positions in an underlying asset or financial instrument. [](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-margin-in-trading/) [Beginners guide to trading with margin](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-margin-in-trading/) Leverage the funds in your account to potentially generate larger profits or losses while trading. [Learn more](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/what-is-margin-in-trading/) [](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/long-and-short-positions/) [What does it mean to trade ‘long’ or ‘short’?](https://www.oanda.com/us-en/learn/introduction-to-leverage-trading/long-and-short-positions/) Our article describes the differences between the two position types and explains how they relate to asset ownership. 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All rights reserved. "OANDA", "fxTrade" and OANDA's "fx" family of trademarks are owned by OANDA Corporation. All other trademarks appearing on this website are the property of their respective owners. Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. Refer to our [legal section](https://www.oanda.com/us-en/legal/). OANDA Corporation does not act in the capacity of your financial advisor or fiduciary and simply executes customer instructions. You are solely responsible for determining whether a particular transaction is suitable for you or meets your financial objectives. You should not regard any transaction proposal, suggested hedging strategies or other written materials or communications from OANDA Corporation as investment recommendations or advice. OANDA Corporation forex customers can receive reports on trade execution. On request, OANDA will generate a [Trade Execution Report](https://hub.oanda.com/documents/execution-report) of all the transactions OANDA executed, in the same currency pair, in the 15 minute windows before and after execution of the customer's transaction. The report will contain up to 15 transactions from each time period. OANDA Corporation forex accounts are not protected by the Securities Investor Protection Corporation (SICP), nor do they receive a preference in any bankruptcy proceeding pursuant to Part 190 of the CFTC's regulations. The CFTC has issued a customer advisory to inform the public of possible risks associated with investing or speculating in virtual currencies. Before investing, please review the "CFTC Customer Advisory: Understand the Risks of Virtual Currency Trading." Trading in virtual currencies is high risk. All virtual currency transactions occur on the Paxos Trust Company exchange. Paxos is not an NFA member and is not subject to the NFA's regulatory oversight and examinations. OANDA Corporation is not party to any transactions in virtual currencies and does not custody virtual currencies on your behalf. OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the [Commodity Futures Trading Commission](https://www.cftc.gov/) and is a member of the [National Futures Association](https://www.nfa.futures.org/). No: 0325821. OANDA Corporation has its office at 17 State Street, Suite 300, New York, NY 10004-1501. More Information is available using the [NFA Basic resource](https://www.nfa.futures.org/basicnet/).

© 1996 - 2026 OANDA Corporation. All rights reserved. "OANDA", "fxTrade" and OANDA's "fx" family of trademarks are owned by OANDA Corporation. All other trademarks appearing on this website are the property of their respective owners. Leveraged trading in foreign currency contracts or other off-exchange products on margin carries a high level of risk and may not be suitable for everyone. We advise you to carefully consider whether trading is appropriate for you in light of your personal circumstances. You may lose more than you invest. Information on this website is general in nature. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading. Trading through an online platform carries additional risks. Refer to our [legal section](https://www.oanda.com/us-en/legal/). OANDA Corporation does not act in the capacity of your financial advisor or fiduciary and simply executes customer instructions. You are solely responsible for determining whether a particular transaction is suitable for you or meets your financial objectives. You should not regard any transaction proposal, suggested hedging strategies or other written materials or communications from OANDA Corporation as investment recommendations or advice. OANDA Corporation forex customers can receive reports on trade execution. On request, OANDA will generate a [Trade Execution Report](https://hub.oanda.com/documents/execution-report) of all the transactions OANDA executed, in the same currency pair, in the 15 minute windows before and after execution of the customer's transaction. The report will contain up to 15 transactions from each time period. OANDA Corporation forex accounts are not protected by the Securities Investor Protection Corporation (SICP), nor do they receive a preference in any bankruptcy proceeding pursuant to Part 190 of the CFTC's regulations. The CFTC has issued a customer advisory to inform the public of possible risks associated with investing or speculating in virtual currencies. Before investing, please review the "CFTC Customer Advisory: Understand the Risks of Virtual Currency Trading." Trading in virtual currencies is high risk. All virtual currency transactions occur on the Paxos Trust Company exchange. Paxos is not an NFA member and is not subject to the NFA's regulatory oversight and examinations. OANDA Corporation is not party to any transactions in virtual currencies and does not custody virtual currencies on your behalf. OANDA Corporation is a registered Futures Commission Merchant and Retail Foreign Exchange Dealer with the [Commodity Futures Trading Commission](https://www.cftc.gov/) and is a member of the [National Futures Association](https://www.nfa.futures.org/). No: 0325821. OANDA Corporation has its office at 17 State Street, Suite 300, New York, NY 10004-1501. More Information is available using the [NFA Basic resource](https://www.nfa.futures.org/basicnet/).