Forex glossary
Platform point
Documentation context: This meaning refers to MetaTrader's SYMBOL_POINT field; tick size is a separate instrument parameter.
In MetaTrader, a point is the price-display unit identified by SYMBOL_POINT. It need not equal the minimum trade-price increment, defined by tick size. For five-decimal EUR/USD, a 0.00001 point may equal a pipette, or 0.1 pip; other symbols require their own specifications.
Illustrative example
How does it work in practice?
A hypothetical EUR/USD specification uses point 0.00001, pip 0.0001 USD per EUR and tick equal to point. Moving from 1.10000 to 1.10005 is five points and half a pip under these assumptions.
Pips and pipettes in an EUR/USD quote
Pips, pipettes and platform points
Assumed EUR/USD specification: pip 0.0001; pipette 0.00001; point 0.00001; tick 0.00001 USD per EUR.
On a narrow screen, the table can be scrolled horizontally.
| Term | What it describes | Shared example |
|---|---|---|
| Pip | A conventional rate-movement unit, ten pipettes in this model. | 1.10000 → 1.10010: one pip. |
| Pipette (fractional pip) | One tenth of a pip, not a separate cash amount. | 1.10000 → 1.10001: one pipette, or 0.1 pip. |
| Platform point | The platform display unit; its value comes from the specification. | 1.10000 → 1.10005: five points, or 0.5 pip in this model. |
Takeaway: Point, pipette and tick are equal only under these assumptions. Calculate the price unit and its cash value separately.
Change an assumption, see the result
What changes if…?
Set point and minimum tick separately. Express the same price difference in both units rather than assuming equality.
EUR/USD model: pip = 0.0001; pipette = 0.00001. Initially one lot is 100,000 EUR. Units per lot, point and tick can be changed separately as exercise assumptions. A fractional tick count means the move is not a multiple of the stated tick. Check actual specifications with the provider. Pip value: USD.
Check your understanding
Read two specification units without equating display precision with tick size.
Show the answer and explanation
5 points and 1 tick.
0.05 / 0.01 = five points, while 0.05 / 0.05 = one tick. Point and tick need not be equal.
From quotes to position units
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Related terms
Sources and documentation
- MQL5 Reference: Symbol Properties
Symbol properties distinguish point from tick size and specify contract size, volume steps, and swap calculation units and multipliers.
Document read:
The example illustrates the mechanism. Check current account conditions and instrument specifications with the provider.