Glossary / Instruments
Pip
Definition
The standard smallest price move in a currency pair, usually 0.0001.
Why it matters
Pip value depends on lot size and the quote currency, so identical pip stops can carry very different dollar risk.
Example
EURUSD moving from 1.0850 to 1.0870 is 20 pips: $200 on one standard lot, $20 on a mini.
How to track it in a journal
TradeStack calculates the core performance numbers — win rate, average win and loss, profit factor, expectancy, drawdown and consistency — automatically from imported trades, so pip stops being something you estimate and becomes something you read.
Related terms
Tick value
The dollar value of the smallest price increment of a contract.
Lot size
The trade unit in forex: 100,000 units for a standard lot.
Contract specifications
The exchange definition of a futures contract: size, tick, hours and expiry.
Micro futures contracts
Smaller versions of standard futures contracts, typically one tenth the size.
Questions that use this term
Keep reading
Trading journal guides
Expectancy, profit factor, drawdown, backtesting and the PDT rule.
Free trading calculators
Position size, risk-reward, expectancy and options profit.
Expectancy calculator
Expected profit per trade from your own numbers.
Broker CSV export guides
Step-by-step exports for Tradovate, NinjaTrader, IBKR and more.
Stop estimating your numbers
TradeStack is a free trading journal that calculates them from your own trades.
Start free