Question: What is pips on MT4/MT5 trading platforms?
Pip is the minimum quotation change.
Pip is 0.0001 or 0.00001 for majority of the trading instruments with four or five digits after the point (for pairs with JPY – with two or three digits after the point) while in trading terminals of many companies major currency pairs are quoted with five digits after the points (for pairs with JPY – with three digits after the point).
Quotations, spreads and distances of placing orders are calculated in pips.
XM allows scalping strategy on their trading platforms.