Did you see this? MT4 Alert
Currency trading pips are a crucial part of foreign exchange trading that any trader must understand. They’re the measure of changes in price, and thus of profit and loss. Brokers generally translate pips into bucks and cents for you, or into the currency that your account is held in, if it isn’t US dollars. However , when comparing two trades with different position sizes it is the profit or loss in pips that tells you more than the profit in dollars.
PIP means percentage in point. It is used as a measure of change in cost. Spread is also measured in pips. The pip is the smallest part of the measured cost of a quoted currency.
In practice, most currencies are quoted to 4 decimal places, e.g. 1.2315. In this example one pip is 0.0001 units of the quote currency. So if that price changes to 1.2316, the price has increased by one pip.
The japanese yen is the sole one of the major currencies that is low enough in value to be normally quoted to 2 decimal places. So when the yen is the quote currency, one pip is 0.01 yen.