What is the name and function of the 6th decimal place in the fx quotation?
Actually, it’s the 5th decimal place (the fifth digit after the decimal point) in non-yen-pairs, and the third decimal place (the third digit after the decimal point) in yen-pairs.
Here’s a recent POST that answers your question.
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Thank you Clint. However i am truly referring to the 6th digit after the decimal point. I have seen this 6th digit in fx quotations for trading binary options. Therefor my question remains. What is the name and function of the 6th digit after the decimal point in an fx quotation?
Do you mean pips fraction? I don’t know about binary options because I do not have any experience with them but some brokers offer six digits quotation for Forex and use pips fraction to determine the price movements.