Tick

Often conflated with pip, a tick is the difference between the current market price and the last-quoted market price. In other words, a tick represents the amount a market has moved in a given time. Unlike a pip, a tick is not a fixed number, but one that fluctuates in real time depending on prevailing market conditions. For example, in a highly liquid market a tick may represent a single pip; on the other hand in an illiquid market it could represent a price move of 30 pips.