Big figure (handle) in forex

What is a big figure?

The big figure, also called the handle, is the leading part of an exchange rate that stays the same while the last digits change. Traders and dealers often leave it out when they say a price.

In a currency quote, the last digits are the pips (the standard unit of price change for that pair). Everything in front of the pips is the big figure. If a platform shows a fractional pip (a smaller extra digit at the end), that digit is not part of the big figure either.

Worked example

Take a clearly hypothetical EUR/USD quote, with letters in place of digits:

Suppose the bid and the ask share the same handle A.BC. A dealer quoting this market can name only the pip digits of the bid and the ask, because everyone already knows the handle.

When the pip digits roll over from their highest value to their lowest, the handle changes. In market slang, price has "moved a big figure."

For yen pairs such as USD/JPY, pips sit at a different decimal place. Because of that, the handle is usually the whole-number part of the price. See currency pairs for how pip size differs between pairs.

Where you see the term

• Trading platforms. Many terminals print the big figure in small type and the pips in large type. This is common in MetaTrader one-click panels and in many web terminals.
• Dealer and interbank talk. Prices are quoted as pips only. "The figure" means a price where the pip digits are all zeros.
• Market reports and news. You may read that a pair "lost a big figure" or "is trading at the figure." Round handles are often described as levels where orders may cluster. This describes market behaviour and does not predict it.
• Other markets. In stock index and gold trading, "handle" often means a whole point or a whole dollar of price, for example on US30 or XAUUSD. Usage varies, so check the context.

Edge cases for experienced traders

• Pair convention decides the handle. The handle is defined by where the pip sits, not by a fixed count of digits. Pairs quoted to different decimals have handles of different lengths.
• Spread across a handle. Near a round level, the bid can sit on one handle and the ask on the next. A pips-only quote then becomes ambiguous, so dealers state the handle explicitly.
• Fast markets. In a sharp move, the handle can change within seconds. If you read only the large pip digits on screen, you can misread the price.
• Forwards. Forward points are added to the spot price and can change the handle of the outright forward rate.

Leveraged forex and CFD trading can lose money fast. A single big-figure move on a large position can be a significant loss, so size positions with risk management in mind.

Related terms

• Basis point
• Fiber (EUR/USD) and Cable (GBP/USD)
• Contract size
• Average daily range
• Dealer
• Trading basics and the full trading glossary

Frequent questions

What does "big figure" mean in forex?

It is the leading part of a currency quote, everything before the pip digits. Traders often skip it when they say a price.

Is a forex handle the same as a big figure?

Yes. "Handle" and "big figure" mean the same thing in forex. In index and gold markets, "handle" usually means a whole point or a whole dollar.

Is the big figure the same as a pip?

No. Pips are the small digits that change often. The big figure is the part in front of them. A change in the big figure equals a large number of pips.

Why do platforms show the pips larger than the rest?

The pips are the part that changes most, so terminals highlight them. Still read the handle too, especially in fast markets or near round levels.

What does "trading at the figure" mean?

It means price sits exactly on a round handle, with the pip digits all at zero.