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Tick size is the smallest price step an instrument can move. It is set in the contract specification and is used, together with tick value, to measure profit and loss on instruments that are not currency pairs, where pips do not apply.
If an index CFD has a tick size of 0.01, its price can move from 20,000.00 to 20,000.01 but not by a smaller amount. Prices in this example are illustrative.
