A point is the smallest possible price change.
For example 1 point on EURUSD with 5 decimals is 0.00001.
The calculation for the point value is as follows:
Example: 1 Lot of EURUSD
0.00001 * 100,000 (Contract Size) = 1 USD
0.00001 * 100,000 (Contract Size) = 1 USD
