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Making a 'V' shape with the index and middle finger, like this: ✌️. Use W instead if the thumb is open too.
Most of the time it's simply a visual equivalent of "yo!", something you make when posing for pictures. It is sometimes called "peace sign" or "V sign" or "victory sign".
In the case of the circular peace sign (☮) then peace symbol should be used instead.
The following tags are aliased to this tag: peace_sign and v_sign (learn more).