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The Facebook pixel allows advertisers to track user behavior on their website, optimize ad audiences, and retarget website visitors. It is a piece of JavaScript code that is installed on web pages. The pixel tracks user actions like purchases or other conversions and builds custom audiences for ad targeting. It also helps measure cross-device conversions and find similar customers to target. Advertisers can install the pixel code directly or using tag managers and add standard event codes to track objectives actions by website users.