Hat switch
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A hat switch is a control on some joysticks. It's also known as a POV (point of view) switch. It allows one to look around in their virtual world, browse menus etc. For example, many flight simulators use it to switch the player's views[1], while other games sometimes use it as a substitute for the D-pad.
The term hat switch is a sanitization of the term "Coolie Hat", named for the similar-looking headgear, which may be considered offensive.
In a real aircraft, the hat switch may control things like aileron or rudder trim.