The relationship of an option's in-the-money strike price to the current futures price. For a put: strike price - futures price. For a call: futures price - strike price.
美国长期国债
原始有效期高于十年并带有息票的政府债券,利息每半年支付。
U.S. Treasury Bond
Government-debt security with a coupon and original maturity of more than 10 years. Interest is paid semiannually.
Delta measures the rate of change of an option premium with respect to a price change in the underlying futures contract. Delta is a measure of price sensitivity at any given moment. Not all options move point-for-point with their underlying futures contracts. If a futures contract moves .50 points and the option only moves .25 points, its delta is 50%; i.e., the option is only 50% as sensitive to the movement of underlying futures contract. The delta will change as an option moves from out-of-the-money to at-the-money to in-the-money, approaching 100%. Deltas range from 0% to 100%. The delta of the underlying futures contract is 100% (options pricing software is normally used to calculate delta).
一个跳动点的美元价值
价格跳动一个点等于多少美元。计算方法为最小跳动点乘以报价。
Dollar Value of One Tick
How many U.S. dollars equal a price move of one tick. Multiply Minimum Tick x Price Quotation.
The simultaneous sale or purchase of one each of a series of consecutive futures contracts. Bundles provide a readily available, widely accepted method for executing multiple futures contracts with a single transaction.
上涨趋势
通过一系列的较高的最高价和最低价表现的价格趋势。
Uptrend
A price trend characterized by a series of higher highs and higher lows.
买
以指定了的价格购买特定数量的商品。市场参与者愿意支付的价格。
Bid (or buy)
An offer to buy a specific quantity of a commodity at a stated price. The price that the market participants are willing to pay.
买入
已经购买了一个期货或期权合同的人建立一个交易盘口,并且没有通过冲销抛售盘口
Long
One who has bought a futures or options on futures contract to establish a market position and who has not yet closed out this position through an offsetting procedure.
(Note that not all order types are eligible for execution in a trading pit on Globex and through open outcry. Additionally, order types eligible for both venues may have different meanings depending on whether the order is to be executed in a trading pit via open outcry or through Globex.) Open Outcry Order Types All-Or-None (AON) Order
An order to be executed in designated contracts in a trading pit via open outcry only for its entire quantity at a single price, with a size at or above a predetermined threshold. Disregard Tape (DRT) Or Not-Held Order
Absent any restrictions, a "DRT" (Not-Held Order) means any order giving a person complete discretion over price and time in execution of the order, including discretion to execute all, some, or none of the order. A member or clearing member shall not accept an order containing the phrase "with a tick, you are held" (or similar such language). It is understood that a floor broker may trade for his own account while holding such an order without violating Rule 530 (“Priority of Customers’ Orders”) provided the customer has previously consented in writing and evidence of such general consent is indicated on the order with the “WP” (with permission) designation. An instruction to the clearing firm to enter a stop order after execution of a previous order has been achieved. Fill Or Kill (FOK) Order
A designation, added to an order, instructing the broker to fill the order immediately in its entirety or not all. If the order is not filled immediately in its entirety, it is cancelled. Limit Order
An order with instructions to be executed at a specific price ("limit price") or better. Market (MKT) Order
An order with instructions to be executed upon receipt by a floor broker at the best available price. Market If Touched (MIT) Order
A sell (buy) order placed above (below) the market which becomes a market order when the designated price is touched. Market On Close (MOC) Order
An order to be executed as a market order only in the closing range. One-Cancels-Other (OCO) Order
A combination of two orders, in which the execution of either one automatically cancels the other. Open Order (Good-Till-Cancelled)
An order which remains in force until cancelled. Without such designation, all unfilled orders are cancelled at the end of the Regular Trading Hours Session. Opening Only Order
An order that is to be executed during the time period designated by the Exchange as the Regular Trading Hours session opening range time period. Any remaining unfilled quantity not executed during the time period designated as the opening range will be deemed cancelled. Stop Order
An order which becomes a market order when the price designated on the order (the "Stop Price") is elected as described below.
A "Buy Stop" order is placed above the market, and is elected only when the market trades at or above, or is bid at or above, the Stop Price. A "Sell Stop" order is placed below the market, and is elected only when the market trades at or below, or is offered at or below, the Stop Price. Stop-Close Only Order
A stop order which is in effect only during the closing range. It becomes a market order if, during the closing range, the market: (1) in the case of a Buy Stop-Close Only order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop-Close Only order, trades at or below, or is offered at or below the Stop Price. Stop Limit Order
A stop order which becomes executable at its limit price or better, when and if the market: (1) in the case of a Buy Stop Limit order, trades at or above, or is bid at or above the Stop Price; or (2) in the case of a Sell Stop Limit order, trades at or below, or is offered at or below the Stop Price. Globex Order Types
The availability of specific Globex Order Types is dependent on the product, and not all Order Types are available for all products. Supported Order Types by Product are set forth in the Globex Reference Guide. Combination Order
A combination of buy and/or sell orders for the same account or accounts with the same ownership, except as provided by Rule 527, at a fixed differential or by some other appropriate pricing convention. Hidden Quantity Order
An order which displays only a small portion of the order to the marketplace. When the displayed quantity has been filled, another portion of the order will then be displayed to the marketplace. Limit Order
An order to be executed at a specific price ("limit price") or better. Market With Protection Order
An order to execute as much of order as possible at the best current offer price (for buy orders) or bid price (for sell orders) within a range of prices predefined by the Exchange (the protected range). Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit of the protected range. Minimum Quantity Order
An order which is executed only if a certain minimum quantity of that order can be immediately matched. Stop Limit Order
An order which becomes eligible for execution at its limit price or better when the market trades at or above the stop price in the case of a buy stop limit order or at or below the stop price in the case of a sell stop limit order. Stop With Protection Order
An order which becomes eligible for execution when the designated price (the stop price) is traded on Globex. Such orders are filled only within a range of prices predefined by the Exchange (the protected range). When the stop price is triggered, the order enters the order book as a limit order with the limit price equal to the trigger price plus or minus the predefined protected range. Any quantity which cannot be filled within the protected range will remain in the order book as a limit order at the limit price. Globex Order Duration Qualifiers
An order eligible to be entered into Globex that does not contain a duration qualifier will be cancelled if not filled during the Trading Day in which it was received or, if it was received between Trading Days, during the next Trading Day. An order may specify one of the following duration qualifiers: Day
An order that will be canceled if not filled by the conclusion of the Globex trade date for which it was entered. Fill And Kill
An order immediately filled in whole or in part at the specified price, with any remaining quantity canceled or eliminated. Good ‘Till Canceled (GTC)
An order which will remain in force until executed, cancelled or the contract expires. Good ‘Till Date (GTD)
An order which will remain in force through a specified trade date unless executed or canceled, or until the contract expires.
买空
预期价格会上升
Bull
One who expects prices to rise.
交割
履行期货合约中,交付和接收金融商品或实际商品。
Delivery
The tender and receipt of an actual commodity or financial instrument in settlement of a futures contract.
(Should actually be called 'Clearing Day') –Period within which all executed trades for a given class are cleared on the same day. This period may very well exceed 24 hours. One or more sessions could take place.
When the contracts are available for trading on a certain trading venue. For CME Globex, note that a trading day for clearing/settlement spans two calendar days.
交易量
在一定时间内交易的期货合同和期权期货合同的数量。 CME: 表示‘总量’(如一天的总交易量)。
Volume
The number of contracts in futures or options on futures made during a specified period of time.
产品代码
用于识别市场和交易平台,以便进行交易和清算。经纪商和报价服务机构使用的代码可能与交易所代码不同
Product Symbol
Identifies both market and trading venue for trading and clearing purposes. Symbols used by brokers and quote services might differ from exchange symbol.
产品价格指数
一个表示在前一月中生产制成品所需要的原料的成本的指数。
Producer Price Index (PPI)
An index that shows the cost of resources needed to produce manufactured goods during the previous month.
When the futures price is below the strike price (for calls) and above the strike price (for puts) the option is said to be out-of-the-money. An option that has no intrinsic value, but only time value, is out-of-the-money. If Crude Oil (WTI) futures are trading at 93.95, a 95.00 call would be out-of-the-money.
价差组合
通过买入和卖出同级的期权而建立的期权盘口,但两个期权是不同的系列。
Spread
An options position established by purchasing one option and selling another option of the same class, but of a different series.
价格变动
表明价格向上向下的变化。
Tick
Refers to a change in price, either up or down. See "minimum price fluctuation."
价格限额
相对于上一交易日的结算价,交易中最大的升幅或降低。察看变数限价,最大价格波幅。
Price Limit
The maximum advance or decline from the previous day's settlement price permitted for a contract in one trading session by the rules of the exchange. See also Variable Limit, Maximum Price Fluctuation.
伽玛
衡量期权中随期货价格变化的 delta 值的变化,相当于 delta 值的变化除以期货价格的变化。
Gamma
The measure of the change in an option's delta given a change in the futures price. Equal to the change in delta divided by the change in futures price.
佣金
是经纪商对交易收取的费用。可能是一笔固定的金额或是百分比,通常指的是中介费。
Brokerage
The fee charged by a broker for execution of a transaction. May be a flat amount or a percentage; usually referred to as a commission.
The purchase or sale of a futures contract as a temporary substitute for a cash market transaction to be made at a later date. Usually it involves opposite positions in the cash market and futures market at the same time.
保值避险者
那些打算销售或购买实际商品并利用期货市场来抵消价格风险的人或公司
Hedger
A person or firm who uses the futures market to offset price risk when intending to sell or buy the actual commodity.