Minimum price fluctuation 最小价格波幅
The smallest increment of price movement possible in trading a given contract, often referred to as a tick. The minimum unit by which the price of a commodity
can fluctuate, as established by the Exchange.
在一特定合同交易中可能最小的价格波动增量，通常被称为 tick ，商品价格最
小的波动是由交易所规定的 ML 限价累积表现市场
Designates the \
market, expressed in terms of cumulated totals at average prices. 表示所有限价的累积。描述的是市场的全部深度，并将平均价用累积总数表达出
来。 Mnemonic 记符
A short name uniquely representing an instrument (i.e., GEZ0, SPU0P7400).
一种能独特地代表一种交易物的短小的名字。
MO 委托单表现市场
Designates the \
the market, displaying each bid and offer at every price level.
市场上所有挂单的显示。描述的是市场的全部深度，并将所有的买卖价表达出
来。
MOC (market order at closing) 收盘价委托单
See \
见?收盘价委托单‘。 MOO 开盘市价单
Market order at opening –a market order entered before an opening, to be
executed at the instrument's opening price only. 在开盘前进入市场，以交易物开盘价执行的委托单
MOS 跨国对冲系统
Stands for \
Exchange (e.g. SGX).
跨国对冲系统。制定的委托单将被过户到其他的交易所。 ( 例如 : 新加坡交易
所 )
Moving average chart 移动平均图表
A chart recording moving averages (three-day, ten-day, etc.) of market prices.
一种记录市场价格平均移动（ 3 天， 10 天等）的图表
Moving averages 移动平均线
A type of technical analysis using the averages of settlement prices.
运用平均成交价格的一种技术分析类型
N
Nearby 最近合约月
The nearest active trading month of a futures or options on futures contract.
Also referred to as the lead month.
期货或期权交易执行的最近的月份，也写做 lead month
Nearby (Delivery) Month 交割月份
The futures contract month closest to expiration. Also referred to as spot
month.
期货合同到期的最近的月份，也写为 spot month.
Net Liquidation Value 净清盘价值
It is your Total Trade Equity plus your Net Option Value. It is the value of your
account if you were to liquidate all positions in your account. It is marked-to-market. This information appears on your account statement. 等于总交易资产加上净期权价值。如果平仓帐户中的所有盘口就是帐户价值，是
逐日清算。这个信息会反映到帐户明细中
Net Options Value 净期权价值
The credit or debit value of all option positions combined. It is
marked-to-market. Market movement may cause bids and offers to be away
from the last reported price.
期权借贷价值头寸的结合。是按照逐日结算的。市场的变动可能引起出价或供价
远离最后的报价
Non-serial options 不分期期权
Options for months for which there are existing futures contracts of the same
months.
期权的月份同时存在于相同月份的期货合约中
Notice Day 通知日
According to Chicago Board of Trade rules, the second day of the three-day delivery process when the clearing corporation matches the buyer with the oldest reported long position to the delivering seller and notifies both parties.
See First Notice Day.
根据芝加哥交易所的规定，清算所对照最原始买方交割给卖方进仓的报告，在三
日交割过程中的第二天，通知买卖双方
Notional value 名目金额
The underlying value (face value), normally expressed is U.S. dollars, of the financial instrument or commodity specified in a futures or options contract. 原生价值（面值），通常是期货或期权合同中特定的以美元表示的金融产品或商
品的价值
O
OCO (order cancels order) 选择性委托单
Order type: An order that includes two orders, one of which cancels the other
when filled. Also referred to as one-cancels-other.
一种委托单类型是指一个委托单当中包含两种指令 , 当其中一个成交时 , 另外
一个被自动取消，也可写做 one-cancels-other.
Offer (or ASK, or sell) 报价
A willingness to sell at a given price; the opposite of bid.
以一特定价格出售的意愿，反之为出价
Offset 平仓
Selling if one has bought, or buying if one has sold, a futures or options on
futures contract.
若先前购买则卖出期货或期货合同的期权 , 若先前售出则买入期货或期货合同
的期权
Open interest 未平仓合约
Total number of futures or options on futures contracts that have not yet been
offset or fulfilled for delivery. 期货合同中未冲销的期货或期权的总数
Open order 未成交单
An order that remains good until filled, cancelled or eliminated. See
good-til-canceled.
一直有效直到成交或被取消的委托单。
Open outcry 公开喊价
The method of trading publicly so that each trader has a fair chance to buy or
sell.
公开交易的方式保证每个交易者有平等买卖的机会
Opening 开市
The beginning of the trading session.
交易市场开始交易 Opening price 开市价
The first price of an instrument at the beginning of the trade session.
开市后第一笔成交交易的价格 Opening range 开盘时段
The range of prices at which the first bids and offers were made or first transactions were completed. Must be initiated by at least one trade. 做出第一个报盘和递盘以及第一个交易完成时的买卖价波动范围。至少需要一个
交易来启动。 Option 期权
The right, but not the obligation, to sell or buy the underlying (in this case, a
futures contract) at a specified price within a specified time.
在一特定时间内以特定价格买入或卖出标的物的权利而非义务（目前情况标的物
指期货合同）
Option assignment 期权转让
The random selection of an option writer to take a futures position when an
option is exercised.
当期权被执行时，对期权卖方的随意选择，使其接受期货头寸
Option buyer 期权购买者
One who purchases an option and pays a premium.
购买期权并付出权利金的人 Option Premium 期权金
The price of an option. The sum of money that the option buyer pays and the
option seller receives for the rights granted by the option.
期权的价格。买者必须支付给卖方作为将来买进或卖出期货合约的权利价金
Option seller 期权出售者
One who sells an option and receives a premium.
卖出期权并获得权利金的人
Order 委托单
A request –usually passed by a trader to the host –for buying or selling a given instrument at certain conditions more or less defined (conditions being price,
quantity, type of order, etc.).
一个要求 --- 通常由交易者开给交易所 - 在特定情况下购买或者销售特定的交易品种，这些情况或多或少是确定的（如价格，数量，委托单的种类，等）
Order type 委托单类型
A property of an order, containing the conditions to which this order must
comply for execution (e.g. limit, market, stop).
委托单的 特性， 委托单必须遵守 情况（ 如 ： 限价单，市场价单，止损单）
Out-of-the-money 虚值
An option with no intrinsic value. A call option with a strike price greater than the underlying futures price. A put option with a strike price less than the
underlying futures price.
没有内在价值的期权。对于买入期权而言 , 执行价格大于原生期货价 , 对于卖