出期权而言 , 执行价格少于原生期货价
Out-trades 错误交易
A situation that results when there is some confusion or error on a trade –for
example, when both traders think they were buying.
交易当中出现的一种错误或者误解的情况。例如，有两个交易者认为他们都在购
买。
Overbought/oversold 超买 / 超卖
A technical opinion of a market which has risen/fallen too much in relation to
underlying fundamental factors.
对于市场的一种技术性看法，认为市场相对于基本因素来说上涨或者下跌得太多
了。 P
P&S(Purchase and Sale) Statement 买卖表
A statement sent by a commission house to a customer, showing the number of contracts bought or sold, the prices at which the contracts were bought or sold, the gross profit or loss, the commission charges, and the net profit or loss
on the transactions.
由经纪公司发给客户的一种统计表，显示买卖的合同数量，合同买卖价格，总利
润或者损失，佣金以及交易的净利润或损失。
Phase (market) 阶段（市场）
Sub-unit of a session, where consistent actions take place (e.g. pre-opening,
no-cancel, opening, continuous trading, etc.)
盘的一个组成成分，在这此阶段进行统一的行为（例如、预开盘、抵消、开盘、
连续交易等）
Point and Figure Chart 点形图
A graph of prices charted with x's for price increases and o's for price
decreases, used by the chartist for buy and sell signals.
一个用 x‘s 表示价格上涨用 o‘s 表示价格下降的图表，分析师用作分析买和
卖。
Position 持仓
A market commitment. A buyer of a futures contract is said to have a long position and, conversely, a seller of futures contracts is said to have a short
position. See \
一种市场承诺。一个期货合同的买家就拥有一个多头盘口，而相反的，一个期货
合同的卖家就拥有空头盘口。
Position Day 持仓日
The first day in the process of making or taking delivery of the actual commodity on a futures contract. The clearing firm representing the seller notifies the clearinghouse that its short customers want to deliver on a futures
contract.
期货合同中现货开始交货过程的第一天。代表卖家的经纪公司通知清算所期货合
同中的卖家希望交货了。 Position Limit 持仓限额
The maximum number of speculative futures contracts one can hold as determined by the Commodity Futures Trading Commission and/or the exchange upon which the contract is traded. Also referred to as trading limit. CFTC （货物期货交易委员会）和（或者）进行交易的交易所规定的一个交易
者可以持有的投机期货合同的最大数目。 也被称作交易限额。
Position Trader 头寸交易者
A trader who takes a position in the market and might hold that position over a
long period of time.
在市场里拥有交易盘口的交易者并且可能会长期持有。
Premium 期权金
The amount agreed upon between the buyer and seller for the purchase or sale of a futures option –the buyer pays the premium and the seller receives the premium. The excess of one futures contract price over that of another or
over the cash market price.
买家和卖家之间统一的买卖期权期货合同的价格 – 买家支付给卖家。相对于期
货合同价值或其他市价，额外付出的价格。
Price 价格
Price to which the given instrument should be traded –in an order or a trade.
Also called \
特定的商品进行交易的价格 - 在委托单或交易中，也被称作? limit ‘。
Price Discovery 市场定价
The generation of information about \
futures markets.
通过期货市场，将来的现货市场价格信息的产生。
Price Limit 价格限额
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.
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 order 定价定单
An order to sell or buy at a certain price or better. 在一定或更好的价格下，买入或者卖出的定单。
Producer Price Index (PPI) 产品价格指数
An index that shows the cost of resources needed to produce manufactured
goods during the previous month.
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。
Purchasing Hedge (or Long Hedge) 买入避险
Buying futures contracts to protect against a possible price increase of cash
commodities that will be purchased in the future.
通过买入期货合同来防止未来将要购买的现货的价格上涨的风险。
Purchasing Power 购买力
Total Trade Equity minus Initial Margin. Your purchasing power represents funds available to you to establish new positions. Your purchasing power
changes throughout the day as your total trade equity and margins change. 总的交易资本减去最初的按金。你的购买力就表明你拥有的资金去建立一个新的
盘口。你的购买力在一天中会随着总的交易量和按金的变化而变化。
Pure hedger 单纯避险者
A person who places a hedge to lock in a price for a commodity. He or she
offsets the hedge and transacts in the cash market simultaneously. 一个人为了锁定某种货物的价格而进行的风险规避。他会在现货市场中同时进行
交易来抵消这个风险。
Put 看跌期权
An option to sell a commodity, security, or futures contract at a specified price
at any time between now and the expiration of the option contract. 一种期权，可以在从现在到最后期限中的任何时间以一个特定的价格卖出货物，
股票或者期货合同。 Put breakeven 看跌期权平衡点
See \见\平衡点 \Put option 看跌期权
An option granting the right, but not the obligation, to sell a futures contract at
the stated price prior to the expiration of the option.
一种期权，准予买家在最后期限之前以规定的价格卖出期货合同的权利而非义
务。
Put profit / loss 看跌期权获利 / 损失
For a long put, equal to the put value minus the premium. For a short put,
equal to the premium minus the put value.
对于买入看跌期权的人，等于期权价值减去期权金。对于卖出看跌期权的人，等
于期权金减去价值。 Put value 看跌期权价值
At expiration, equal to the strike price minus the futures price.
在期权合同到期时，等于执行价格减去期货价格。
Q
Qualifier 定单有效时间
The time for which the order is valid –FAK, Session, FOK, Day, GTC, GTD.
Validity field options. 订单有效的时间。 Quantity 数量
Number of instrument units (e.g. lots) to be traded, in order or a trade.
Sometimes also called \
在交易或定单中，交易的物品单元的数量。有时也叫做? size ‘。
Quote 报价
An indication of current bids and offers in the market on a particular instrument
or spread.
利用特定工具或传播方式来表示在市场中最近的出价和要价。
R Rally 反弹
An upward movement of prices following a decline. The opposite of a reaction.
在一轮价格下跌之后的一个价格的向上运动。是? reaction‘ 的反面。
Range 波幅
e high and low prices or high and low bids and offers recorded during a specified tim
在一定时期内纪录的高价与低价和高与低的出价和要价。
Reaction 下跌
A decline in prices following an advance. The opposite of rally.
在一轮价格上涨之后的下跌。 ‘Rally‘ 的反面。
Reference price 参考价格
he price of an instrument used as \–e.g., for determining an opening pricearting an algorithm, or figuring into an index –and is usually the settlement price or la
closing price.
作参考的工具的价格，如决定开盘价，开始一种运算，或化成一种指数，并且通常是交
价或前一日的收盘价。