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Futures and Forex Glossary Dictionary O1

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Odd Lot

A lot that deviates in size from the standard lot size of 100,000 units. See Also: Lot


The Ask price. The price at which the holder of a currency is willing to sell.

Offer Price

The Ask price. The price at which the holder of a currency is willing to sell.


A business, often a bank or financial institution, that may or may not have a presence in a country, but who's headquarters are located in another country, typically with lax tax laws and a degree of confidentiality.

Old Lady

Colloquial term for the central bank of England.

Omnibus Account

A Futures account that a merchant holds for another party, trough which multiple individual account transactions are carried out.

One Cancels The Other Order (OCO)

If an investor places two different orders on the market, perhaps on two different currency pairs, he has the option to do so as an OCO order, which means that whichever order can be filled first will be carried out and the other will then be canceled.

One Touch Option

A type of exotic option that gives the holder a fixed one-time payment if the underlying asset breaks through a predetermined price level. This type of option can be used to profit from movements that seek to test resistance levels. See Also: Option


1.    An open position subject to market movements.
2.    The start of trading on an exchange.

Open Interest

The total number of futures and options contracts that are not closed or being delivered on any particular day.

Open Order

A buy or sell order in the market that remains open until either filled or canceled. Open orders are typically orders with restrictions.

Open Outcry

Auction method of public bids in trading pits of physical asset exchanges.

Open Position

A position in the market that is not closed, i.e. subject to market fluctuations and profit and losses.

Open Trade Equity

The yet to be cashed gains or losses from an open trade.

Opening Range

The price range within which buying and selling  took place, during the opening of the exchange.

Option Contract

The standard unit for trading options. One contract gives the right to buy or sell 100 units of the underlying asset.

Option Premium

The price of an option. The seller of the option receives the premium when he/she writes it. Options are priced by open outcry and valued using a variety of methods including the Black-Scholes model.


Financial derivative that gives the holder of the option the right (not the obligation) to buy (call) or sell (put) the underlying asset. The seller of the option (the writer) receives an upfront fee from the buyer (premium).
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