Futures contract: It is a standardized contract formulated by the futures exchange that specifies the delivery of a certain quantity and quality of goods at a specific time and low point in the future.
Futures trading: refers to the trading activities of centralized trading of certain futures contracts in the futures exchange.
Margin: Refers to the funds paid by futures traders in accordance with prescribed standards for settlement and guaranteed performance.
Settlement: refers to the liquidation of funds based on the settlement price announced by the futures exchange.
Delivery: Refers to the process when the futures contract expires according to the rules and procedures of the futures exchange.
Opening a position: The act of starting to buy or sell a futures contract is called "opening a position" or "establishing a trading position".
Closing a position: refers to the act of a futures trader buying or selling a futures contract with the same type, quantity, and delivery month as the futures contract it holds, but with the opposite trading direction, and closing the futures transaction.
Bulls: those who buy futures contracts. The bulls believe that the price of futures contracts will rise, so they buy.
Short: A person who sells a futures contract. The bears think that the price of the futures contract is high and will fall in the future, so they sell.
Position: A trader holds a position after opening a position. This is called a position.
Hedge trading.
Total position: the total number of "open positions" on the futures contract for all investors in the market.
Volume: refers to the cumulative total number of transactions from the day of the transaction to the time.
Change of hands: Opening and closing positions in the same direction without increasing positions. For example, if someone opens 10 lots at the same time and someone closes 10 lots at the same price, it is called a swap; the swap of the original funds and new funds in the futures will result in a turnover increase and the total position unchanged.
Long position change: the trader who originally held the long position sold to close the position, and the new long position at the same price was opened to buy.
Short position change: the trader who originally held the short position buys and closes the position, and the new short position at the same price opens and sells.
Double open positions: long and short positions are opened at the same time. In a certain deal, the volume of open positions is equal to the current hand, the volume of closed positions is zero, and the increase in the amount of open positions is equal to the current hand, indicating that both the long and short positions are increasing positions.
Double liquidation: long and short liquidation at the same time. In a certain deal, the volume of open positions is equal to zero, the volume of closed positions is the current hand, and the reduction of the open position is equal to the current hand, indicating that both the long and short positions are reduced.
Long position opening: opening position is greater than closing position, and it is an active buying order. Refers to the increase in open interest, but the increase in open interest is less than the current hand, and is an active buying.
Short position opening: opening is greater than closing, and it is an active sell. Refers to the increase in open interest, but the increase in open interest is less than the current hand, and is an active sell.
Long position closing: closing position is greater than opening position, and it is active selling. Refers to the decrease in open interest, but the decrease in open interest is less than the current hand, and is an active sell.
Short position closing: closing a position is greater than opening a position, and is an active buying order. Refers to the decrease in open interest, but the decrease in open interest is less than the current hand, and it is an active purchase.
Ups and downs: the latest price-yesterday's settlement
Position difference: indicates the increase or decrease of the total position compared with yesterday.
For example, today's position is 100,000 lots, and yesterday's position was 110,000 lots, then today's position is reduced by 10,000 lots, that is, the position difference is -10000.
Open interest: refers to the number of open contracts held by futures traders.
Position limit: refers to the maximum amount of the futures exchange's position requirements for futures traders.
Warehouse receipt: refers to the standardized delivery certificate issued by the delivery warehouse and recognized by the futures exchange.
Matchmaking: Refers to the process of matching the trading instructions of both parties to the trading system of the futures exchange.
Price limit: refers to that the trading price of a futures contract in a trading day shall not be higher or lower than the specified fluctuation range, and quotations exceeding this fluctuation range will be considered invalid and cannot be traded.
Forced liquidation system: when the customer's insufficient trading margin is not filled up within the specified time, the customer's position exceeds the prescribed position limit, and if the customer is punished for violation of the rules, it should be forced to close the position according to the emergency measures of the exchange. In the event of forced liquidation, the futures brokerage company implements a system of forced liquidation in order to prevent the risk from further expanding.
Position: A market agreement. The buyer of the futures contract is in the long (short) position, and the seller of the futures contract is in the short (short) position.
Basis: The difference between the spot market price and the futures market price of the same commodity at that time. Unless otherwise noted, the basis of the futures contract month is generally used to calculate the basis.
Pressure-relief: Refers to the member's application and approval by the Exchange, and transfers the right certificate held to the Exchange for possession as a guarantee for the performance of the transaction margin debt. The pledge of the right certificate is limited to the trading deposit, but the losses, expenses, taxes and other payments must be settled in monetary funds.
Forced positions: Members or customers of futures exchanges use capital advantages to control the futures trading positions or monopolize the spot commodities available for delivery, deliberately raise or lower the price of the futures market, over-hold positions, delivery, force the other party to default or at an unfavorable price Closing positions to profiteer. According to the different operation methods, it can be divided into "multiple forced air" and "empty forced multi".
Premium: 1) The additional fees allowed by the Exchange Regulations for commodities above the delivery standard of futures contracts. 2) Refers to the price relationship between different delivery months of a commodity. When the price in one month is higher than the price in another month, we call the higher-price month a premium to the lower-price month. 3) When the transaction price of a security is higher than the face value of the security, it is also called premium or premium.
Arbitrage: A trading technique that can be used by speculators or hedgers, that is, buying spot or futures commodities in a market, and selling the same or similar commodities in another market, and hope that the two transactions will generate a price difference Profit.
Options: Also called option, option trading is actually a kind of trading of rights. This right means that investors can buy or sell a certain amount of a certain "commodity" from the seller of the option at a predetermined price (called the agreed price) at any time within a certain period, regardless of the period How the price of this "commodity" changes. The option contract stipulates the time limit, the agreed price, the number of transactions, and the type. Within the validity period, the buyer is free to exercise the resale right; if it is deemed unfavorable, he can waive this right; beyond the prescribed period, the contract will expire and the buyer ’s options will automatically expire. Options are divided into call options and put options.
Shortage: Many marketers use funds or physical advantages to sell certain futures contracts in the futures market in large quantities, so that they have short positions that greatly exceed the ability of many parties to undertake physical. As a result, the price of the futures market fell sharply, forcing speculative bulls to sell their held contracts at a low price to claim out of the game, or to receive fines for breach of contract for financial strength, thereby making huge profits.
More short selling: In some small varieties of futures trading, when market operators anticipate that there are insufficient spot commodities available for delivery, that is, by virtue of financial advantages, they will establish sufficient long positions in the futures market to raise futures prices, while acquiring and hoarding The physical goods that can be used for delivery, so the price of the spot market rises at the same time. In this way, when the contract is close to delivery, the short members and customers are forced to either buy back the futures contract at a high price and settle the position out; or buy the spot at a high price for physical delivery, or even be fined for default due to the failure to deliver the physical, so that the long position The holder can make huge profits from it.
Trading Volume: The number of commodity futures contracts bought or sold within a certain period of time. Trading volume usually refers to the number of contracts that are traded each trading day.
Short-selling volume: the total number of a certain commodity futures or option contract that has not been hedged by the opposite futures or option contract, nor has it been delivered physically or fulfilled the option contract.
Settlement price: The weighted transaction price.
Market order: One form of trading order. That is, according to the market's best price at that time, an order to buy (sell) a futures contract for a specific delivery month immediately (as soon as possible).
Price Limit Order: An order for the customer to determine the price limit or performance time.
Stop order: An order to buy or sell when the market price reaches a certain level. When the trading price of commodities or securities reaches or exceeds the stop price, the buy stop order becomes the market order, and when the transaction price falls or falls below the stop price, the sell order becomes the market order.
Recent month: The month of the futures contract closest to the delivery period, also known as the spot month.
Forward month: The contract month with a longer delivery period, relative to the recent (delivery) month.
Hedging profit: buy and sell two related commodities at the same time, and hope to make a profit when hedging the trading position in the future. For example, buying and selling futures contracts for the same commodity but different delivery months; buying and selling futures contracts for the same delivery month and the same commodity but on different exchanges; buying and selling the same delivery month but different commodities Futures contracts (but there is a correlation between the two commodities).
Cash delivery: refers to the settlement price used to calculate the profit and loss of open contracts when the futures contracts are closed at the end of the delivery period, and the final delivery method of the futures contract is settled by cash payment.
Physical delivery: refers to the purchase and sale of futures contracts when the contract expires, according to the rules and procedures formulated by the exchange, through the transfer of ownership of the subject matter of the futures contract, the act of closing the expired open contract. Commodity futures trading generally adopts physical delivery.
Basic analysis: An analytical method that uses supply and demand information to predict future market price changes.
Technical analysis: A price analysis method that uses historical prices, trading volumes, short volume, and other trading data to predict future price trends.
Short hedging: Selling futures contracts to prevent future losses due to falling prices when goods are sold. When selling commodities, the futures contract that was sold before will be hedged by buying another futures contract with the same quantity, category and delivery month to complete the preservation. Also known as hedging.
Long hedging: Long hedging means that a trader buys futures in the futures market first, so that when he buys in the future spot market, he will not cause himself economic losses due to price increases.
Stock index futures: It is a financial futures contract with the stock price index as the target.
Maintenance Margin: Customers must maintain the minimum margin amount in their margin account.
Performance bond: A deposit placed in the trading account by the buyer and seller of futures contracts or the option seller to ensure the performance of the contract. Commodity futures deposit is not a kind of stock payment, nor a deposit paid in advance for trading the commodity, but a good reputation deposit.
Settlement margin: A financial guarantee to ensure that clearing members (usually companies or enterprises) perform their clients ’futures and options contracts in short-term performance. The settlement margin is different from the customer performance margin. The customer's performance bond is deposited with the broker, and the settlement bond is deposited with the clearing house.
Initial Margin: When a futures market trader places an order to buy or sell a futures contract, he must deposit the minimum performance margin in his margin account as required.
Inner disk: the quantity traded at the active bid price in the trading volume, the so-called active bidding, deals at the purchase price;
outer disk: the quantity traded at the active bid price in the trading volume, the so-called active bidding, sold One-price transaction;
comparison: The comparison is the ratio of the total entrusted quantity of unsold trading orders. Its calculation formula is: commission = (number of commissions-commissions) / (number of commissions + commissions) × 100%. It can be seen from the formula that the value of the commission ranges from -100% to + 100%. If the commission ratio is positive, it means that the buying in the market is strong, and the larger the value, the stronger the buying. Conversely, if the commission ratio is negative, the market is weak. In order to reflect the strength of the real-time trading orders in the market in a timely manner, the commissioned lot refers to the total number of orders purchased immediately down to the third gear, and the commissioned lot refers to the total number of orders sold immediately up to the third gear. For example, the immediate maximum purchase entrusted quotation and entrusted volume of a stock is 15.00 yuan and 130 lots, the next two levels are 14.99 yuan 150 lots and 14.98 yuan 205 lots respectively; the minimum sell order price and entrusted volume are 15.01 yuan and 270 lots, The two upward grades are 15.02 yuan for 475 lots and 15.03 yuan for 655 lots, then the immediate ratio at this time is -48.54%. Obviously, there is a lot of selling pressure in the field at this time.
Bidding rate: Concept: At this price, the ratio of the volume of active purchases to the volume of transactions (that is, the ratio of transactions at the selling price)
Significance: There is a strong willingness to buy at this price.
Essence: the performance of the internal and external disks at each price point.
Yesterday's end: refers to yesterday's settlement price. (Different from yesterday's closing price) The settlement price refers to the weighted average price of the last hour's transaction price of a certain futures contract according to the transaction volume. If the contract is a newly listed contract, the formula for calculating the settlement price for the day is: contract settlement price = benchmark price for the contract ’s listing + settlement price for the benchmark contract on the same day-settlement price for the previous trading day of the benchmark contract.
Volume ratio: refers to the ratio of the total number of transactions on the day to the average number of recent transactions, the specific formula is: the current total lot / ((5 day average total lot / 240) * how many minutes to open). Value represents the size ratio of recent changes in volume at this time, this time is greater than 1 represents the total number of records have been exaggerated hand, represents less than 1 indicates that the time records the total number of hand atrophy
Total Hand: refers to the off time now, this total contracts traded Number of hands. In China,
1 lot of each transaction is calculated as 2 lots, so you can see that the mantissa is double digits
Commission: refers to the index used to measure the relative strength of trading orders over a period of time, and its calculation formula is: Commission = 〖(Number of commissioned commissions-number of commissioned commissions) ÷ (Number of commissioned commissions + commissioned commissions)〗 × 100% . When the commission value is positive, it means that the buyer's power has a higher probability of rising price; when the commission value is negative, it means that the seller's power has a higher probability of falling price.
Now hand: that is, the number of contracts traded just automatically
buy volume: the number of contracts traded is the buyer's
sales volume: the short side is the number of contracts traded
positions: refers to the buyers and sellers to open a number of contracts yet to implement the reverse closing operation sum. The size of the position reflects the size of the market transaction size, but also reflects the difference between the long and short sides of the current price. For example: suppose that when two people are the counterparties, one person opens a position to buy 1 contract, and the other person opens a position to sell 1 contract, then the position is displayed as 2 lots.
Position difference: short for position difference, it refers to the difference between the current position and the position corresponding to yesterday's closing price
. The positive is the increase in open positions today, and the negative is the decrease in open positions. The position difference is the increase and decrease of the position. For example, today ’s position in the November stock index futures contract was 60,000 lots, and yesterday ’s position was 50,000 lots, so today ’s position difference is 10,000 lots. Another: There is also a change in the position difference in the transaction column. Here, it refers to the comparison between the current position change caused by this transaction order and the previous instant position amount, whether it is to increase or decrease the position.
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