| 161. | Tick | The smallest allowable increment of price movement for a futures contract. Also referred to as Minimum Price Fluctuation. =National Futures Association |
| 162. | Time Value | The amount of money options buyers are willing to pay for an option in anticipation that over time a change in the underlying futures ice will cause the option to increase in value. In More… |
| 163. | Uncovered Option | A short call or put option position which is not covered by the purchase or sale of the underlying futures contract or physical commodity. Also referred to as a Naked Option. More… |
| 164. | Underlying Futures Contract | The specific futures contract that the option conveys the right to buy (in case of a call) or sell (in the case of a put). =National Futures Association |
| 165. | Variable Limit | A price system that allows for larger than normal allowable price movements under certain conditions. In periods of extreme volatility, some exchanges permit trading at price levels that More… |
| 166. | Variation Margin | Additional margin required to be deposited by a clearing member firm to the clearinghouse during periods of great market volatility or in the case of high-risk accounts. =National More… |
| 167. | Volatility | A measurement of the change in price over a given time period. =National Futures Association |
| 168. | Volume | The number of purchases and sales of futures contracts made during a specified period of time, often the total transactions for one trading day. =National Futures Association |
| 169. | Warehouse Receipt | A document guaranteeing the existence availability of a given quantity and commodity in storage; commonly instrument of transfer of ownership cash and futures transactions. More… |
| 170. | Wire House | See also: Futures Commission Merchant =National Futures Association |
| 171. | Writer | See also: Grantor =National Futures Association |
| 172. | Yield | A measure of the annual return on an investment. =National Futures Association |
| 173. | Yield Curve | A chart in which yield level is plotted on the vertical axis, and the term to maturity of debt instruments of similar creditworthiness is plotted on the horizontal axis. =National More… |
