| limit | : | The maximum daily price change above or below the previous close in a specific futures market. Trading limits may be changed during periods of unusually high market activity.
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| limit order | : | An order given to a broker by a customer which has some restrictions upon its execution. such as price or time.
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| liquidation | : | A transaction made in reducing or closing out a long or short position, but more often used by the trade to mean a reduction or closing out of a long
position.
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| local | : | Independent trader who trades her or his own money on the floor of the exchanges. Some locals act as brokers as well, but are subject to certain rules that protect customer orders.
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| long | : | (1) The buying side of an open futures contract or futures option; (2) a trader whose net position in the futures or options market shows an excess of open purchases over open sales.
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| margin | : | Cash or equivalent posted as guarantee of fulfillment of a futures contract (not a downpayment).
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| margin call | : | Demand for additional funds or equivalent because of adverse price movements or some other contingency.
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| mark-to-market | : | The practice of crediting or debiting a trader's account based on the daily closing prices of the futures contracts he is long or short.
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| market order | : | An order for immediate execution at the best available price.
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| nearby | : | The futures contract closest to expiration.
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| net position | : | The difference between the open contracts long and the open contracts short held in any one commodity by any individual or group.
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| offer | : | An offer, indicating willingness to sell at a given price (opposite of bid).
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| on opening | : | A term used to specify execution of an order during the opening.
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| open contracts | : | Contracts which have been bought or sold without the transaction having been completed by subsequent sale, repurchase, or actual delivery or receipt of commodity
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| open interest | : | The number of "open contracts." It refers to unliquidated purchases or sales and never to their combined total.
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| open order | : | An order which is good until canceled.
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| opening | : | The period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made "at the opening."
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options on futures
(futures options) | : | (see put and call)
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opening price
(or range) | : | The price (or price range) recorded during the period designated by the exchange as the official opening.
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| out-of-the-money | : | Option calls with strike prices above the price of the underlying futures, and puts with strike prices below the price of the underlying futures.
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