There are many technical terms in futures, so please be patient.

Common sense of trading

1. Location?

It is a market agreement, that is, the number of futures contracts bought or sold without hedging. For buyers, it is said to be bulls; For the seller, it is called an empty position.

2. Short selling?

Lowering the price and selling the futures contract is called short selling.

3. Futures discount and futures premium?

In a specific place and within a specific time, the futures price of a specific commodity is higher than the spot price, which is called futures premium; The futures price is lower than the spot price, which is called futures discount.

4. A positive market?

Under normal circumstances, the futures price is higher than the spot price.

5. Reverse market?

Under special circumstances, the futures price is lower than the spot price.

6. Hold your ground?

A contract held by a trader is called a position. ?

7. Cut position?

In the transaction, the position is opposite to the price trend, and the liquidation measures are taken to prevent excessive losses.

8. Bull market?

A market with rising prices.

9. Bear market?

A market with falling prices.

10. Open position?

Refers to the behavior of futures traders to buy or sell futures contracts.

1 1. Close the position?

It refers to the behavior of futures traders to buy or sell futures contracts with the same variety, quantity and delivery month but opposite trading direction, and conclude futures trading.

12. Open positions?

Refers to the number of open contracts held by futures traders.

13. Position limit?

Refers to the maximum position held by a futures exchange for futures traders.

14. Deal?

It refers to the process that the computer trading system of the futures exchange pairs the trading orders of both parties.

15. What is the lowest price change?

Refers to the minimum unit price fluctuation of futures contracts.

16. What is the maximum daily price fluctuation limit?

It means that the trading price of a futures contract in a trading day shall not be higher or lower than the specified fluctuation range, and the quotation exceeding this fluctuation range will be regarded as invalid and cannot be traded.

17. What is the delivery month of the futures contract?

Refers to the month when the physical delivery is stipulated in the futures contract.

18. Last trading day?

Refers to the futures contract in the last trading day of the contract delivery month.

19. What is the transaction price of the futures contract?

Refers to the value-added tax price of the futures contract delivery standard delivered in the benchmark delivery warehouse.

20. opening price?

Refers to the transaction price generated in call auction within five minutes before the opening of futures contracts. If there is no transaction price in call auction, the opening price is the first transaction price after call auction.

2 1. closing price?

Refers to the final transaction price of the futures contract on that day.

22. What is the settlement price of the day?

Refers to the weighted average price of the transaction price of the futures contract on the same day according to the volume. If there is no transaction price on that day, the settlement price of the previous trading day shall be the settlement price of that day.

23. price limit?

A futures contract has a buy (sell) declaration with a stop-loss price, a sell (buy) declaration without a stop-loss price, or a deal is made as soon as a sell (buy) declaration is made, but the stop-loss price is not offered within 5 minutes before the closing of the trading day.

24. What is the transaction price?

The computer automatic matching system of the exchange sorts the transaction declarations according to the principle of price priority and time priority, and automatically matches the transaction when the buying price is greater than or equal to the selling price. The matching transaction price is equal to the middle value of the buying price (bp), selling price (sp) and the previous transaction price (cp). That is, when bp≥sp≥cp, the latest transaction price =sp bp≥cp≥sp, the latest transaction price =cp cp≥bp≥sp, and the latest transaction price =bp 25. The highest price?

The highest price refers to the highest transaction price of a futures contract in a certain period of time.

26. What's the lowest price?

The lowest price refers to the lowest transaction price of futures contracts in a certain period of time.

27. What's the latest price?

The latest price refers to the real-time transaction price of futures contracts on a certain trading day.

28. ups and downs?

Fluctuation refers to the difference between the latest price of futures contracts in a trading day and the settlement price of the previous trading day.

29. What is the highest purchase price?

The highest purchase price refers to the immediate highest price applied by the buyer on the day of the futures contract.

30. What's the lowest selling price?

The lowest selling price refers to the immediate lowest price that the seller applies for selling on the day of the futures contract.

3 1. Number of applications?

The subscription quantity refers to the highest order quantity that has not been sold in the exchange trading system on the day of the futures contract.

32. How much is the application for sale?

The declared selling quantity refers to the lowest order quantity that has not been traded in the exchange trading system on the day of the futures contract.

33. volume?

Volume refers to the bilateral quantity of all contracts concluded by a contract in the trading period of the same day.

34. What is the position?

Open position refers to the bilateral number of open positions held by futures traders.

35. Limit order?

An instruction that must be executed at a limited price or better.

36. Cancel the instruction?

An order from an investor to cancel a specific order.

37. Open outcry auction?

It shall be carried out within 5 minutes before the opening of a certain month's contract of a certain variety on each trading day, in which the first 4 minutes are the declaration time of futures contract orders, and the last 1 minute is the call auction matching time.

38. call auction maximum turnover principle?

That is, the transaction at this price can get the largest volume. All the buying declarations higher than the price generated by call auction are sold; All sales declarations below the price generated in call auction were sold; For the purchase or sale declaration with the same price as that generated in call auction, the transaction shall be made according to the quantity of the purchase declaration and the quantity of the sale declaration, and according to the quantity declared by the minority party. If multiple prices meet the principle of maximum transaction, the opening price is the price closest to the settlement price of the previous trading day. What is the benchmark price of the new listing contract?

Determined by the exchange and announced in advance. The benchmark price is the basis for determining the trading limit of the first day of the new listed contract.

38. Transaction code?

Refers to the special code compiled by members according to these rules for customers to conduct futures trading.

39. Forced lightening?

It refers to the fact that the exchange will declare and close the unfinished transactions at the daily limit price, and automatically match the profitable customers (non-brokerage members, the same below) who make transactions at the daily limit price according to the proportion of positions.

40. What is the net position profit and loss of the contract unit?

Refers to the net position of the customer in this contract, and the profit and loss calculated according to the difference between the average position price in the direction of its net position and the settlement price of the day.

4 1. Risk early warning system?

When the Exchange deems it necessary, it may take one or more measures, such as requesting to report the situation, reminding in conversation, and issuing a risk warning letter, independently or simultaneously. To warn and resolve risks.

42. Compulsory liquidation system?

For members or investors who violate the rules and overstock or fail to add trading margin in time as required, as well as other violations, the Exchange will take measures to forcibly close the positions of members who violate the rules.

43. Large household declaration system?

When the speculative position of a certain type of member or investor's position contract reaches 80% of the maximum position limit standard of speculative position stipulated by the exchange, the member or investor shall declare his capital and position to the exchange, and the investor shall declare it through the brokerage member.

44. deposit?

Refers to the funds paid by traders in accordance with the prescribed standards for settlement and performance guarantee.

45. Solve

Refers to the business activities of calculating and distributing the trading margin, profit and loss, handling fees, settlement funds and other related funds of members according to the trading results and the relevant regulations of the exchange.

46. Trading margin?

Refers to the funds that members guarantee the performance of the contract in the special settlement account of the exchange, which is the deposit occupied by the contract. When the buyer and the seller make a transaction, the exchange will collect a trading deposit according to a certain proportion of the contract value of the position.

47. Additional deposit?

When the margin required by the customer is less than a certain amount, the part that the broker requires the customer to make up is called additional margin.

48. Floating profit and loss?

Unrealized open profit and loss calculated at the settlement price of the day.

49. Daily debt-free settlement system?

Also known as day-to-day mark-to-market, it means that after the daily trading is over, the exchange will settle all contracts' profits and losses, trading deposits, handling fees, taxes and other expenses according to the settlement price of the day, and implement net transfer of accounts receivable and payable, and correspondingly increase or decrease the settlement reserve of members.

50. Risk reserve?

Refers to the fund established by the exchange to provide financial guarantee for maintaining the normal operation of the futures market and make up for the losses caused by unforeseeable risks of the exchange.

5 1. Profit and loss of the day?

The profit and loss of futures contracts calculated at the settlement price of the day shall be included in the member settlement reserve, and the loss of the day shall be deducted from the member settlement reserve.

52. What's the delivery difference?

At the time of settlement on the last trading day, the exchange will settle the positions of members in the delivery month according to the delivery settlement price, and the resulting profit and loss will be the delivery price difference.

53. physical delivery?

It refers to the process that when a futures contract expires, according to the rules and procedures of the exchange, both parties to the transaction end the open contract by transferring the ownership of the goods contained in the futures contract.

54. Centralized delivery?

That is, the seller's standard warehouse receipt and the buyer's payment are submitted to the exchange, and the exchange will handle the delivery in a centralized and unified manner.

55. Turn futures into cash?

It means that both parties holding the same delivery month contract reach a spot transaction agreement through negotiation, settle their future positions at the agreed price, and make a considerable amount of payment and physical exchange at the same time.

56. Rolling delivery?

It refers to the delivery mode that after the contract enters the delivery month, the customer who holds the standard warehouse receipt and the selling position takes the initiative and the exchange organizes the two parties to complete the delivery within the specified time.

57. Inside information?

It refers to undisclosed information that may have a significant impact on the futures market price, including: policies formulated by China Securities Regulatory Commission and other relevant departments that may have a significant impact on futures trading prices, decisions made by futures exchanges that may have a significant impact on futures trading prices, funds and trading trends of members and customers of futures exchanges, and other important information that has a significant impact on futures trading prices as determined by China Securities Regulatory Commission.

58. Inside information?

Refers to the personnel who come into contact with or master inside information because of their management, supervision or professional positions, or perform their duties as employees or professional consultants, including: the chairman, vice chairman, general manager, deputy general manager and other senior managers of the futures exchange, other employees who can obtain inside information because of their positions, the staff of China Securities Regulatory Commission and other relevant departments, and other personnel specified by China Securities Regulatory Commission. ?

Professional analysis of common nouns?

1. Open position: refers to the total number of contracts that have not been reversed by buyers and sellers. The size of the position reflects the size of the market transaction and the difference between the long and short sides in the current price. For example, if two people are 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 a 2-hand contract. ?

2. Inner disk and outer disk: equivalent to the inner disk and outer disk in stock software. For example, the person entrusted with the seller's transaction is classified as "outer disk" and the person entrusted with the buyer's transaction is classified as "inner disk". "Outer disk" and "inner disk" add up to volume. During the analysis, because the outer disk contains the seller's entrusted transaction, if the outer disk is large, it means that most of the selling price has been accepted, which means that the buying potential is strong; If the inner disk contains the buyer's transactions, if the inner disk is too large, it means that most of the buyers are willing to sell, which means that the seller has greater strength. If the inner disk and the outer disk are roughly similar, the buying and selling power is equal. ?

3. Total number of lots: refers to the total number of lots sold so far in this contract. In China, 1 hand is traded by both parties, so you can see that the mantissa is double digits. ?

4. Yesterday's settlement price: refers to yesterday's settlement price. Settlement price (different from yesterday's closing price) refers to the weighted average price of the transaction price in the last hour of a futures contract according to the volume. If the contract is a new listed contract, the calculation formula of the settlement price of the day is: contract settlement price = contract benchmark price+benchmark contract settlement price today-benchmark contract settlement price on the previous trading day. ?

5. Commission rate: refers to the index used to measure the relative strength of orders in a period of time, and its calculation formula is: Commission rate = [(number of commission buyers-number of commission sellers) ÷ (number of commission buyers+number of commission sellers) × 100%?

6. Position difference: referred to as position difference, it refers to the difference between the current position and the position corresponding to yesterday's closing price. If it is positive, add positions today; If it is negative, the position will be reduced. Position difference is the change of position. For example, the position of stock index futures contract in June 165438+ 10 is 60,000 lots, whereas it was 50,000 lots yesterday, so the position difference today is 1 10,000 lots. In addition: there are also changes in position differences in the transaction column. Here refers to the comparison between the position change caused by the current transaction order and the previous instant position, whether to increase or decrease the position. ?

7. Multi-single open position: the abbreviation of multi-single open position means that the position has increased, but the added value of the position is less than the current position, which belongs to active buying. For example, suppose four people are counterparties, in which A hangs out 1 sells to close the position, B hangs out 10 sells to open a position, and C sees that there is a 1 1 hand pending order at the selling position, that is, five hands are hung out to buy a position, and the disk display will be: multi-opening, spot transaction/kloc.

8. Open position: short position, indicating that the position has increased, but the added value of the position is less than the current position, which belongs to active selling; For example, selling and buying in the above example can be reversed. ?

9. Double opening: refers to a transaction in which the opening amount is equal to the current amount, the closing amount is zero, the opening amount is increased, and the difference is equal to the current amount, indicating that both long and short positions have increased their positions?

10, double balance: refers to the transaction in which the opening amount is equal to zero, the closing amount is the current amount, the opening amount decreases, and the difference is equal to the current amount, indicating that both long and short positions have lightened their positions. ?

1 1, multi-exchange and empty exchange: short for multi-exchange and empty exchange. If in a certain transaction, the open position and open position are equal to half of the current trading volume, and the open position remains unchanged, it means that the bulls and bears have not changed, but only some positions have been transferred between them. Combining the state of internal and external markets, we define the transaction state as follows. ?

12, Multi-level and Empty-level: short positions for long positions and short positions. Long position closing refers to the reduction of positions, but the absolute value of position increase is less than the current quantity, which belongs to active selling; Short position means that the position is reduced, but the absolute value of the position increase is less than the current quantity, which belongs to active buying. For example, suppose three people are counterparties, in which A has five long positions, B has five short positions and C has no positions; If Party A wants to close some positions, it will sell 3 positions; Party C thinks that the market will fall and sells 2 positions; If Party B also wants to close the position, it will sell five positions at the current price (selling price), and the disk shows: empty (short), spot transaction 10, position difference -6. If it is a long position, it is to take B as the active position, and A can close the position.