Education Glossary

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Definitions Starting with "o"

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Term Definition
Odd Lot

A securities order which is less than the conventional 100 shares.

OEX

Symbol for Standard & Poor's 100 Cash Index.

Offer

The highest price that a buyer will pay and the lowest price that a seller will sell, a security.

On Balance Volume

Developed by Joseph Granville, this is a technical analysis indicator that tracks volume to predict changes in a financial instrument's price.

Open Interest

The total amount of outstanding contracts (not settled) that are held by traders at the end of each day.

Open Outcry

The audible communication between professionals on the trading floor of an exchange for bids and offers on a stock or commodity.

Open-End Fund

A type of mutual fund with no limit on the amount of shares issued. A trader purchases shares from the fund directly rather other shareholders.

Opening Range

The price range for the highest bid and the lowest offer during the first few minutes of the Exchange's official open.

Opening Transaction

The process of initiating a trade to buy or sell a financial instrument.

OPG Order

A type of "time in force" order transaction instructing that the trade be executed as close to the open as possible and will only be accepted up to l 9:15am Eastern.

Option

A trader's right, without obligation, to buy or sell a financial asset at a specific, pre-determined price during a specific time period.

Option Class

A collection of options which have the same underlying security.

Option Series

A collection of calls and puts that have the same unit of trading, expiration and strike prce on the same underlying security.

Options Clearing Corporation

A clearing firm collectively owned by the major exchanges of the listed options.

Order Flow

Refers to the trade orders sent by brokers to market makers. 

Oscillator

A mathematical model for determining prices where a security is overbought or oversold. By identifying the extreme high and low prices, an oscillator can issue buy and sell signals when market activity nears either level.

Out of the Money

When the current price of the underlying security is below the current strike price of the option.

Outside Reversal

A daily bar chart pattern where the security's high is higher than the previous trading day.

Over the Counter (OTC)

Securities that are traded in a medium (such as a Dealer Network) other than a formal exchange.

Overbought

An occurrence where a market's prices are unjustifiably high due to extensive demand (buying).

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