Source: https://mochatrade.com/learn/glossary

# US Stocks, Leverage and Commodities Glossary for Indian Traders
URL: https://mochatrade.com/learn/glossary
Last modified: 2026-10-17

MochaLearn is a free course on the US market, its assets, and how to trade them, built for people who already trade Indian markets.

This is its glossary: 237 terms, each defined in a paragraph. Every term's page: https://mochatrade.com/learn/glossary/<slug>.

## Rooms

- Getting started: US market structure (27 terms): https://mochatrade.com/learn/glossary/category/getting-started
- Macro: what moves US markets (37 terms): https://mochatrade.com/learn/glossary/category/macro
- Instruments: US equities & ETFs (28 terms): https://mochatrade.com/learn/glossary/category/us-equities-etfs
- Valuation & fundamentals (30 terms): https://mochatrade.com/learn/glossary/category/valuation-fundamentals
- Orders & trading mechanics (24 terms): https://mochatrade.com/learn/glossary/category/orders-trading
- Leverage, margin & derivatives (32 terms): https://mochatrade.com/learn/glossary/category/leverage-margin-derivatives
- Commodities with leverage (34 terms): https://mochatrade.com/learn/glossary/category/commodities
- Perpetual futures (25 terms): https://mochatrade.com/learn/glossary/category/perpetual-futures

## Terms

- 2-year Treasury yield: The two-year Treasury yield is the bond market's bet on where the Fed will hold rates over the next two years, so it moves hardest on Fed nights and inflation prints. It is the short end the Fed steers; put it next to the index on a number night and watch them move together. If it does not move after a Fed decision, the Fed said what was priced. https://mochatrade.com/learn/glossary/2-year-treasury-yield
- 8-K: An 8-K is the filing a US company must make within four business days of a material event: a merger, a CEO leaving, a lawsuit, results. It is often the first public document of the news, live on EDGAR before the headline, and it is why guidance is public, not whispered. https://mochatrade.com/learn/glossary/8-k
- 10-K and 10-Q: A 10-K is the audited annual report a US listed company files with the SEC; a 10-Q is the unaudited quarterly version. Both are on EDGAR the second they are accepted, the SEC exists because of the law that requires them, and results day starts from them. https://mochatrade.com/learn/glossary/10-k-and-10-q
- 10-year Treasury yield: The ten-year Treasury yield is the benchmark long rate that mortgages, company debt and stock valuations are priced off. The Fed does not set it; growth, inflation expectations and the term premium do. When it rises, long-dated growth sectors fall harder than banks, and in September 2026 seventeen of its eighteen basis points were real return, not inflation fear. https://mochatrade.com/learn/glossary/10-year-treasury-yield
- 13F filing: A 13F is the quarterly filing every US institutional manager with over $100 million must make, listing its stock holdings, due 45 days after the quarter ends. It shows what the funds with a view are holding, but weeks late, so it tells you a position, never a trade. EDGAR has all of them. https://mochatrade.com/learn/glossary/13f-filing
- 24/7 trading: 24/7 trading means a contract keeps trading through nights, weekends and holidays while the underlying exchange is shut. The price you see then is the venue's, pulled toward the last official close by funding and the band, and it is the reason a US stock can be traded from India at 2 AM, in rupees. https://mochatrade.com/learn/glossary/24-7-trading
- 52-week high and low: A 52-week high or low is the highest or lowest price a stock has traded at over the past year, the number scanners and headlines count. Counting them across an index is a quick read of market breadth; on 1 September 2026 twelve S&P 500 companies printed a low and seven a high, nearly all off oil. https://mochatrade.com/learn/glossary/52-week-high-and-low
- ADR (American Depositary Receipt): An ADR is a receipt a US bank issues for shares of a foreign company it holds abroad, so the stock trades in New York in dollars; Infosys and ICICI Bank trade this way. A bank holds the share, you hold a claim, and arbitrage keeps the two prices together, the same claim shape a contract on a price has. When nobody stands behind the claim, the arbitrage has nobody to run it. https://mochatrade.com/learn/glossary/adr
- Aluminium: Aluminium is the light industrial metal whose production is mostly electricity, so its price is partly a power price. China makes over half the world's supply and the LME is the real market. Module 2 covers it with copper; aluminium on Mochatrade. https://mochatrade.com/learn/glossary/aluminium
- Auto-deleveraging (ADL): Auto-deleveraging is the last step when a liquidated position's loss exceeds its margin and the insurance pool: the venue closes part of the most profitable opposing positions to cover it. It can shut a correct trade; where the loss goes is a Module 3 question, and the liquidation page says what Mochatrade does. https://mochatrade.com/learn/glossary/auto-deleveraging
- Average hourly earnings: Average hourly earnings is the wage growth number in the US jobs report. Wages are the bridge from jobs to prices: fast pay growth keeps services inflation sticky, which keeps the Fed cautious, so a hot wage figure can sink stocks on a strong jobs day. https://mochatrade.com/learn/glossary/average-hourly-earnings
- Beta: Beta measures how much a stock has moved relative to the market: 1.5 means it has historically moved 1.5% for each 1% in the S&P 500. High-beta names sit at the long-dated, growth end of the rates line, so they fall hardest on a hawkish Fed. https://mochatrade.com/learn/glossary/beta
- Bid-ask spread: The bid-ask spread is the gap between the best price to sell (bid) and the best price to buy (ask). Buy at the ask, sell at the bid, and you are down the spread before anything moves. It shrank from about six cents to one when US prices went decimal in 2001, it is what the market maker earns for the seconds before his hedge, and when it widens with no news, that is the news. Spreads and fees on Mochatrade. https://mochatrade.com/learn/glossary/bid-ask-spread
- Blue chip US stocks: Blue chip US stocks are large, long-established, profitable American companies like Apple, JPMorgan or Johnson & Johnson; the Dow was built as their list in 1896. Blue chip describes the business, not the price: a disappointing guide still sends one sharply lower, as the Broadcom story shows. https://mochatrade.com/learn/glossary/blue-chip-us-stocks
- Book value: Book value is total assets minus total liabilities on the balance sheet, what shareholders own on paper. For a bank it means something, and a bank below book is the market doubting its loans; for Nvidia it means little. Banks sit on the near-dated side of the rates line, and the Buffett piece is the long version of why book value stopped being enough. https://mochatrade.com/learn/glossary/book-value
- Breakeven inflation: Breakeven inflation is the gap between an ordinary Treasury yield and its inflation-protected twin of the same maturity, the inflation rate the bond market is pricing. It is the market expectation an inflation print is judged against, and you can subtract the two Treasury curves yourself in a minute. The inflation lecture uses it as the bar. https://mochatrade.com/learn/glossary/breakeven-inflation
- Brokerage account: A brokerage account is an account with a registered broker that records the securities you own while a custodian holds the actual shares. It is the route where you own the share. The other route is a contract on its price, where you hold a position, not a share. https://mochatrade.com/learn/glossary/brokerage-account
- Bull and bear market: A bull market is a sustained rise in prices; a bear market is a fall of 20% or more from a recent high, the convention for the S&P 500. The labels look backward; what moves a market from one to the other is the price of money, earnings guidance and shocks with no schedule. https://mochatrade.com/learn/glossary/bull-and-bear-market
- Buyback: A buyback is a company buying its own shares and cancelling them, so the same profit is spread over fewer shares and EPS rises. US companies return more cash this way than through dividends, and it is announced with results, next to the guide. A company issuing stock to fund spending is the reverse, as Oracle did in 2026. https://mochatrade.com/learn/glossary/buyback
- Buying power: Buying power is the position value your free margin can open at the allowed leverage: ₹20,000 at 10x is ₹2,00,000. It shrinks when you open a position and again as it loses; it is the available-to-trade figure on the order panel, and one trade shows it move. https://mochatrade.com/learn/glossary/buying-power
- Call option: A call option is the right to buy at the strike before expiry. Strike 24,200 and premium 80 means profit only above 24,280, because in the money is not in profit; the Module 0 quiz works the full sum. Before results you can be right on direction and still lose on the call. If any of this is new, start with Varsity and come back. https://mochatrade.com/learn/glossary/call-option
- Cboe: Cboe is the Chicago-based exchange group that runs the largest US options market and four US stock exchanges grown out of BATS, an exchange built by high frequency traders in 2005. It publishes the VIX, the price of fear built from S&P 500 options. https://mochatrade.com/learn/glossary/cboe
- Central bank gold buying: Central bank gold buying is reserve managers adding gold, about a thousand tonnes a year from 2022 to 2024 per the World Gold Council. It is a buyer with no price target, sitting next to real yields as a driver of gold; Module 2. https://mochatrade.com/learn/glossary/central-bank-gold-buying
- CFTC: The CFTC is the Commodity Futures Trading Commission, the US referee for futures, swaps and anything shaped like a contract on a price. It publishes the weekly file of what the biggest speculators hold, it is writing rules for perpetual futures in public, and the instrument this course ends on sits right on the line between the CFTC and the SEC. https://mochatrade.com/learn/glossary/cftc
- Circuit breaker (US): A US circuit breaker halts trading. Market-wide, an S&P 500 fall of 7% or 13% stops all stocks for fifteen minutes and 20% ends the day; single stocks pause for five minutes at the edge of their price band. Market-wide breakers belong to the shocks lecture, and a contract on a frozen stock keeps trading. https://mochatrade.com/learn/glossary/circuit-breaker
- Closing auction (official close): The closing auction is the single matched trade at 1:30 AM IST, 2:30 AM in winter, that sets each US stock's official closing price, about a tenth of the day's volume in one print. Every index and fund is valued at that close, index funds do their buying in it, and it is the last real price a contract that trades overnight can copy until the next open. https://mochatrade.com/learn/glossary/closing-auction
- CME FedWatch: CME FedWatch turns futures on the overnight rate into a probability for each outcome at every Fed meeting. It is what the market priced before the decision, and the decision is judged against it, so a move the market gave 95% odds lands and nothing happens. https://mochatrade.com/learn/glossary/cme-fedwatch
- CME Group: CME Group is the Chicago exchange where futures on US stock indices, interest rates, gold, oil and copper trade, through COMEX and NYMEX among others. Its index futures are the price of the whole US market while stocks sleep, it sits in the trades-against-you column, and its FedWatch tool turns rate futures into odds. https://mochatrade.com/learn/glossary/cme-group
- COMEX: COMEX is the New York exchange, part of CME Group, where benchmark gold, silver and copper futures trade. Globex runs from about 3:30 AM Monday to 2:30 AM Saturday IST, an hour later in winter. New York makes the futures price, London makes spot, and the copper contract copies COMEX. https://mochatrade.com/learn/glossary/comex
- Commitments of Traders (COT) report: The Commitments of Traders report is the CFTC's weekly breakdown of who holds US futures: producers, dealers, hedge funds. It lands Friday for Tuesday's positions, about 1:00 AM Saturday IST. In September 2026 it showed funds closing a Nasdaq short before the Fed and rebuilding it five times larger a week later. The CFTC is the futures referee. https://mochatrade.com/learn/glossary/commitments-of-traders-report
- Commodity ETF: A commodity ETF tracks a commodity either by holding the metal or by holding futures and rolling them. Futures-based oil funds bleed in contango because each roll sells low and buys high. Module 2 works the roll; index funds rolling on schedule are who you trade against. https://mochatrade.com/learn/glossary/commodity-etf
- Commodity trading: Commodity trading is buying and selling the price of raw materials like gold, oil, gas and copper, almost always through contracts rather than the goods. The prices are made in London, New York and Shanghai, in dollars, and they behave differently because of how each one is stored. An oil price taken apart, one claim at a time; what is listed on Mochatrade. https://mochatrade.com/learn/glossary/commodity-trading
- Consensus estimate: The consensus estimate is the average analyst forecast for a company's earnings or an economic number. Markets price the consensus before the release, so the move is the gap: in line moves little, a surprise moves the stock or the whole curve. https://mochatrade.com/learn/glossary/consensus-estimate
- Contango and backwardation: Contango is later futures months priced above nearer ones, the normal state when storage costs money; backwardation is the reverse, when the market wants the commodity now. A long rolling in contango sells cheap and buys dear each month, which is how an oil fund loses while oil goes nowhere. Watch the front Brent month against the six-month, and who is forced to roll. https://mochatrade.com/learn/glossary/contango-and-backwardation
- Contract rollover: Contract rollover is closing an expiring futures month and opening the next to stay exposed. Front at $85.00, next at $84.50, and the reference falls 50 cents over the roll while no barrel changed price. The perp has no expiry, its reference does; index funds roll on a published schedule, and Module 2 gives the arithmetic. https://mochatrade.com/learn/glossary/contract-rollover
- Copper: Copper is the industrial metal priced three ways: LME in dollars per tonne, COMEX in cents per pound, Shanghai in yuan. China uses more than half, warehouse stocks are public, and a new mine takes a decade, so the price is the cycle plus the visible pile. Its reads are the PMI and the dollar, and the COMEX contract is what a copper claim copies. https://mochatrade.com/learn/glossary/copper
- Core CPI: Core CPI is CPI with food and energy removed, the volatile parts that interest rates cannot fix. The market often trades core over headline because it shows the inflation the Fed has to answer, and a hot core print reprices the next Fed meeting within a second. https://mochatrade.com/learn/glossary/core-cpi
- Cost of carry: Cost of carry is what it costs to hold a position over time: storage, insurance and interest, minus any income. It is why futures usually sit above spot and the gap shrinks to zero at expiry, as the Module 0 quiz shows. On a perpetual the carry is paid as funding, on a different rhythm; one held position shows it. https://mochatrade.com/learn/glossary/cost-of-carry
- CPI: CPI, the consumer price index, is the monthly US measure of what a basket of goods and services costs households, published by the BLS. It lands at 6:00 PM IST, 7:00 PM in winter, the market trades the gap to expectation, not the number, and a hot print travels through the Fed rate path to the sectors that take it worst. The August 2026 print came in at 0.3% core against 0.2% expected, and a hike followed. https://mochatrade.com/learn/glossary/cpi
- Crack spread: The crack spread is the gap between the price of crude and the products refined from it, petrol and diesel. A refiner earns that gap, not the oil price, so when it widens a refiner can hit a multi-year high in the same week an airline takes a $6 billion fuel hit. One oil price, lows and highs across the S&P 500. https://mochatrade.com/learn/glossary/crack-spread
- Cross margin: Cross margin uses your whole balance as margin for every open position, so a winner props up a loser and liquidation is further away, until one bad position drains everything. It turns a position-level line into an account-level one; Module 5 treats it as a sizing choice, and isolated margin is the alternative. https://mochatrade.com/learn/glossary/cross-margin
- Crude oil (WTI vs Brent): Crude oil trades as two benchmarks: WTI at the Cushing pipeline hub on NYMEX, and Brent at sea on ICE, which prices most of the world's oil including India's imports. A barrel is priced off flow, storage, demand and a premium for the next barrel that might not arrive, which is how Brent rose 8% in the week supply came back. Oil feeds inflation; oil on Mochatrade. https://mochatrade.com/learn/glossary/crude-oil
- Cushing: Cushing, Oklahoma is the pipeline and tank hub where WTI is delivered, so WTI depends on storage there. When Cushing filled in April 2020 the expiring contract went below zero. Storage is the shock absorber, and US tanks sitting near normal ruled storage out as the 2026 driver. https://mochatrade.com/learn/glossary/cushing
- Custodian: A custodian is the institution that holds securities or assets for a broker's clients, kept apart from the broker's own money. For any claim the question is who holds the real thing: an issuer holds the gold, you hold a claim on it, and the claim's price can drift until the venue pulls it back. https://mochatrade.com/learn/glossary/custodian
- Cyclical vs defensive stocks: Cyclical stocks earn more when the economy grows and less when it shrinks: discretionary, industrials, materials, energy, financials. Defensive stocks earn about the same either way: staples, health care, utilities. It is the growth line through the sectors, driven by jobs and growth data. https://mochatrade.com/learn/glossary/cyclical-vs-defensive-stocks
- Dark pool: A dark pool is a private trading venue where orders stay hidden until they fill, so a fund can move a large block without showing its hand on the public book. Trades still print to the tape afterward and must respect the one national best price set up in 1975. https://mochatrade.com/learn/glossary/dark-pool
- Day trading and the PDT rule: Day trading is opening and closing a position in the same session. The PDT rule is FINRA's pattern day trader rule: a US margin account under $25,000 that makes four or more day trades in five business days gets restricted. It lives with the brokers' own referee, not on every venue, and the base rate to start from is that nine in ten Indian F&O traders lost money. https://mochatrade.com/learn/glossary/day-trading-and-the-pdt-rule
- Debt ceiling: The debt ceiling is the cap Congress sets on total US government borrowing. The Treasury borrows the gap between spending and taxes, so it hits the cap on its own, and if Congress does not raise it the Treasury eventually cannot pay everything, including interest on its own bonds. https://mochatrade.com/learn/glossary/debt-ceiling
- Designated market maker: A designated market maker is the one firm the NYSE assigns to each listed stock to keep trading orderly and to run its opening and closing auctions. It is the last floor role in a market where dealers became computers after 2001. https://mochatrade.com/learn/glossary/designated-market-maker
- Direct listing / SPAC: A direct listing puts existing shares on an exchange with no new shares and no underwriter, so the opening auction sets the first price. A SPAC is a listed shell that raises cash and later merges with a private company, a route that lives on what the SEC allows. https://mochatrade.com/learn/glossary/direct-listing-spac
- Dividend aristocrats: Dividend aristocrats are S&P 500 companies that have raised their dividend every year for at least twenty five years, like Coca-Cola and Procter & Gamble. The streak says the business earns through cycles; it says nothing about price, which still trades the guide, not the dividend, and against what Treasuries pay. https://mochatrade.com/learn/glossary/dividend-aristocrats
- Dividend ETF: A dividend ETF holds stocks picked for high or steadily rising dividends, such as SCHD or VYM. Its headline yield rises when prices fall, so read it against the Treasury yield it competes with, and remember most US growth companies return cash through buybacks instead. https://mochatrade.com/learn/glossary/dividend-etf
- Dividend yield: Dividend yield is the annual dividend divided by the share price; a $2 dividend on a $50 stock is 4%. It rises when the price falls, so the highest yields are often companies about to cut. It competes with what a Treasury pays, and why the 30-year yield moved is the other side of that trade. https://mochatrade.com/learn/glossary/dividend-yield
- Dollar index (DXY): The dollar index, DXY, measures the dollar against six major currencies, with the euro about 58% of it. A stronger dollar weighs on gold, oil and US companies that sell abroad, and it moves the rupee too. The full dollar block sits in Module 2. https://mochatrade.com/learn/glossary/dollar-index
- Dollar-cost averaging: Dollar-cost averaging is investing a fixed amount at fixed intervals whatever the price, so you buy more units when cheap and fewer when dear. It is sizing by calendar, which works for holding without leverage and stops working once a liquidation price exists. The Buffett way is its long case. https://mochatrade.com/learn/glossary/dollar-cost-averaging
- Dot plot: The dot plot is the chart of where each Fed official expects the policy rate to be over the next few years, one dot each, published four times a year with the economic projections. The market trades the gap between the dots and its own pricing, which you read off FedWatch; in September 2026 the question was how many dots sat above one more hike. https://mochatrade.com/learn/glossary/dot-plot
- Dow Jones Industrial Average: The Dow Jones Industrial Average is thirty large American companies averaged by share price, not by size, since 1896. A four hundred dollar stock moves it more than a forty dollar one, whatever each company is worth. That is why the Dow is the number headlines quote while the S&P 500 is what money is measured against. https://mochatrade.com/learn/glossary/dow-jones-industrial-average
- Drawdown: Drawdown is the fall from an account's peak to its trough, in percent. Recovery is lopsided: minus 50% needs plus 100% to get back, minus 80% needs plus 400%, which is why sizing is built around the worst path and why nine in ten Indian F&O traders lost money. https://mochatrade.com/learn/glossary/drawdown
- Dual mandate: The dual mandate is the Fed's job as Congress wrote it: stable prices and maximum employment. The 2% inflation target is the Fed's own reading of that line, so an inflation print and a jobs report are the two halves of every rate decision. https://mochatrade.com/learn/glossary/dual-mandate
- Earnings beat and miss: A beat is results above the consensus estimate; a miss is below. Most large US companies beat most quarters because guidance is set to be beaten, so a small beat is priced and the guide decides the move. Micron beat by $3.2 billion and finished the week lower, and a beat made of refund money does not get paid. https://mochatrade.com/learn/glossary/earnings-beat-and-miss
- Earnings call: The earnings call is the conference call where management discusses results and takes analyst questions, usually within an hour or two of the release, in the small hours IST. The after-hours move often reverses on the call because the guide and its tone come out here, in the thinnest book of the day. https://mochatrade.com/learn/glossary/earnings-call
- Earnings season / earnings report: Earnings season is the weeks after each quarter ends when most US companies report, starting with the big banks around mid-January, April, July and October. Most results land after the 1:30 AM IST close into a thin book, and the guide, not the quarter, moves the stock. PepsiCo usually writes the opening sentence, and the banks report next. https://mochatrade.com/learn/glossary/earnings-season-earnings-report
- EBITDA: EBITDA is earnings before interest, taxes, depreciation and amortisation: operating profit with debt costs and non-cash charges added back. It compares businesses with different debt loads and says nothing about what shareholders receive, so read it next to free cash flow and the guide, and remember interest costs rise with the Fed. https://mochatrade.com/learn/glossary/ebitda
- Economic calendar: An economic calendar lists every scheduled release of the week with its time and consensus forecast. Set one to IST once and check it every Sunday night; US numbers land at 6:00 PM IST on release days, and Mocha Markets Weekly on the blog picks the ones that matter. https://mochatrade.com/learn/glossary/economic-calendar
- EIA petroleum status report: The EIA weekly petroleum status report counts US crude and fuel stocks, released Wednesday at 8:00 PM IST, 9:00 PM in winter. A bigger draw than expected means demand outran supply, and distillates can be tight while crude is not. Put it on your IST calendar; Module 2. https://mochatrade.com/learn/glossary/eia-petroleum-status-report
- Enterprise value: Enterprise value is market capitalization plus debt minus cash: the price of buying the whole business, lenders included. EV/EBITDA compares companies with different debt loads fairly, which matters more as rates rise and debt costs more. The annual report on EDGAR has every number. https://mochatrade.com/learn/glossary/enterprise-value
- EPS: EPS is earnings per share: net profit divided by shares outstanding. On results day it is compared with the published consensus and the whisper number, the filing behind it is on EDGAR before the press release, and a one-off cheque can inflate it, so subtract tariff refunds before comparing. https://mochatrade.com/learn/glossary/eps
- ETF creation and redemption: ETF creation and redemption is how an ETF's price stays near the value of its holdings: large dealers swap baskets of shares for new ETF units, or units for shares, whenever the gap is worth it. The dealers doing it are market makers; a perpetual uses funding for the same job, and a copy with nobody allowed to create or redeem has no anchor at all. https://mochatrade.com/learn/glossary/etf-creation-and-redemption
- Expectancy: Expectancy is the average result per trade: win rate times average win minus loss rate times average loss, usually counted in R, the amount risked. Positive is an edge, and it still means nothing without how often you can take the trade. Module 5 builds sizing on it, checked against the ledger after each trade. https://mochatrade.com/learn/glossary/expectancy
- Expected move: The expected move is the size of move the options market is pricing for an event: add the at-the-money call and put premiums and divide by the stock price. ₹300 of premium on a ₹4,000 stock is 7.5%, and if you expect less, buy the stock, not the option. On results night it is the bar the stock has to clear. https://mochatrade.com/learn/glossary/expected-move
- Fed funds rate: The fed funds rate is the target range for overnight lending between US banks, the one rate the Fed sets directly. It anchors the short end of the yield curve while the market sets the long end, and the odds of its next move are a live price before every meeting. https://mochatrade.com/learn/glossary/fed-funds-rate
- Federal Reserve: The Federal Reserve is the US central bank, built in 1913 after the 1907 bank runs were stopped by one banker. It sets the price of money, and its chair, once confirmed, cannot be removed for a decision, which is why one Fed headline moves bonds, the dollar, gold and stocks at once. https://mochatrade.com/learn/glossary/federal-reserve
- FINRA: FINRA is the Financial Industry Regulatory Authority, US brokers policing themselves under the SEC. It writes broker rules like the pattern day trader rule and publishes short interest twice a month. In the referee column of the US market map it is the name a headline uses when a broker is in trouble, and its data shows who is short and squeezable. https://mochatrade.com/learn/glossary/finra
- FOMC: The FOMC is the Federal Open Market Committee, the twelve voters inside the Fed who set the policy rate at eight scheduled meetings a year. The statement lands at 11:30 PM IST, 12:30 AM in winter, the chair speaks half an hour later, and the decision is read against the odds already priced in FedWatch. Only five of the twelve regional presidents vote in a year, which is why a speech from a voter outweighs one from a non-voter. https://mochatrade.com/learn/glossary/fomc
- FOMC minutes: The FOMC minutes are the written record of a Fed meeting, released three weeks after the decision at 11:30 PM IST, 12:30 AM in winter. They show the argument behind the vote and move markets when they read differently from what the chair said, as the October 2026 minutes with December odds at 71 cents did. Bookmark the release page, not a news site about it. https://mochatrade.com/learn/glossary/fomc-minutes
- Form 4: Form 4 is the SEC filing a company insider must make within two business days of buying or selling the company's shares. It is near real time and free on EDGAR, and it comes from the same disclosure rules as results. https://mochatrade.com/learn/glossary/form-4
- Forward guidance (Fed): Forward guidance is the Fed telling the market roughly what it plans to do next, so rate moves arrive pre-priced. When a chair refuses to give it, the market has to add up every official speech instead, and each Fed document gets read harder. https://mochatrade.com/learn/glossary/forward-guidance
- Forward P/E: Forward P/E is the share price divided by the earnings analysts expect over the next twelve months. It is built on a forecast that the company resets every quarter with one sentence of guidance, which is why a beat can still send the stock down. https://mochatrade.com/learn/glossary/forward-p-e
- Fractional shares: Fractional shares let you own part of one share, say 0.1 of a $500 stock, through a broker that holds whole shares and splits them on its own books. They remove the floor that NSE lot sizes quietly set on your position size, so sizing discipline has to come from you. A contract on the price works the same way. https://mochatrade.com/learn/glossary/fractional-shares
- FRED: FRED is the free St Louis Fed database of every major US economic series going back decades, charts and downloads with no account. When a headline says a number is the highest in three years, FRED is where you check, and every inflation and jobs series lives there. https://mochatrade.com/learn/glossary/fred
- Free cash flow: Free cash flow is the cash a business brings in from operations minus what it spends on equipment and buildings. Accounting shapes earnings; cash either arrived or did not. It funds buybacks and dividends, and Oracle spent $56 billion against $32 billion taken in over a year, paying for data centres by selling stock. https://mochatrade.com/learn/glossary/free-cash-flow
- Funding rate: The funding rate is the periodic payment between longs and shorts that keeps a perpetual near the real price: above it, longs pay shorts; below, shorts pay longs; the crowded side pays. It moves your money every hour whether the price moves or not, it is a live read on positioning, and it differs venue to venue for the same asset. Mochatrade funding rates. https://mochatrade.com/learn/glossary/funding-rate
- Funding rate arbitrage: Funding rate arbitrage is holding a long on one venue and a short on another in the same asset, with no view on price, to collect the difference in funding. It works because crowding is not the same on every venue, and the costs that eat it are fees and spread on both legs. https://mochatrade.com/learn/glossary/funding-rate-arbitrage
- Futures contract: A futures contract is an exchange-traded agreement to buy or sell at a set price on a set date, settled daily against margin. It binds both sides, and at expiry it converges to the real price, which the Module 0 quiz checks. Futures began on rice at Dojima and grain in Chicago, and index futures are the US market price overnight. https://mochatrade.com/learn/glossary/futures-contract
- Gap up and gap down: A gap is a price opening far from where it last traded, with nothing in between. US stocks gap at 7:00 PM IST because news lands after the close, results most of all, and a stop does not protect you through it. The Monday open after a weekend is the biggest gap a contract that trades all week has to bridge. https://mochatrade.com/learn/glossary/gap-up-and-gap-down
- GDP: GDP is the total value of goods and services an economy produces. The BEA publishes US GDP quarterly, first as an advance estimate and then two revisions, adding the whole economy into one number. It looks backward, so markets trade the nowcasts and surveys that come first; growth and the cycle is a lecture still to be shot. https://mochatrade.com/learn/glossary/gdp
- GICS sectors: GICS sectors are the eleven sectors S&P and MSCI use to classify every company: energy, materials, industrials, consumer discretionary, consumer staples, health care, financials, technology, communication services, utilities and real estate. They are how a macro number reaches a stock, and on an inflation night you watch them, not single names. In October 2026 utilities led and technology came last at a record high. https://mochatrade.com/learn/glossary/gics-sectors
- Gold ETF: A gold ETF is a listed fund that holds bars in a vault and issues units that track the gold price. An issuer holds the gold, you hold a claim, and creation and redemption keep the two close, the same claim shape as a contract. ETF flows drive gold next to real yields; Module 2. https://mochatrade.com/learn/glossary/gold-etf
- Gold futures: Gold futures are exchange-traded contracts on gold, the benchmark on COMEX in dollars per troy ounce, trading above London spot by the carry. Gold pays nothing, so real yields move it more than mines do, and MCX gold is this price times the rupee, plus duty. A gold contract on Mochatrade references spot, not COMEX. https://mochatrade.com/learn/glossary/gold-futures
- Gold/silver ratio: The gold/silver ratio is how many ounces of silver buy one ounce of gold. It rises in fear, when gold is bid and industry is not, and falls in booms; it hit about 125 in March 2020. It is a read, not a rule: Module 2, both metals on Mochatrade. https://mochatrade.com/learn/glossary/gold-silver-ratio
- Government shutdown: A US government shutdown happens when Congress has not passed spending by the fiscal year start on 1 October, so non-essential agencies close. The counting agencies close too, so the jobs and inflation numbers the market waits for stop arriving until it ends. https://mochatrade.com/learn/glossary/government-shutdown
- Gross margin: Gross margin is revenue minus the direct cost of making the product, as a percent of revenue. It shows pricing power, and a falling one on results day can sink a stock that beat on revenue. Rising input prices squeeze it, which is why consumer companies get asked whether they passed costs on. https://mochatrade.com/learn/glossary/gross-margin
- Growth vs value stocks: Growth vs value is the split between companies priced for profits far in the future, like most technology, and companies priced cheaply on today's profits, like banks and energy. Raise rates and distant cash shrinks more, so growth falls harder on a hawkish Fed; it is the rates line through the sectors, and the Buffett way is the long case for value. https://mochatrade.com/learn/glossary/growth-vs-value-stocks
- Guidance (earnings guidance): Guidance is a company's own forecast for the next quarter or year, given with results. The quarter was priced weeks ago; the guide moves the forward number the price leans on, so a beat with a cut guide falls, as Broadcom did, and sometimes a cut that was feared gets paid instead. It lands after the close into a thin book. https://mochatrade.com/learn/glossary/guidance
- Hard to borrow: A hard-to-borrow stock is one where lenders have few shares left, so the borrow fee jumps and shorts can be recalled. On such names a cash-settled claim is the only free door left to short, and its funding rate shows it. https://mochatrade.com/learn/glossary/hard-to-borrow
- Hedging: Hedging is taking a second position that loses when your first one wins, to cut risk. Market makers hedge every fill and hold no view. For an Indian trader the hidden unhedged bet is usually the dollar, because every dollar position is also a rupee bet; a short contract is a hedge in rupees, and US airlines that do not hedge fuel wear the oil price. https://mochatrade.com/learn/glossary/hedging
- Henry Hub: Henry Hub is the Louisiana pipeline junction where the US natural gas benchmark is priced, in dollars per million BTU, and traded as NYMEX gas futures. Europe's TTF and Asia's JKM are separate prices. Module 2; what the gas contract references. https://mochatrade.com/learn/glossary/henry-hub
- IEA: The IEA is the International Energy Agency, the Paris-based watchdog for oil-buying countries. Its monthly report forecasts world demand, and it coordinates emergency stock releases, like up to 100 million barrels in October 2026. When it and OPEC disagree, they are describing two different markets; Module 2. https://mochatrade.com/learn/glossary/iea
- IEX: IEX is the US stock exchange that delays every order by 350 microseconds through a coil of fibre, so it can update its own prices before anyone trades against a stale one. The slow exchange by design, and a clean example of why one stock trades on twenty venues. https://mochatrade.com/learn/glossary/iex
- Implied volatility: Implied volatility is the volatility an option's price implies, worked backward from the premium: the market's priced expectation of the move. It rises into earnings and collapses after, and the VIX is implied volatility for the S&P 500. https://mochatrade.com/learn/glossary/implied-volatility
- Index ETF: An index ETF holds every stock in a published index at the index weights, with no view and a small fee. It buys in the closing auction on the day the index says, which makes it the most predictable buyer in the market, and the days the index changes members are forced buying with a published date. https://mochatrade.com/learn/glossary/index-etf
- Index futures (E-mini S&P 500): Index futures are futures on a stock index, like the E-mini S&P 500 on the CME. They trade almost round the clock, so between the US close and open they are the price of the whole US market, they move first on an inflation print, and the weekly file shows how hard hedge funds are betting against them. https://mochatrade.com/learn/glossary/index-futures
- Index rebalancing: Index rebalancing is when an index changes members or weights and every fund tracking it must trade the difference, usually in the closing auction on one announced day. These buyers are forced, not choosing, so the move usually comes before the date; three companies joining the S&P 500 in September 2026 is a worked case. https://mochatrade.com/learn/glossary/index-rebalancing
- Initial jobless claims: Initial jobless claims is the weekly count of Americans filing for unemployment benefit, released every Thursday at 6:00 PM IST, 7:00 PM in winter. It is the fastest read on the US labour market between monthly reports, and a sustained rise is the first crack the Fed watches. https://mochatrade.com/learn/glossary/initial-jobless-claims
- Initial margin vs maintenance margin: Initial margin is the deposit to open a position; maintenance margin is the floor your account must stay above to keep it. The gap between them is how far the price can move against you, and the liquidation price comes from the maintenance level. It is the first number to compute, in Module 3. https://mochatrade.com/learn/glossary/initial-margin-vs-maintenance-margin
- Insurance fund: An insurance fund is the pool a venue uses to cover losses when a liquidated position's margin is not enough, so winners get paid in full. When it runs dry, auto-deleveraging takes over; how liquidation works on Mochatrade. https://mochatrade.com/learn/glossary/insurance-fund
- Inverse ETF: An inverse ETF aims for the opposite of an index's daily move, so it rises when the index falls, and it resets daily like a leveraged ETF. It is a way to be short without borrowing a share; a cash-settled contract also needs no borrow, and its funding shows how crowded the short is. https://mochatrade.com/learn/glossary/inverse-etf
- Inverted yield curve: An inverted yield curve is when short-term Treasuries yield more than long-term ones, usually the two-year above the ten-year. It means the market expects the Fed to cut later because growth will slow, and it has come before most US recessions, though the lag runs from months to years and the growth data decides the timing. https://mochatrade.com/learn/glossary/inverted-yield-curve
- IPO (US): A US IPO is a company's first sale of shares to the public, registered with the SEC in an S-1 filing. In June 2026 SpaceX raised $75 billion in one listing, nearly four times India's best IPO year. The S-1 is on EDGAR the moment it is filed, and the first trade is an opening auction. https://mochatrade.com/learn/glossary/ipo
- ISM PMI: The ISM PMI is a monthly survey of US purchasing managers; above 50 means activity is expanding, below 50 contracting. Manufacturing lands on the first business day at 7:30 PM IST, 8:30 PM in winter. It is the fastest read on the cycle, drives cyclical against defensive sectors, and moves industrial metals like copper. https://mochatrade.com/learn/glossary/ism-pmi
- Isolated margin: Isolated margin ties a fixed amount of margin to one position, so that position can only lose what you gave it and the rest of your balance is untouched. One isolated trade; isolated margin on Mochatrade. https://mochatrade.com/learn/glossary/isolated-margin
- IV crush: IV crush is the drop in an option's price when the uncertainty it was charging for disappears, typically the morning after results. A ₹150 call can be worth ₹130 after a 3% move in your favour, because you paid for a bigger move than you got. It is the option side of why good numbers produce a falling stock. https://mochatrade.com/learn/glossary/iv-crush
- JOLTS: JOLTS is the BLS survey of job openings and labour turnover. Openings against unemployed workers is the Fed's read on how tight hiring is, and quits show whether workers feel safe enough to leave, which feeds wages and then inflation. https://mochatrade.com/learn/glossary/jolts
- Kelly criterion: The Kelly criterion is the bet size that maximises long-run growth given your edge and odds. Bet above it and growth falls fast, at about twice Kelly it turns negative despite a real edge, so traders use a fraction of it. Module 5 works it through, and Druckenmiller shows concentration when the edge is clear. https://mochatrade.com/learn/glossary/kelly-criterion
- Last traded price: The last traded price is the most recent trade on the venue's own book, the one the chart shows. You never trade at it: you buy the ask and sell the bid, and you are marked at a different price again. https://mochatrade.com/learn/glossary/last-traded-price
- LBMA gold price: The LBMA gold price is the London benchmark set by electronic auction twice a day, at 3:00 PM and 7:30 PM IST (4:00 PM and 8:30 PM in winter), which replaced the London fix in 2015. Central banks and contracts settle against it; Module 2 tells its history, and a spot gold contract trades through the hours it is not set. https://mochatrade.com/learn/glossary/lbma-gold-price
- Leverage in trading: Leverage is controlling a position bigger than the money you put up. At 5x, ₹10,000 of margin controls ₹50,000, so a 2% move is 10% of your money and a 20% move against you is all of it. One 5x trade, start to finish; how leverage works on Mochatrade; and why leverage is the fourth number, not the first. https://mochatrade.com/learn/glossary/leverage-in-trading
- Leverage ratio: The leverage ratio is position value divided by margin: ₹50,000 on ₹10,000 is 5x. One over the ratio is how far the price can move against you before the margin is gone: 20% at 5x, 5% at 20x, 2% at 50x. The Module 0 quiz turns a 2% index move into 20% of margin; leverage on Mochatrade. https://mochatrade.com/learn/glossary/leverage-ratio
- Leveraged ETF: A leveraged ETF aims for two or three times an index's daily move and resets every day. Up 10% then down 10% leaves the index at 99 and a 2x fund at 96, the same volatility drag that punishes over-sizing. It is leverage you cannot size per position, unlike margin you choose trade by trade. https://mochatrade.com/learn/glossary/leveraged-etf
- Limit order: A limit order buys or sells only at your price or better. You control the price, the market decides whether you trade, and it can fill partly. In one full NVDA trade it sits at the top of the book; the trade-off against a market order comes from how the book works. Limit orders on Mochatrade. https://mochatrade.com/learn/glossary/limit-order
- Limit up-limit down: Limit up-limit down is the US single-stock speed limit: a band around the recent price, 5% either side for large stocks and 10% for the rest. If the price sits at the edge for fifteen seconds, trading stops everywhere for five minutes and restarts with an auction. Index-wide falls trigger a separate set of market-wide breakers. https://mochatrade.com/learn/glossary/limit-up-limit-down
- Liquidation / forced square-off: Liquidation, or forced square-off, is the venue closing a leveraged position because the margin can no longer cover the loss, at a price computed before you entered. No call, no choice, and the fill can be worse. Read it off the panel before the click; when many sit at one level, each forced sale triggers the next. How Mochatrade liquidates. https://mochatrade.com/learn/glossary/liquidation-forced-square-off
- Liquidation cascade: A liquidation cascade is a chain of forced closes: traders with similar entries and leverage have liquidation prices a few dollars apart, the first one sells at market, that pushes the price into the next, and so on. Because those levels are known in advance, the cluster becomes a magnet; a $2.74 billion night of short liquidations is the other direction. Liquidation on Mochatrade. https://mochatrade.com/learn/glossary/liquidation-cascade
- Liquidation price: The liquidation price is where the venue closes your leveraged position, computed from entry, leverage and margin before you click. Your real stop is the nearer of your stop and this price. Read it off the panel, derive it by hand, and watch where other traders' prices cluster. How Mochatrade computes it. https://mochatrade.com/learn/glossary/liquidation-price
- Liquidity: Liquidity is how much you can trade without moving the price: a tight spread and deep size at each level. US Treasuries are the deepest market on earth. Liquidity vanishes when you need it, because market makers pull quotes into every number, and the after-hours book is thin by design. https://mochatrade.com/learn/glossary/liquidity
- LME: The LME is the London Metal Exchange, started in a coffee house in 1877, where copper, aluminium, nickel and zinc are priced in dollars per tonne. Its warehouse stocks are public every day, and in March 2022 it cancelled a day of nickel trades. Module 2; base metals on Mochatrade. https://mochatrade.com/learn/glossary/lme
- Long and short position: A long position profits when the price rises; a short position profits when it falls. On a contract on the price, going short is one click with no borrow because you never hold the share, as one short on Nvidia shows, and someone with the opposite view, or a hedging market maker, is always on the other side. https://mochatrade.com/learn/glossary/long-and-short-position
- Lot size and tick size: Lot size is how much one contract covers, like 100 troy ounces for COMEX gold or 1,000 barrels for WTI; tick size is the smallest price step. One tick on one lot of either is worth ten dollars. The Module 0 quiz runs on a fifty-unit lot; Mochatrade sizes go far smaller, which puts sizing on you. https://mochatrade.com/learn/glossary/lot-size-and-tick-size
- Magnificent 7: The Magnificent 7 are Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta and Tesla, seven companies that drove most of the S&P 500's gains from 2023. Their earnings nights are market events, and in May 2026 Nvidia alone was worth more than every listed Indian company combined. A few giants can hold an index up while most stocks fall. https://mochatrade.com/learn/glossary/magnificent-7
- Maker and taker fees: A maker fee is charged when your order rests on the book and adds liquidity; a taker fee when it fills against a resting order. Both are a percent of notional, so leverage multiplies them. A limit order at the top of the book is usually maker; the Mochatrade fee table. https://mochatrade.com/learn/glossary/maker-and-taker-fees
- Margin call: A margin call is a broker's demand for more funds when your account falls below the required margin; ignore it and positions are closed. On a venue that liquidates automatically there is no call, because the liquidation price is on the panel before you click. Elsewhere, a fund at its margin limit is a forced seller. Margin on Mochatrade. https://mochatrade.com/learn/glossary/margin-call
- Margin interest: Margin interest is what a US broker charges, daily, on cash it lends you to buy shares. A perpetual contract has no loan and no margin interest; its holding cost is funding, paid between traders, which one held position shows landing. https://mochatrade.com/learn/glossary/margin-interest
- Margin requirement: A margin requirement is the minimum collateral for a position as a percent of its value: 10% is the same as 10x leverage. It rises for larger positions and volatile symbols, so the advertised leverage is a maximum. Requirements by symbol on Mochatrade; what is listed. https://mochatrade.com/learn/glossary/margin-requirement
- Margin tiers: Margin tiers raise the maintenance margin as a position grows, so maximum leverage falls as size rises and the two stop being separate decisions. Module 5; tiers on Mochatrade. https://mochatrade.com/learn/glossary/margin-tiers
- Margin trading: Margin trading is taking a position larger than your deposit, the margin. A US broker lends you cash at interest; on a margined contract nothing is borrowed, the margin is marked against the position every second, and the holding cost is funding, not interest. One margined trade on a practice venue; margin on Mochatrade. https://mochatrade.com/learn/glossary/margin-trading
- Mark price: The mark price is the price a venue judges your position by, for unrealised profit and liquidation, built from the reference price and the order book rather than the last trade, so one stray print cannot liquidate you. It is the number the venue judges you by on the positions row; how Mochatrade marks. https://mochatrade.com/learn/glossary/mark-price
- Market breadth: Market breadth is how many stocks are taking part in a move: advancers against decliners, new highs against new lows, the equal-weight index against the normal one. A market-value-weighted index can rise on a few giants while 238 stocks hit a one-year low against 53 at a high. Breadth tells you whether the index you see is the market you own. https://mochatrade.com/learn/glossary/market-breadth
- Market cap categories (mega/large/mid/small): Market cap categories group US companies by size: mega above $200 billion, large $10 to $200 billion, mid $2 to $10 billion, small $300 million to $2 billion. Size decides which index holds a company, therefore which passive funds must buy it, and smaller caps react hardest to the Fed. https://mochatrade.com/learn/glossary/market-cap-categories
- Market capitalization: Market capitalization is share price times shares outstanding, the market's price for the whole company. Index weights in the S&P 500 and Nasdaq 100 come from it, which is how one company could outweigh every listed Indian company in May 2026, and how a ₹42 crore company can trade 720 million shares on a day with no news. https://mochatrade.com/learn/glossary/market-capitalization
- Market correction: A correction is a fall of 10% to 20% from a recent high, a convention, not a rule. Most start on a rate repricing or a guide that disappoints, the VIX rises into them, and a correction can hide inside an index: in September 2026 the equal-weight S&P was 5% off its peak while the index sat near a record. https://mochatrade.com/learn/glossary/market-correction
- Market maker: A market maker quotes a price to buy and a slightly higher price to sell all day and earns the spread. Since US prices moved to one-cent steps in 2001 they are computers, they hedge every fill so they hold no view, and they pull quotes when they cannot predict the next minute. Where options pile up at one strike, their hedging can pin the stock. https://mochatrade.com/learn/glossary/market-maker
- Market order: A market order buys or sells immediately at the best price available. It always fills, but at the ask if you buy and the bid if you sell, never at the last price on the chart, and in a thin book it walks through several price levels. Mochatrade order types list it next to the limit order used in one full trade. https://mochatrade.com/learn/glossary/market-order
- Max slippage: Max slippage is the setting that caps how far from the quoted price a market order may fill; beyond it the order is cut. It trades certainty of fill for price, the market against limit trade-off, on the Mochatrade order panel. https://mochatrade.com/learn/glossary/max-slippage
- MCX vs COMEX: MCX is India's commodity exchange, pricing gold in rupees per 10 grams and shut at night and on weekends; COMEX is the New York exchange that sets the dollar price per troy ounce. MCX gold is the dollar price times the rupee plus import duty and the Mumbai premium, three charts in one; Module 2 does the arithmetic, and most of the move happens during the American session. https://mochatrade.com/learn/glossary/mcx-vs-comex
- Mini and micro contracts: Mini and micro contracts are smaller versions of a standard futures contract: micro gold is 10 ounces against 100, micro WTI 100 barrels against 1,000. Same price, a tenth of the margin. CME's one-ounce gold went 24/7 in July 2026, so a weekend gold price now exists outside perpetuals; sizes on Mochatrade. https://mochatrade.com/learn/glossary/mini-and-micro-contracts
- NASDAQ: Nasdaq is the American exchange that began in 1971 as one screen showing every dealer quote side by side, the first market with no floor. Most technology companies list here, and its hundred largest non-financial names make up the Nasdaq 100. When a contract on Nvidia trades at 3 AM IST, the official close it remembers printed here, and the dealers on that screen are still the other side of most trades. https://mochatrade.com/learn/glossary/nasdaq
- Nasdaq 100: The Nasdaq 100 is an index of the hundred largest non-financial companies listed on Nasdaq, weighted by market value and dominated by technology. It falls harder than the S&P 500 on a hawkish Fed night because growth companies are priced on cash that arrives a decade away. QQQ tracks it, and it sits in the counts column of the US market map. https://mochatrade.com/learn/glossary/nasdaq-100
- Natural gas: Natural gas moves by pipe, so it has three regional prices, Henry Hub, TTF and JKM, linked only by LNG tankers. Storage fills April to October and drains in winter, the US storage number lands Thursday at 8:00 PM IST, and weather is the demand. Module 2; gas on Mochatrade. https://mochatrade.com/learn/glossary/natural-gas
- NBBO: The NBBO, national best bid and offer, is the highest bid and lowest ask for a US stock across every exchange at once. Since 1975 the venues have been tied into one national market, and since 2005 no exchange may fill you worse than this quote, so twenty order books produce one enforceable price. https://mochatrade.com/learn/glossary/nbbo
- Negative balance protection: Negative balance protection means you cannot lose more than the money in your account, even when a gap jumps past your liquidation price. On isolated margin the most you can lose on a position is the margin posted to it, which is how the Mochatrade support pages describe it; where the shortfall goes is a Module 3 question. https://mochatrade.com/learn/glossary/negative-balance-protection
- Net interest income: Net interest income is what a bank earns on the gap between what it pays depositors and what it charges borrowers. Higher rates lift it while making the bonds the bank already holds worth less, so the bank results in October 2026 tested both at once. Rates come from the Fed; how results are read. https://mochatrade.com/learn/glossary/net-interest-income
- Nonfarm payrolls: Nonfarm payrolls is the BLS count of jobs added in the US last month, released at 6:00 PM IST, 7:00 PM in winter, usually on the first Friday. It is the other half of the Fed's mandate, and the place good news is often bad for stocks. On release night Treasuries and index futures move before stocks open, and the odds of the next hike move with it. https://mochatrade.com/learn/glossary/nonfarm-payrolls
- Notional value: Notional value is the full size of a position, price times quantity, whatever margin backs it: ₹50,000 of exposure on ₹10,000 of margin has a notional of ₹50,000. Fees, funding and profit are all charged on it, which is why leverage multiplies cost, not only risk. It is the order value on the card in lecture 0.2. https://mochatrade.com/learn/glossary/notional-value
- NYMEX: NYMEX is the New York Mercantile Exchange, part of CME Group, home of WTI crude since 1983, Henry Hub gas and platinum. MCX crude settles on a NYMEX print, so the Indian price is derived. An oil contract references a NYMEX month that rolls every month; what Mochatrade references. https://mochatrade.com/learn/glossary/nymex
- NYSE: The NYSE is the New York Stock Exchange, started in 1792 when twenty four brokers agreed to trade only with each other. Most large, old American companies list here, it still runs a floor, and a designated market maker runs each stock's opening and closing auction. It is one of about twenty exchanges trading the same stock, so the price you see is one national number, not the NYSE's alone. https://mochatrade.com/learn/glossary/nyse
- NYSE Arca: NYSE Arca is the fully electronic NYSE exchange where most US ETFs list, around three quarters of ETF assets as of 2026. It is one of the twenty-odd exchanges that share one price, and the funds run by the three big managers trade here. https://mochatrade.com/learn/glossary/nyse-arca
- Oil risk premium: The oil risk premium is the part of the oil price that pays for the chance the next barrel does not arrive, not for any barrel that is missing. It holds as long as the threat does, so it can lift Brent while tankers are sailing normally, and it leaves the price only when the flow can be verified. Storage and the other three inputs. https://mochatrade.com/learn/glossary/oil-risk-premium
- OPEC+: OPEC+ is OPEC's members plus Russia and other producers, agreeing output quotas: the one cartel that moves a global price. Its monthly report and the IEA report land in the same week, decisions sometimes come when most of the oil market is shut, and oil reaches US inflation. https://mochatrade.com/learn/glossary/opec-plus
- Open interest: Open interest is the total size of all open positions in a contract, how much money is in the trade. Rising open interest with a rising price means new money is pushing; a rising price with falling open interest means shorts are covering. It sits next to funding in the layer of what is priced, on the contract header, and an $11 billion figure is what made one venue a White House topic. https://mochatrade.com/learn/glossary/open-interest
- Opening auction: The opening auction is the single trade that starts the US day at 7:00 PM IST, 8:00 PM in winter. Orders collect before the bell, one price is computed at which the most shares change hands, and everyone trades at it. It is where overnight news first meets the full book, and market makers stay wide until it clears. https://mochatrade.com/learn/glossary/opening-auction
- Operating margin: Operating margin is operating profit as a percent of revenue: what is left after making the product and running the company, before interest and tax. The guide on it moves stocks as much as revenue does, and wage growth is the cost few companies can dodge. https://mochatrade.com/learn/glossary/operating-margin
- Option open interest: Option open interest is the number of option contracts that exist at a strike right now, free on any option chain. The strike above the price with the most call open interest tends to act as a ceiling and the one below with the most puts as a floor, because market makers hedging those contracts trade the stock. It belongs to the layer of what is already priced. https://mochatrade.com/learn/glossary/option-open-interest
- Options contract: An options contract gives the buyer the right, not the obligation, to buy (call) or sell (put) at a strike before expiry, for a premium. The buyer can lose only the premium; the seller can lose far more. The Module 0 quiz tests the two common mistakes, US options trade on Cboe, which also runs the VIX, and the chain is a read of what the market expects. https://mochatrade.com/learn/glossary/options-contract
- Oracle price: The oracle price is the outside price a perpetual is pulled toward, taken from where the asset really trades. When the US market is shut there is no outside price, so the venue has to build one, and that is where the weekend risk lives. Four prices sit around every fill. https://mochatrade.com/learn/glossary/oracle-price
- Order backlog (remaining performance obligations): An order backlog is money customers have committed but not yet been billed for, called remaining performance obligations in US filings. It is an order book, not revenue, and for cloud companies it is the cleanest public read on whether AI spending is still being signed; Oracle's stood at $455 billion a year earlier while its cash could not keep up. How results are read. https://mochatrade.com/learn/glossary/order-backlog
- Order book: An order book is the list of every resting buy and sell order, bids on one side and asks on the other, sorted by price. A trade prints the moment a buyer meets the ask or a seller meets the bid, and that print is what your chart shows. Read the size at each level before you size, and read the gap between the two best prices as fear. https://mochatrade.com/learn/glossary/order-book
- Overnight financing / swap fee: Overnight financing, or a swap fee, is the daily interest a broker charges for holding a leveraged position past the session close, paid to the broker. On a perpetual the equivalent is funding, paid between traders and received as often as paid; one stamp landing shows it. https://mochatrade.com/learn/glossary/overnight-financing-swap-fee
- Overnight session (24-hour stock trading): The overnight session is US stock trading through the American night, which is the Indian working day, on a handful of venues approved from 2024. Volume is thin and the main exchanges are shut, so index futures on the CME are the market price in this window. It is the same window a contract that trades all day lives in. https://mochatrade.com/learn/glossary/overnight-session
- P/E ratio: The P/E ratio is share price divided by the last twelve months of earnings per share; 25 means $25 for each dollar of annual profit. It moves on a Fed night with no earnings news because a higher rate makes future profit worth less today, and the earnings in the denominator change four times a year. https://mochatrade.com/learn/glossary/p-e-ratio
- Palladium: Palladium is the metal in petrol car exhausts: over 80% of demand is catalytic converters and Russia mines about two fifths. Its price is a bet on petrol car sales and on Russian supply, and every electric car without an exhaust is a buyer that never arrives, while hybrids still have one. Module 2; palladium on Mochatrade. https://mochatrade.com/learn/glossary/palladium
- Partial fill: A partial fill is when only part of a limit order executes because not enough size sat at your price; the rest keeps waiting. Ask for 100, find 40 at your price, and 40 fill. Read the size at the top of the book before placing, and see how limit orders work on Mochatrade. https://mochatrade.com/learn/glossary/partial-fill
- Payment for order flow: Payment for order flow is a wholesaler paying a retail broker to send it customer orders, which it fills inside its own system at the national best price or better. It is legal, disclosed, and the reason US commissions are zero. The wholesaler is often the counterparty on the other side of your fill. https://mochatrade.com/learn/glossary/payment-for-order-flow
- Payout ratio: Payout ratio is the share of earnings paid out as dividends; $1 paid on $4 earned is 25%. Above 100% the dividend comes from savings or debt. Check it against the cash flow statement on EDGAR, since dividends are paid in cash, and against what the guide says about next year. https://mochatrade.com/learn/glossary/payout-ratio
- PCE: PCE, the personal consumption expenditures price index, is the inflation measure the Fed targets at 2%, published by the BEA. It prices the basket a second way, with different weights, lands about two weeks after CPI, and usually moves less because CPI already told the market most of it. Why the Fed votes on this one and the news leads with CPI. https://mochatrade.com/learn/glossary/pce
- PEG ratio: The PEG ratio is P/E divided by expected annual earnings growth in percent, so a P/E of 30 with 30% growth gives a PEG of 1. It rests on a growth forecast that guidance moves every quarter, and on rate nights the P/E underneath it moves too. https://mochatrade.com/learn/glossary/peg-ratio
- Perpetual futures: Perpetual futures are contracts that track an asset's price with no expiry date. Expiry is what pulls a normal future to the real price, which the Module 0 quiz ends on, so a perpetual needs something else: a funding payment between longs and shorts. One perpetual trade, start to finish; why a perp is NSE, the broker and the clearing house in one; what Mochatrade contracts are. https://mochatrade.com/learn/glossary/perpetual-futures
- Perpetual premium (basis): The perpetual premium, or basis, is the gap between a perpetual's price and its reference. A positive premium means longs are crowded and will pay funding; a negative one means shorts are. Funding is set from it, and it is the gap the Module 0 quiz leaves you asking about. https://mochatrade.com/learn/glossary/perpetual-premium
- Platinum: Platinum is a precious metal whose price is a bet on factories and car exhausts: South Africa mines about 70% of it and catalytic converters are its largest use. Carmakers swap it for palladium when one gets too dear, slowly, over years. Module 2; platinum on Mochatrade. https://mochatrade.com/learn/glossary/platinum
- Position sizing: Position sizing is deciding how much to trade: the rupees you are willing to lose divided by the distance from entry to stop. Size is the output and leverage is the fourth number; NSE lot sizes used to do this for you. One trade sized on a card before the click; margin per symbol on Mochatrade. https://mochatrade.com/learn/glossary/position-sizing
- PPI: PPI, the producer price index, measures the prices businesses receive, which makes it inflation upstream of the shop shelf. It lands from the BLS in CPI week, is read as a preview of what consumers pay later, and like every 6:00 PM release it moves Treasuries and index futures first. https://mochatrade.com/learn/glossary/ppi
- Pre-IPO stocks: Pre-IPO stocks are shares of private companies before they list, priced in private funding rounds with no public order book. Some venues list contracts on names like Anthropic, and with no exchange price to copy, the venue builds the reference, which is the first thing to read before trading one. See which pre-IPO names are listed, and how a listing day prints. https://mochatrade.com/learn/glossary/pre-ipo-stocks
- Pre-market and after-hours trading: Pre-market and after-hours are the thin sessions around the US day: pre-market from 1:30 PM IST, after-hours until 5:30 AM IST, an hour later from November to March. Spreads are wide and volume is low, and most companies publish results into the after-hours book, so the reaction shows up as a gap at the next open. https://mochatrade.com/learn/glossary/pre-market-and-after-hours-trading
- Price band (discovery bounds): A price band, or discovery bound, is the limit a venue puts on how far a perpetual can move from its last reference price while the real market is shut. It stops a thin weekend book from printing wild prices and makes the Monday open a gap the band has to absorb; Module 3. https://mochatrade.com/learn/glossary/price-band
- Price-to-sales ratio: The price-to-sales ratio is market value divided by annual revenue, used for companies with no profit yet, where P/E means nothing. Ten means you pay ten years of today's revenue. It assumes revenue turns into profit one day, which the guide and the discount rate decide. https://mochatrade.com/learn/glossary/price-to-sales-ratio
- Put option: A put option is the right to sell at the strike before expiry, so it gains when the price falls: insurance on a holding, or a short with the loss capped at the premium. When everyone is buying puts, the fear is already in the price; a cash-settled short is the uncapped alternative. https://mochatrade.com/learn/glossary/put-option
- QQQ ETF: QQQ is the Invesco ETF tracking the Nasdaq 100, technology-heavy and concentrated in a few giants. It sits on the long-dated side of the rates line, so it falls more than SPY on a hawkish Fed night and swings on a handful of earnings reports. In September 2026 it rose while most of its members fell. https://mochatrade.com/learn/glossary/qqq-etf
- Quantitative easing: Quantitative easing is the Fed buying Treasuries and mortgage bonds with new reserves to push long-term yields down when the policy rate is already near zero. It works on the long end of the curve that a rate cut cannot reach, and it adds the cash that the Treasury borrows against. https://mochatrade.com/learn/glossary/quantitative-easing
- Quantitative tightening: Quantitative tightening is the Fed shrinking its balance sheet by letting bonds mature without replacing them, draining reserves from banks. Rate decisions get the headline; QT, reserves and the Treasury's cash balance set the level of liquidity underneath, and Treasury supply has to find new buyers. https://mochatrade.com/learn/glossary/quantitative-tightening
- Real yield: A real yield is a bond's return after inflation, read live from inflation-protected Treasuries, called TIPS. It is the first driver of gold: gold pays nothing, so when real yields rise, holding gold costs more, and the Fed reaches it through the long end of the curve. https://mochatrade.com/learn/glossary/real-yield
- Real-world asset (RWA): A real-world asset is a physical or financial thing, gold, oil, a US share, whose price you can hold a claim on and trade all day from India. An issuer holds the asset, you hold the claim, and the claim's price can drift until the venue pulls it back; if nobody stands behind the claim, nothing pulls it back. Module 2 is the assets; listed ones. https://mochatrade.com/learn/glossary/real-world-asset
- Reduce-only order: A reduce-only order can only shrink or close an existing position, never open or flip one, so a closing order cannot accidentally open the other side. Order types on Mochatrade; the order panel in one trade. https://mochatrade.com/learn/glossary/reduce-only-order
- REIT (US): A US REIT is a listed company that owns income-producing property and must pay out at least 90% of taxable income as dividends. It trades like a stock and moves like a bond: a rate rise hits its dividend against Treasuries and its borrowing costs at once, which makes real estate one of the rate-sensitive sectors. https://mochatrade.com/learn/glossary/reit
- Retail sales: Retail sales is the Census Bureau's monthly count of what US shops and online stores sold. Consumer spending is about two thirds of the economy, so a surprise reprices consumer discretionary against staples and the growth half of the Fed outlook; Costco counts the same cash at the till. The Census sits in the counts column of the US map. https://mochatrade.com/learn/glossary/retail-sales
- Revenue: Revenue is the total money a company takes in from sales before any costs, the top line. Growth companies are judged on it first and on the revenue guide most of all, and the discount rate decides what future revenue is worth today. https://mochatrade.com/learn/glossary/revenue
- Risk-reward ratio: The risk-reward ratio compares what you lose if the stop is hit with what you gain at target: risking ₹1,000 to make ₹3,000 is 1:3. Alone it means nothing; with a win rate it becomes expectancy. The Druckenmiller framework is the concentrated version. https://mochatrade.com/learn/glossary/risk-reward-ratio
- ROE (return on equity in trading): ROE in trading is your profit or loss as a percent of the margin you posted, not of the position. At 10x a 1% move is 10% ROE, which makes it a bigger and more dangerous number than the price change, and fees on notional eat into it. https://mochatrade.com/learn/glossary/roe
- Round-trip trading cost: Round-trip cost is everything a trade costs from entry to exit: the spread twice, the fee twice, slippage, and funding for every hour held, all on notional. It is usually bigger than the fee table suggests; the card against the ledger finds it, and Mochatrade fees and funding give the inputs. https://mochatrade.com/learn/glossary/round-trip-trading-cost
- Russell 2000: The Russell 2000 is about two thousand smaller American listed companies, the standard measure of US small caps. They borrow more at floating rates and sell mostly at home, so a Fed move reaches them first and hardest. When the Russell outruns the S&P 500, the market is pricing an easier Fed or a stronger American jobs market. https://mochatrade.com/learn/glossary/russell-2000
- S&P 500: The S&P 500 is about five hundred of the largest American companies, weighted by market value, and the number money is measured against. Index funds copy it, the VIX prices how far it is expected to swing, and it is computed from each member's official close at 1:30 AM IST. Its eleven sectors are how a macro number reaches a single stock. https://mochatrade.com/learn/glossary/sp-500
- SEC: The SEC is the US Securities and Exchange Commission, the referee Congress built after 1929 exposed how little buyers knew. It can halt a stock, sue a company, force a restatement, and approve or block a product, and every filing on its EDGAR site is free to read the second it lands. https://mochatrade.com/learn/glossary/sec
- SEC filings: SEC filings are the documents US listed companies must submit: 10-K annual, 10-Q quarterly, 8-K within four business days of a material event, Form 4 within two business days of an insider trade, S-1 before an IPO. Read the filing, not the post about the filing; the disclosure rule is what makes earnings a calendar. https://mochatrade.com/learn/glossary/sec-filings
- Sector ETF: A sector ETF holds one of the eleven GICS sectors, like XLE for energy, XLF for financials or XLK for technology. A number about the economy never reaches a stock directly, it reaches a sector, so on a CPI night you watch which sectors take the surprise worst through these tickers. Energy led all eleven on the day the Dow lost 400 points. https://mochatrade.com/learn/glossary/sector-etf
- Settlement (T+1 in US): Settlement is when the cash and shares from a trade actually change hands; US stocks settle T+1, the next business day, since May 2024, like India. The official close it prices from is one auction trade. A margined contract settles profit and loss continuously, so it has no settlement day; how money moves on Mochatrade. https://mochatrade.com/learn/glossary/settlement
- Short interest: Short interest is the number of a stock's shares sold short and not yet bought back, published twice a month by FINRA. High short interest with few shares left to lend is the fuel for a squeeze; on a contract the funding rate shows the same crowding live. https://mochatrade.com/learn/glossary/short-interest
- Short selling: Short selling is selling a borrowed share to buy it back cheaper. The loss is open-ended if the price rises, the borrow costs a fee, and when lenders run out the stock is hard to borrow and squeezable. A cash-settled contract needs no borrow; one short, start to finish, and funding shows how crowded it is. https://mochatrade.com/learn/glossary/short-selling
- Short squeeze: A short squeeze is a fast rise forced by short sellers buying back to cap losses, which pushes the price higher and forces out the next ones. It happens when the borrow runs out; on futures the same fuel builds when funds keep adding shorts while the index rises, and silver in 2021 is the commodity version. https://mochatrade.com/learn/glossary/short-squeeze
- Silver futures: Silver futures are contracts on silver, mainly on COMEX in dollars per troy ounce. More than half of silver goes into industry, solar most of all, and most supply is a by-product of copper, lead and zinc mines, so a higher price does not bring more silver. That is why it swings harder than gold; Module 2, and the dollar moves it too. Silver on Mochatrade. https://mochatrade.com/learn/glossary/silver-futures
- Slippage: Slippage is the gap between the price you expected and the price you got. It comes from the spread, from a thin book your order walks through, and from the price moving between click and fill: fill predicted, fill actual, and the gap between them has a name. Thin books slip more, and the max slippage setting caps it. https://mochatrade.com/learn/glossary/slippage
- Spot price vs futures price: The spot price is for delivery now; the futures price is for delivery later, and the gap is the cost of carry, which closes to zero at expiry. COMEX gold above London spot is normal, not arbitrage. A contract on a futures month has the roll inside its number, and a perpetual's gap to spot is closed by funding. https://mochatrade.com/learn/glossary/spot-price-vs-futures-price
- SPY ETF: SPY is the SPDR S&P 500 ETF, the first US-listed ETF (1993) and one of the most traded securities on earth, so its price is effectively the live price of the US market. It is valued at the official close every night, its options sit next to the ones the VIX is built from, and you can check which index contracts are listed. https://mochatrade.com/learn/glossary/spy-etf
- Stock split (US): A stock split divides each share into several, so a 10-for-1 split turns one $1,000 share into ten $100 shares at the same company value; Nvidia split 10-for-1 in June 2024. It changes a stock's weight in the price-weighted Dow, and a contract with no expiry has to be adjusted by somebody on split day. https://mochatrade.com/learn/glossary/stock-split
- Stop-limit order: A stop-limit order becomes a limit order, not a market order, at its trigger. It refuses a bad fill in a gap, and that is also its danger: the price can run through your limit and leave you unfilled while the loss grows. How a thin book gaps; order types on Mochatrade. https://mochatrade.com/learn/glossary/stop-limit-order
- Stop-loss order: A stop-loss order turns into a market order when the price reaches a trigger, to cap a loss. It is a request, not a guarantee: in a gap it fills wherever the book is, which the Monday open tests. On a leveraged position your real stop is the nearer of your stop and your liquidation price. Stop orders on Mochatrade. https://mochatrade.com/learn/glossary/stop-loss-order
- Stop-out level: The stop-out level is the margin level at which a venue closes your positions for you, at whatever the book gives. It is the venue's trigger, not your stop: compute the price where it hits before entry, and know what moves it while you sleep. https://mochatrade.com/learn/glossary/stop-out-level
- Strait of Hormuz: The Strait of Hormuz is the stretch of water between Iran and Oman that carried about a fifth of the world's seaborne oil and gas before the 2026 war. Every Gulf barrel bound for an Indian refinery passes through it, so a disputed tanker count can move Brent, and seven ships a day in October 2026 was a number the whole oil market traded. https://mochatrade.com/learn/glossary/strait-of-hormuz
- Strategic petroleum reserve: A strategic petroleum reserve is oil a government stores for emergencies; the US holds the largest. A coordinated release adds supply the market did not plan for, which is how one government switched supply off and a group switched it back on in one week. Storage as the shock absorber. https://mochatrade.com/learn/glossary/strategic-petroleum-reserve
- Strike price and expiry: The strike price is where an option pays; expiry is when a contract ends. Expiry is what ties a future to the real price, which is why the gap goes to zero on expiry day. A perpetual has no expiry, so something else must pull its price back, and Module 3 asks what is left when expiry is removed. https://mochatrade.com/learn/glossary/strike-price-and-expiry
- Take-profit order: A take-profit order closes a position automatically when the price reaches your target, usually as a limit order so the exit is at your price or better. With a stop it brackets the trade, the TP/SL on the order panel, and it is the target line on the card you write before entry. A call wall on the option chain is one place traders put it. https://mochatrade.com/learn/glossary/take-profit-order
- Tariff: A tariff is a tax on imports. In the US the president can set many of them alone, effective the moment they are announced, which is why one post can reprice the market without a vote. Tariffs reach inflation and sit with the shocks that come with no calendar. https://mochatrade.com/learn/glossary/tariff
- Term premium: The term premium is the extra yield investors demand to lend for ten years instead of rolling short bills, for the risk that rates or inflation surprise. It is why the long end can rise while the Fed cuts, and it climbs with how much debt the Treasury issues. https://mochatrade.com/learn/glossary/term-premium
- Testnet: A testnet is the practice copy of a real venue: real prices, fake money. Every mechanical lecture ends on it, because reading about a liquidation and watching your own are different kinds of knowing; lecture 0.2 is one testnet trade. https://mochatrade.com/learn/glossary/testnet
- Ticker symbol: A ticker symbol is the short code an exchange gives a listed security: NVDA for Nvidia, AAPL for Apple. Nasdaq tickers usually run four letters and NYSE ones up to three. It is the first thing on screen in one NVDA trade, start to finish, and a contract on the stock carries the same code, as the Mochatrade listing shows. https://mochatrade.com/learn/glossary/ticker-symbol
- TP/SL (take profit and stop loss): TP/SL is a take profit and a stop loss attached to a position, closing it at a target or a limit you set at entry. Writing both before the click is the discipline, and a stop still fills at market in a gap. https://mochatrade.com/learn/glossary/tp-sl
- Trading halt: A trading halt freezes a US stock on every exchange at once. A news halt lets everyone read an announcement before anyone trades on it; a limit up-limit down pause stops a stock that runs to the edge of its band. A free Nasdaq page lists every halt with its reason, and what a contract does while its reference is frozen is the instrument's problem. https://mochatrade.com/learn/glossary/trading-halt
- Trailing stop order: A trailing stop moves the stop trigger behind the price by a fixed amount or percent as a trade goes your way, and stays put when it turns. It locks in part of a gain without picking a target, and like any stop it fills at market in a gap. Check which order types your venue offers. https://mochatrade.com/learn/glossary/trailing-stop-order
- Treasury yield: A Treasury yield is the annual return on a US government bond at today's market price; when the price falls, the yield rises. Treasuries trade over $900 billion a day, India's entire record IPO year about forty six times, and their yields are the rate every other asset is discounted against. Read why the 30-year yield moved. https://mochatrade.com/learn/glossary/treasury-yield
- Troy ounce: A troy ounce is 31.1035 grams, the unit gold, silver, platinum and palladium are priced in, about 10% heavier than an ordinary ounce. MCX quotes gold per 10 grams, so a dollar price becomes an Indian one through ounces to grams and dollars to rupees; Module 2 shows every step. Metals on Mochatrade. https://mochatrade.com/learn/glossary/troy-ounce
- Unemployment rate: The unemployment rate is the share of the US labour force that wants work and has none, from the same BLS release as payrolls. A rising rate pulls rate cuts closer, and how the jobs report is read explains why it can matter more than the headline job count. https://mochatrade.com/learn/glossary/unemployment-rate
- Unrealised P&L: Unrealised P&L is the profit or loss on an open position at the mark price; it becomes realised when you close. Where unrealised profit counts as margin, your liquidation line moves with the price. The PNL column in one trade. https://mochatrade.com/learn/glossary/unrealised-pl
- Uranium: Uranium is reactor fuel sold mostly on long-term contracts with no exchange spot market, so its price is a broker-published indicator moved by policy and a few large buyers and sellers. Why nuclear is coming back is the demand side; the price problem is Module 2; uranium on Mochatrade. https://mochatrade.com/learn/glossary/uranium
- US ETF: A US ETF is an exchange-traded fund on a US exchange that holds a basket, usually an index, and trades all day like one share. Most list on NYSE Arca, three managers run most of the money, and because they buy what the index says with no view they sit in the trades-against-you column of the US market map. https://mochatrade.com/learn/glossary/us-etf
- US Treasury: The US Treasury is the government's borrower and the oldest name on the US market map: it issues bonds to cover the gap between what Congress spends and collects, and decides their maturities. A Treasury headline is about the supply of bonds; a Fed headline is about the price of money. https://mochatrade.com/learn/glossary/us-treasury
- USD/INR: USD/INR is the price of one dollar in rupees. Every dollar-priced asset you hold is also a bet on it, chosen or not: the dollar moved, so the rupee moved, so gold in rupees moved. MCX gold is a dollar price times this rate, and how rupees turn into a position depends on the route. https://mochatrade.com/learn/glossary/usd-inr
- Volatility / VIX: Volatility is how much a price swings. The VIX is Cboe's index of how far the S&P 500 is expected to move over thirty days, priced from options; 20 means about 1.3% a day. It is fear priced, not measured, it sits in the counts column of the US map, and it rises into a Fed decision and falls straight after. https://mochatrade.com/learn/glossary/volatility-vix
- Volume: Volume is how many shares or contracts changed hands in a period. About half of US stock volume is filled off exchange by wholesalers, and on a contract open interest says how much money is in the trade while volume says how much moved. Ninety times normal volume with no news is a mechanism, not a company. https://mochatrade.com/learn/glossary/volume
- Whisper number: The whisper number is the unofficial earnings figure traders actually expect, usually above the published consensus for a popular stock. A company can beat consensus, miss the whisper and fall, which is why good numbers produce a falling stock; it lives in the layer of what was already priced. https://mochatrade.com/learn/glossary/whisper-number
- Yield curve: The yield curve is the line of Treasury yields from three months to thirty years, normally sloping up because longer loans pay more. The short end follows the Fed and the long end follows the market, so its shape is the bond market's view of the Fed against the economy, and it draws the rates line through the eleven sectors. https://mochatrade.com/learn/glossary/yield-curve