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Forex Dictionary

Term Equivalent terms Definition
Odd Lot Less than the standard transaction size. In securities trading, odd lots are orders less than 100 shares of stock. In forex trading, odd lots are less than 100,000 units, which has become so commonplace now that is not so odd and rarely used.
Offer Also known as the Ask Price, it is the price at which the seller is willing to sell, and thus the buyer is the one buying at the ask, the best price currently available. The difference between the ask and the bid is called the bid-ask spread.
Offset the liquidation of a futures or option position by selling an equal number of identical contracts for a long position, or buying an equal number for short position, so that no further obligation exists.
Offshore A business entity incorporated in a foreign country, often a known tax haven, often to escape domestic regulation, though they must abide by domestic regulations if its operations are carried on within the domestic country.
Old Lady Term for the central bank of England.
Omnibus Account An account that one futures commission merchant carries for another in which the transactions of multiple individual account holders are combined rather than designated separately.
One Cancels the Other Order OCO A type of order composed of several conditional parts, so that if one part of the order is filled, all other parts are automatically cancelled. For example, the trader might want to straddle a volatile news event, taking a buy stop 50 pips above the market and a sell stop 50 pips below the market price, and if he gets filled with the one, the other one is cancelled.
Open order An good ‘til cancelled order that will be executed when a market moves to its designated price, a pending limit or stop.
Open position A position long or short that is subject to market fluctuations and thus profits or losses. See also: Closed Position
Options The right, but not the obligation, to buy (long call) or sell (long put) an underlying asset. For instance, call options buyers bet that the currency will be worth more than the price set by the option strike price, plus the price they pay for the option itself. Most use options to speculate with greater leverage and limited risk (price of the option), while some use options to hedge against market movements.
Order Instructions to buy or sell.
Oscillators Technical analysis tools that provide buy and sell signals, characterized by a signal that oscillates between overbought and oversold levels.
Over the Counter OTC Refers to trading not done over a formal exchange. Forex is traded over the counter, because traders enter forex transactions electronically (counterparty is the market maker) rather than through an exchange.
Overbought A currency pair is considered overbought when its price shoot up more quickly than expected and traders anticipate a correction (or fall) in price.
Overnight A trade that remains open until the next business day.
Overnight Limit The maximum amount of a net long or short position that a dealer can carry over into the next dealing day.
Overnight Position A dealer's net position that is carried into the next trading day.
Oversold A currency pair is considered oversold when its price drops more quickly than expected and traders anticipate a rally in price.
Owner The account holder.
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