Forex Einfache Renko Preis-Aktion Ea Back Prüfung Var

Wir haben auch ein anderes Konto, die ein Live-echtes Geld, das von der Midwest Accounting LLC überprüft wurde bestätigt: Smashing Forex Boundaries .. Trading Bitcoin automatisch FapTurbo 2.0 wird nicht nur Handel 8 Währungspaare mit hoher Frequenz, sondern wir erkundet neue Möglichkeiten, wenn es darum geht, zu machen Geld in Forex und dank der engen Beziehungen zu Maklern konnten wir exklusive Handelsströme in die weltweit erfolgreichste Krypto-Währung bekommen Bitcoin Was ist Bitcoin Bitcoin ist eine so genannte Cryptocurrency. Virtuellen Geld, das derzeit estabilishing sich als ein ernstes monetäres Instrument .. Seine Inflation sicher und hackerproof. Daten von MT. GOX, BITSTAMP, BTCChina, BTC-E Bitcoins werden zunehmend als Zahlung für legitime Produkte und Dienstleistungen verwendet, und Händler haben einen Anreiz, die Währung zu akzeptieren, weil Transaktionsgebühren niedriger sind als die 2 bis 3 in der Regel von Kreditkarten-Prozessoren verhängt . Bemerkenswerte Anbieter schließen WordPress, OkCupid, Reddit und chinesischen Internet-Riesen Baidu ein. Riesige Gewinne von 10 200 Mit einem Kapital von 10 000 Konto verdoppelt Die ideale Nährboden für Gewinne mit FapTurbo 2.0 FapTurbo 2.0 Bitcoin Ergebnisse In Tatsache, während der Prüfung allein konnten wir Kapital um 4-5x multiplizieren. Haben wir mehrere Test-Konten mit Guthaben zwischen 10 und 50.000 usd, die verdoppelt verdreifacht und sogar vervierfacht Und der beste Teil, der aber nur eine der vielen Profit-Beine von FapTurbo 2.0 Unser Forex Roboter kann mit jedem Konto Größe gehandelt werden. BIG oder SMALL Wir wollten allen zeigen, dass im Gegensatz zu vielen scam-only-working-on-paper Forex Roboter da draußen FAP Turbo jetzt REAL ist. Lasst uns an den wichtigsten Teil von all dem. Auf den Grund, warum FAP Turbo ist 1 und wird für eine SEHR lange Zeit ungeschlagen sein. Ich möchte Ihre volle Aufmerksamkeit hier. Ich meine es, dies ist KEY: Das Verständnis der folgenden wird Ihnen zeigen, warum FAP Turbo ist das echte Geschäft. Warum seine eine goldene Gelegenheit für die klugen. Erinnern Sie sich, ich sagte Ihnen am Anfang des Briefes, dass Back-Test-Ergebnisse wertlos sind Nun, sie sind Also, warum bin ich im Begriff, Ihnen zu zeigen, Back-Testergebnisse von FAP Turbo Well. Und dies ist die beste Lektion, die Sie jemals in Forex-Roboter-Handel lernen: Back-Testergebnisse sind wertlos, ohne dass Sie sie mit Live Forward Trading Validieren können Was bedeutet dies gut, einfach und auf den Punkt: Wenn Sie einen Roboter und einen Back-Test Es zeigt 100 Demo Gewinn in einem Monat, sollte es produzieren rund 80-100 Gewinn im LIVE-Handel. Das ist es. Mo mehr und nicht weniger So, wie hat FAP Turbo in Back-Tests gut durchzuführen. Für diejenigen, die ein bisschen technisch können Summe der oben: 11 Jahre Back-Test 14.088 Total Trades 99.66 Sieger 10.607 NET Profit 0.32 Drawdown Unglaubliche Ergebnisse rechts Ja, SEHR beeindruckend. Aber was ist noch beeindruckender ist, dass die LIVE-Trading-Ergebnisse sind sogar noch besser als die Back-Testergebnisse In der Back-Test der Roboter durchschnittlich etwa 48 Gewinn pro Monat (10,607 geteilt durch 132 Monate, die 11 Jahre). Im Live-Handel, wie Sie bereits Beweis gesehen haben, hat FAP Turbo eigentlich mindestens DOUBLE gemacht. Die Schleife ist geschlossen. Die NUR Roboter finden Sie, dass tatsächlich Nägel Handel nach dem Handel in Live-Handel TWICE so gewinnbringend wie in den 11 Jahren des Back-Tests Es einfach nicht besser als diese TRUE Story. Fapturbo ist zu rentabel für Dealing-Desk-Broker Mehrere schattige Broker verboten es Ceo von Scam Brokerage whines Setzen Sie Ihren Namen und E-Mail-Adresse unten, und erhalten Sie einen vollständigen Bericht, warum ein bestimmter Forex Broker FapTurbo verboten (weil es zu rentabel war) und warum FapTurbo ist STILL unstoppable Erzeugung MILLIONEN von Dollars. PLUS: Youll auch erhalten unsere spezielle Bitcoin Trading Signal Indicator für MT4 vollständig FREE Diese Bitcoin-Signale machen eine durchschnittliche Rendite von 114,38 (innerhalb von 48 Stunden des Signals aufgrund der großen volatilen Markt). (Details werden sofort gesendet). Sie haben wahrscheinlich von mir erwartet, mich vorstellen viel früher in den Buchstaben rechts Nun, das ist, was die meisten Forex Gurus tun. Aber. Für mich war es wichtiger, zuerst Beweis meiner mutigen Ansprüche zu zeigen, BEVOR ich mich vorstelle. Am Ende des Tages, wer du bist und was du bist, basiert auf dem, was du beweisen kannst. Sprechen ist in diesen Tagen billig So. Lassen Sie es formal. Mein Name ist Steve Carletti und ich bin ein professioneller I. T. Programmierer und der Kopf-Entwickler der genauesten und profitabelsten Forex Roboter in der heutigen Markt - FAP Turbo. Ich nehme an wie viele Leute da draußen, mein Traum als junges Kind war immer, es groß zu machen. Nun, ich denke, die meisten von uns hatten diesen Traum, wenn wir Kinder waren Recht Die Frage ist, wie viele von uns wirklich erfüllt, dass Traum Mit anderen Worten, wie viele Menschen hatten den Mut und Hingabe zu gehen, was sie wollten. Es tut mir leid, dass ich so kühn bin, aber die meisten Menschen sind erbärmlich. Warum, weil sie in einer IF-Welt leben. Nur wenn ich das getan hätte. Nur wenn ich diese Gelegenheit nahm. Nur wenn ich den Mut hätte. Nur wenn ich mir die Zeit genommen habe. Wenn If, If. Ob. Wenn wenn. Nun, ich war nie ein IF-Person und das ist, warum ich es groß gemacht. Deshalb bin ich heute reich und die meisten Menschen, die diesen Brief lesen, sind es nicht. Auch hier muss ich mich dafür entschuldigen, dass ich so direkt bin, aber das ist die Realität der Dinge, und wie Sie bereits meine Welt gesehen haben, ist eine auf der Wirklichkeit basierende Welt. Ich kann mich noch an die High School erinnern. Während alle anderen beschäftigt waren spielen und genießen Jugend Ich versuchte, herauszufinden, einen Weg, um Geld zu verdienen. Ich versuchte jede Gelegenheit dort draußen. Ich tatsächlich beigetreten mindestens 7 MLM-Programme Natürlich haben sie nicht funktioniert. Aber Sie wissen, was ich tatsächlich meinen Erfolg im Leben zu ihnen und jede andere Gelegenheit, die ich versuchte. Nun, nicht wirklich Versuchen Dinge, die nicht funktionierte tatsächlich schob mich mehr und mehr, um herauszufinden, was funktioniert. Es gab mir mehr Begeisterung und Stoß, um herauszufinden, einen Weg, um BIG Geld zu machen. Aber ich lernte auch eine andere Lektion. Ein sehr wichtiges, und ich möchte, dass Sie sehr genau hier zu hören: BIG Geld wird nicht durch harte Arbeit, sondern durch die Arbeit SMART Ich weiß. ja. Dies widerspricht allem, was die meisten Menschen geschult haben zu denken: hart arbeiten und Sie erreichen Ihre Ziele im Leben. Gut. Lassen Sie mich Sie fragen, wie viele Menschen wissen Sie, dass die Arbeit den ganzen Monat lang 12-14 Stunden Tage und kaum mit nach Hause bringen ein 3.000 Gehaltsscheck Nun, wie viele Menschen wissen Sie, dass zu bringen: mit kaum einer menschlichen Intervention Nun, das ist nicht richtig. Sie kennen mich jetzt :-) So, untere Zeile. Es ist nichts falsch mit hart arbeiten. Mein Vater arbeitete mehr als 15 Stunden pro Tag seit über 30 Jahren und das respektiere ich. Er tat alles, was er tun konnte, um die Familie zu unterstützen. Aber der RIESIGE Unterschied zwischen meinem Vater und YOU und ME ist, dass er nicht eine andere Wahl hatte. Wenn er eine Weise hatte, diese Gehaltsschecks nach Hause zu holen, ohne so hart zu arbeiten, kann ich GARANTIEREN, dass er seinen Tagesjob verlassen und das Leben genossen hätte, da es genossen werden sollte Ja. Das war die Antwort von JEDER um mich, nachdem sie das Leben gesehen, das ich führte. Das Leben FAP Turbo gab mir Wer hätte vor 10 Jahren gedacht, dass eines Tages wird dies mein Leben und viele andere Handel mit dem FAP Turbo Roboter Heute lebe ich den Traum die meisten Menschen haben. Rake in Zehntausenden von Dollar beim Ausruhen, Spielen, Urlaub, beobachten T. V. Seine erstaunlich, wie sich die Zeiten ändern. Und seine erstaunliche, wie eine große Entdeckung kann ein ganzes Leben ändern Aber die Menschen wollten immer mehr wissen. Wollten sie wissen, warum es möglich ist, so viel Geld zu machen, ohne etwas zu tun Forex Handel. Nun, cant Schuld ihnen Forex ist nicht etwas, was Sie oft hören. Es klingt tatsächlich ein bisschen beängstigend, wenn Sie den Begriff zum ersten Mal hören Die Vorteile des Handels mit Forex sind offensichtlich: Low Startup Sie können mit so niedrig wie 50 Huge Market 3 TRILLION gehandelt um die Welt jeden Tag (Eigentlich ist der Forex-Markt ist 24 Stunden am Tag 5 Tage in der Woche (Montag bis Freitag) Volatile Der volatilste Markt der Welt. Was bedeutet, dass bedeuten riesige Chance jeden Moment des Tages niedrige Kosten während mit Aktienhandel, Futures und Optionen, die Sie zahlen, plus Provision, mit Forex Ihre einzige Kosten des Handels verbreitet ist (das kann bis zu allen hinzufügen) No Cornering Im Gegensatz zu anderen Märkten , Ist es unmöglich, Ecke der Forex-Markt. Und, egal wie viele Menschen mit demselben Roboter handeln, wird seine Effizienz und Rentabilität intakt bleiben (HUGE plus) Up amp Down Profitieren Sie von steigenden und fallenden Preisen. Sie interessieren sich nicht, welche Weise der Markt geht. Oh. Und, im Gegensatz zu den US-Aktienmarkt, müssen Sie nicht warten, für ein Up-Tick für Kurzschluss No Size Limit Trade als BIG oder so klein wie Sie wollen Dies ist etwas, das nur der Forex-Markt ermöglicht Ihnen. Sie müssen blind sein, um nicht das unglaubliche Potenzial zu sehen. Und die Wahrheit gesagt werden, mein wirklicher Erfolg als Forex Trader und Roboter-Designer kam erst, nachdem ich vollständig verstanden, die Bedeutung dieser Elemente. Ich wusste, dass es ein Weg, um auf dieser unglaublichen Gelegenheit und BIG Time Bin Ich wusste auch, dass ich nicht in der Lage, es allein zu tun. Am Ende des Tages ist die Idee der Herstellung der besten Forex Roboter in Existenz eine große Herausforderung Sie müssen immer wissen, Ihre Stärken. Meine Stärken sind Organisation, Informationstechnologie, Ausdauer, Antrieb und Ehrgeiz. Aber. Ich war nie gut mit komplexen Zahlen und mit fortgeschrittenen Programmierung Was tun Sie, wenn Sie eine tolle Idee, aber nicht alle Qualifikationen, um es eine Realität haben Sie arbeiten mit den besten der besten in diesen spezifischen Bereichen sind Sie nicht die besten Mike und Ulrich sind die Besten der Besten, die ich in der Universität sowohl mit Mike als auch mit Ulrich getroffen habe. Beide waren jene typischen Geeks, die Sie studieren und mit neuen Theorien auftauchen würden, während die meisten anderen Leute teilten. Wir schlagen es ganz gut und wurden sehr gute Freunde seitdem (obwohl, muss ich zugeben, dass sie mich manchmal mit ihren komplexen Theorien langweilen Und Ideen). Wie auch immer, Mike ein wahres Genie mit komplexen Zahlen und Ulrich ein kleiner Einstein mit Open-Source-Programmierung sah ich sofort das Potenzial, sie waren genau das, was ich brauchte, um meine Idee von nur und Idee zu einem profitablen Cash ziehen Realität Beide LOVED die Idee von Produzieren eine nie gesehen Forex Roboter. Ich denke, es passt zu unserer Persönlichkeit tun etwas Händler, Banken, Fondsmanager etc. Etikett als unmöglich und so die größte Forex-Projekt dieses Jahrhunderts begann die Räder in Bewegung FAP Turbo wurde über geboren. Wir haben einen Halt von jedem einzelnen Forex Roboter auf dem Markt. Jede einzelne Forex Strategie und Methode zur Verfügung. Jede Idee oder Idee, die wir finden konnten. Lesen wir über 20 Strategie-Design-Bücher zwischen den 3 von uns und abonniert jede einzelne Forex Publikation / Service zur Verfügung. Das ist, wie ernst wir Projekt FAP Turbo nahmen. Sie erraten richtig. 99 von dem, was wir sahen, getestet und studiert wurde CRAP Nun, offensichtlich. Wenn es nicht war, nehme ich an, andere würden bereits mit einem Super-Forex Roboter rechts kommen. Und das ist eine Lehre, die ich aus diesem Projekt sehr gut gelernt habe. Auch in Mist-Informationen gibt es Wert. Können Sie tatsächlich verstehen, warum es Mist ist und kommen mit Ideen, um es zu verbessern Aber Sie wissen, was war der frustrierendste Teil sogar die guten Forex Roboter, die wir getestet haben, nur NUR in Backtests gehandelt Wir trafen sie, die wir tatsächlich unsere Hosen verloren. Ja. Wir verloren eine Menge Geld in den Prozess der Prüfung. Aber das war der einzige Weg, um tatsächlich wissen, was funktioniert und was doesnt. Es war der einzige Weg, um zu verstehen, warum so viele Forex Roboter nicht in der Lage waren, die Ware im realen LIVE-Handel zu liefern. Kennen Sie diese Etappe, wo Sie bereit sind, aufzugeben, wo alles scheint eine Verschwendung von Zeit. Nichts scheint zu funktionieren. Sie können nicht wirklich sehen das Licht am Ende des Tunnels Nun. Ich muss zugeben. Wir waren ganz in der Nähe Aber unsere Arbeit bezahlt, sobald wir in Marcus B Leary und seine Forex AutoPilot Robot stolperte (forexautopilot). Ich liebe dieses Gefühl der Erleichterung. Dass tiefe Atem, die mit endlich kommt. Endlich etwas, das scheint zu funktionieren und Sinn machen Forexautopilot ist eine EA, die konsequent aktualisiert wird von seinem Schöpfer Marcus B. Leary, der selbst der Pionier der professionellen Berater Programmierung ist. Wir waren sehr beeindruckt von seiner Arbeit als dieser Roboter ernsthaft in der Lage, in sehr schöne Gewinne Rake - konsequent. Das Handelsrisiko ist zu groß, vor allem für größere Summen. Die alles oder nichts Formel ist nichts für schwache Mägen. Ich rief ihre Unterstützung an und stellte mich vor, was ich mit Mike und Ulrich tat. Nach ein wenig hin und her mit dem Support-Personal konnte ich endlich mit dem Mann selbst sprechen. Wir schlagen ist ganz gut Ich würde nicht sagen, dass Marcus das durchschnittliche Geek-Profil ist. Aber Sie können ihn definitiv verwirren, dass er die Art von Person ist, die mit Inspiration und viel Wissen reden wird. Wenn du mit Marcus sprichst, musst du wissen, wovon du sprichst. Wenn nicht, wird er sich recht bald langweilen. Wir hoffen jedoch, dass sie bei Ihrer Reiseplanung weiterhilft. Ideen auszutauschen. Aufbau einer soliden Beziehung. Durch unsere Gespräche bestand ich darauf, dass Mike, Ulrich und ich tatsächlich seinen Forex Roboter nehmen und es 10 mal besser machen können (ein bisschen mutig, ich weiß). Es ist sicher zu sagen, dass, wenn es eine andere Person war, mit der ich reden würde, wäre ich weggeblasen worden. Aber nicht mit Marcus, dass mein Freund. War Marcuss Antwort auf meine ständige prahlen, dass wir seine Forex Roboter jenseits des Glaubens zu verbessern. Dass wir ihn sozusagen im Staub lassen können. Natürlich gab es einige Bedingungen: Unterzeichnen Sie eine Geheimhaltungsvereinbarung. Werfen Sie einen Blick auf die versteckten Quellcode von Forexautopilot und sehen, wenn Sie es verbessern können. Sollten Sie in der Lage sein, es besser zu machen, können Sie die neue Version für sich selbst haben. Tun Sie mit ihm, was überhaupt Sie wünschen Ich bin sicher, dass, als Marcus das oben sagte, er völlig ungläubig war, dass wir seinen Roboter wirklich in den Staub verlassen können. Gut. Überraschungsüberraschung 9 Wochen später. Unzählige Stunden absolut keinen Schlaf. Alle unsere Kenntnisse. Alle unsere kombinierten Programmierung, Mathematik und Analyse-Fähigkeiten. Leben, essen und atmen Forex. FAP Turbo wurde endgültig geboren Wir feuerten FAP Turbo für einen 2-jährigen Back-Test. Nur um das Wasser zu testen. Ulrich fiel beinahe vom Stuhl. Und ich, jemand, der ziemlich schwer zu überraschen ist, war in völligem Unglauben. Im nicht Kidding Es als einer der größten Momente in meinem Leben (und ich bin sicher, in Mikes und Ulrichs Leben zu). Aber. Egal, was sogenannte Händler sagen, ein 2-Jahres-Back-Test ist nicht genug. nicht annähernd. Also gingen wir für die ganzen 9 Yards Wir feuerten FAP Turbo für eine 10-jährige Back-Test. Gut. Sie haben sie bereits früher gesehen, können aber nur noch zusammenfassen: 14.088 Total Trades 99.66 Sieger 10.607 NET Gewinn 0.32 Drawdown Beeindruckend. Nie erreicht, und ich bin ernst. Wir haben unzählige Forex Roboter getestet. Wir haben noch nie gesehen Ergebnisse kommen sogar in der Nähe dieser. Aber jetzt war die eigentliche Herausforderung. Back-Testing war OBVIOUSLY nicht genug. Ja, unglaubliche Ergebnisse, aber. wie wir alle wissen. Seine nur getesteten Ergebnisse. Backtests sind nur das Fundament eines Forex Roboters. der Anfang. Denken Sie es für einen Moment. Warum glaubst du, so viele Leute da draußen verkaufen Forex Roboter basiert nur auf Backtests. Weil sie nicht im lebenden Handel arbeiten, verstehen und dass Sie Lichtjahre vor jedem sein werden, garantiere ich absolut das. Es war jetzt Zeit zu feuern FAP Turbo mit einem Live-Konto. Zeit, unser Geld zu setzen, wo unser Mund war. Es war an der Zeit zu beweisen, dass Marcus, jeder andere Forex Trader da draußen und auf die ganze Welt, dass wir es endlich, es - wir geknackt den Code. , Dass wir getan haben, was niemand für möglich hielt: Ein Forex Roboter, der im LIVE Handel doppelt so ein Konto wie Uhrwerke 500 Drehen in 1.100 - In 2 kurzen Monaten 2.500 Drehen in 8.700 - In 45 Tagen 5.100 Drehen in 25.100 - In 30 Tagen (Wenn Sie Havent gesehen die LIVE-Anweisungen dieser Konten scrollen Sie nach oben auf der Seite) Der Job wurde durchgeführt. Monate und Monate harter Arbeit waren endlich vorbei. Und es bezahlt BIG Zeit konnten wir jetzt endlich sagen. Aber noch wichtiger - PROVE: FAP Turbo NICHT nur Backtests auf die Stimmung von 10.607 Gewinn in 11 Jahren (oder 48 pro Monat). Es tatsächlich geliefert die Gewinne im Live-Trading für uns Unser kühner Anspruch von wir produzieren die besten Forex Roboter in Existenz war nun eine Realität, die wir produziert die besten Forex Roboter in Existenz Keine Flusen. Kein B. S. Kein Hype. Keine handverlesenen Trades. Kein Backtesting. . Aber PURE kaltes hartes Bargeld in einem wirklichen LIVE Konto Wir veröffentlichten wirklich den Roboter zu einer vorgewählten Gruppe von Leuten. Wollten wir sicherstellen, dass es nicht nur US, die glauben, FAP Turbo zu den ultimativen, einfach zu bedienenden Forex-Roboter, dass wir es entworfen haben Wir wollten normale Menschen, Menschen ohne Erfahrung (Menschen wie viele von denen, die diesen Brief lesen jetzt ) Und ohne Forex Wissen, um den Roboter und unsere Ansprüche Test, was die Leute über FapTurbo sagen: Anthony, professionelle Händler und Entwickler, Schöpfer von forexealab Lets sehen, was Anthony über FapTurbo Ive Handel seit 5 Jahren und sogar einige erfolgreiche Forex entwickelt hat Systeme selbst mit meinem Freund Ronald. Später beschlossen wir, unsere eigene Test-Website namens forexealab zu eröffnen, wo wir verschiedene Roboter auf dem Markt testen und das Beste für unsere Kunden finden. Ich muss sagen, ich war wirklich beeindruckt von der fapturbo Performance. Ja, automatisiertes Devisenhandel ist möglich Und SIE konnten es auch tun Während Sie diesen Brief lesen, produziert der Roboter für uns und viele andere FAP Turbo Inhaber wirkliches Bargeld. Es war, seit wir es auf unsere Live-Konten gefeuert und es weiterhin Handel nach Handel profitabel, genau und vor allem Nagel. HÄNDE KOSTENLOS Du hast die Ergebnisse gesehen. Haben Sie erlebt, wie Sie unsere profitablen Roboter mit minimalem Wissen über Forex laufen können Und dies ist sehr wichtig, so wenden Sie sich bitte genau beachten. FAP Turbo 2 ist für Sie bereits vorinstalliert. So dass Sie nicht einmal das selbst tun müssen. Hier ist die Sache. Sind wir uns der Tatsache bewusst, dass viele Menschen nicht sehr gute Freunde mit Technologie sind. Daher nahmen wir die Zeit und produzierten die einfachste-Roboter finden Sie. Sie werden tatsächlich begeistert sein, wenn Sie sehen, wie einfach und schnell ist es aufzustehen und ausgeführt werden Die größten Probleme Menschen haben, wenn die Suche nach einer Einkommenslösung sind, dass sie nicht die erforderliche Menge an Zeit und / oder Geld zu investieren, um zu erreichen Erfolg (oder etwas, das tatsächlich funktioniert). Achten Sie darauf: Es gibt keine andere Einkommensmöglichkeit auf diesem Planeten, dass: Benötigt so wenig von Ihrer Investition (kann mit so wenig wie 50 starten), Benötigt kaum Zeit Engagement auf Ihrem Teil (nur eingestellt und vergessen) Mike, Ulrich, Mich und viele andere FAP Turbo-Besitzer leben den Traum von automatischen Bargeld. Freie Zeit zu tun, was wir wollen. Haufen Geld zu kaufen, was wir wollen. Wenn wir wollen, anstatt wenn wir können. Es ist wirklich nicht viele Male eine große Chance präsentiert sich. Ich kann mit einer Hand wirklich zählen, wie viele GUTE Gelegenheiten mein Leben durch das Leben gekommen sind. Wie viele können Sie zählen Und von denen Sie zählen können. Wie viele haben Sie Schritt auf die Platte und sich selbst bewiesen, dass Sie etwas tun, um Ihr Leben und die der um Sie herum BESSER Ein Schritt in Richtung einer profitablen und sicheren Zukunft ist der Unterschied zwischen sagen, ich wünschte, ich hätte das getan Schritt. Und ich bin froh, dass ich diesen Schritt gemacht habe. Das ist, was sein ganz ungefähr im Leben. Das ist, was es kocht auf Und Sie wissen. Viele denken jetzt an sich. Forex hat mit der Finanzierung zu tun. Da die Welt in einer Finanzkrise ist, wird der Roboter tatsächlich gut funktionieren. Fragen Sie alle Forex Roboter-Entwickler die gleiche Frage und Sie erhalten die gleiche Antwort Sure wird es funktionieren. Und geben Ihnen ein paar B. S. Argumente, warum es funktionieren sollte. NICHT WIR. Wir interessieren uns nicht wirklich, wenn Sie etwas aus Argumenten heraus füttern. Wir sagen. Ja, FAP Turbo arbeitet auf allen Marktbedingungen mit der exakt gleichen Rentabilität und Präzision. Und statt der Argumente, warum es funktionieren sollte. Zeigen wir Ihnen konkrete PROOF es funktioniert: Es ist klar, dass FAP Turbo verlässt jeder einzelne Forex Roboter hängend trocken so zu sprechen und seine mehr als die LIVE-Ergebnisse, die Sie gesehen haben. Es ist der eigentliche Mechanismus und Besonderheiten des Roboters, die es so einzigartig machen. Hände runter. FAP Turbo ist eine der besten Forex-Lösungen für Menschen, die: mit dem genauesten und profitable Forex Roboter in der Welt 90 Gewinner handeln möchten. Cant Monitor der Forex-Markt wegen eines Tagesjobs, Verpflichtungen, etc. und wollen eine automatische Software, um es für sie zu tun. Möchten unter den 1 der Forex-Händler, die ihre Trading-Konto wie wilde Pilze wachsen werden. Wahre Geschichte. Fapturbo ist zu rentabel für Dealing-Desk-Broker Mehrere schattige Broker verboten es Ceo von Scam Brokerage whines Setzen Sie Ihren Namen und E-Mail-Adresse unten, und erhalten Sie einen vollständigen Bericht, warum ein bestimmter Forex Broker FapTurbo verboten (weil es zu rentabel war) und warum FapTurbo ist STILL unstoppable Erzeugung MILLIONEN von Dollars. PLUS: Youll auch erhalten unsere spezielle Bitcoin Trading Signal Indicator für MT4 vollständig FREE Diese Bitcoin-Signale machen eine durchschnittliche Rendite von 114,38 (innerhalb von 48 Stunden des Signals aufgrund der großen volatilen Markt). (Details werden sofort gesendet). Nichts zum Einrichten oder Konfigurieren von FapTurbo 2 Kommt komplett vorinstalliert auf Ihrem MyfxChoice und Tallinex Mt4 Plug & Play-Lösung. Real keine brainer Come Back Ticket für Fapturbo 1 Clients. Klick hier . DIES IST SCHLÜSSEL: Immer up-To-Date FapTurbo verkauft über 85.000 Exemplare jetzt macht es die besten verkaufenden Roboter weltweit und unterliegt mehreren Updates, um seine peek Leistung halten. Konkurrenten sind gekommen und gegangen, weil sie waren nur nach dem schnellen Dollar Überschwemmung der Forex-Szene mit wertlosen nicht arbeiten Mist oder noch schlimmer, was ich nennen get-your-hofft-up-für-ein-Woche-dann-blow-your - Martingale-trading-sceme-crap. Was Sie mit uns erhalten, ist ein LEBENSZEIT-SERVICE. Wir wurden so populär auf Forex für einen Grund. Weil wir uns weiterentwickeln und für uns und unsere Gemeinschaft maximale Rentabilität gewährleisten. Kaufen Sie einfach eine Lizenz und installieren Sie sie auf dem Demokonto. Es wird in der GUIDE und Video-Tutorials erklärt. Hallo, ich bin aus Bulgarien und ich benutze Fapturbo auf einem realen Konto von 2 Wochen / nach einem Monat Demo /, ich denke, dass es gut funktioniert, aber am letzten Montag wusste ich nicht, dass es einen Urlaub in den USA gibt, und ich habe einige realisiert hat verloren. Die Gesamtergebnisse sind Gewinn von 900 bis 940 für diese 2 Wochen. Weil mein Konto wenig ist, entschied ich mich, 2 / max drei / Paare zu wählen, um zu handeln. Ich importierte die Angebote auf der Website zu übertreffen und berechnet, die die besten Performance-Paare für das letzte Jahr, Quartal und Monat sind, und ich beschlossen, gbpchf, eurchf und eurgbp Handel. Ich denke, dass der Markt zu dynamisch ist und es für mich nützlich ist, periodisch die bestmöglichen Paare zu analysieren und die Strategie zu ändern. Als Loch bin ich vom System beeindruckt und denke, das ist sehr gut. Wir gratulieren den Erfindern und hoffen, dass es regelmäßige Updates in Bezug auf die veränderten Marktbedingungen gibt :) Mit freundlichen Grüßen Ihr V. B. Hallo. Wie wird diese FAPturbo werden liefern nur ich es kaufen. Download via Online oder wird es auf mich gebucht werden. Wenn über Postdienst. Welches Postunternehmen werden Sie verwenden. USPS. Kommt es mit einer Tracking-Nummer. Eine andere Sache. Bekomme ich die neueste Version. WINTER 2011 oder was neues ist. Bitte antworten Sie mir hier und zu meiner E-Mail. Ich interessiere mich für den Kauf dieses dringend. Danke Fapturbo wird sofort nach dem Kauf im Mitgliedsbereich geliefert. Kein Versand erforderlich. Ja, Sie erhalten die neueste Version. Muss ich Geld riskieren, wenn FAP Turbo genau arbeitet, wie Sie gezeigt haben, keine erste, youll haben 2 ganze Monate, um den Roboter auszuprobieren, und wenn es nicht bis zu Ihren Erwartungen - Rückkehr es für eine volle keine Fragen gebeten bedingungslose Rückerstattung Auch, Eine der besten Eigenschaften, die mit FAP Turbo verbunden ist, dass Sie in einem Demo-Konto handeln können, bis Sie sich wohl fühlen gehen live (Sie können ein Demo-Konto mit jedem Makler kostenlos und so lange wie Sie wollen). Dies ist wirklich eine risikofreie Gelegenheit. Howdy Ich weiß nicht, wer für FapTurbo zu danken, aber seine völlig erstaunlich Dies ist die schönste Forex Trading System, Ive jemals gesehen haben Sie vielen Menschen finanziell mit diesem Programm geholfen. So DANKE eine Million. Dankeschön. John J. Moore Alles Gute Mike Hollow sagt: Danke Der Roboter scheint zu treten, aber. Auf einem Demokonto von 5000 hat es bereits 754 in nur 2 Tagen gemacht. Dachte, dass Sie wissen möchten. Nochmals vielen Dank. Sind die Updates kostenlos zu den Mitgliedern, die ich mitmachen möchte, wenden Sie sich bitte Unterstützung Unterstützung Folgende Forex jetzt für etwa ein Jahr jetzt. Ich habe Bücher gelesen, Videos beobachtet und alles andere, um mir ein besseres Verständnis auf diesem. Ich habe auch unterrichtet mich MQL4 und die Analyse aller EAs in den Foren. Ich habe mehrere Demo-Konten versucht manuelle sowie automatisierte Handel. Entwickelt ein paar EAs, aber immer noch nichts, was Sie behaupten, Fapturbo Roboter können. Ihre Ergebnisse sehen toll aus und es scheint, dass wir die Live-Konten gesehen haben, die Sie hier erwähnt haben. Ich habe noch nie eine EA gekauft, wie ich fühlte sie waren Betrügereien. Mit Ihrer Geschichte hier über die Entwicklung und das Testen dieser, werde ich auf einige ampquotBlind Faithampquot gehen und kaufen Fapt Robot. Wenn es dazu beitragen kann, zumindest was ich dafür bezahlt, dann würde ich mich ok über den Kauf. Wir werden sehen, wie das in den kommenden Wochen ausgeht. Ich werde Ihnen Bescheid geben. Hallo, viele positive Kommentare. Wow 96 Ausübungspreis. Ist das ein Fehler. Klingt zu gut um wahr zu sein. nur die Zeit kann es verraten. Lass es ausprobieren Ich kaufe System. Gestern waren alle 3 Trades wirklich profitabel. Ich leitete den Roboter auf drei verschiedenen Brokers Konten Demo, alle mit ausgezeichneten Trades, wie Jungs zeigt auf dieser Seite, mit ähnlichen Grenze nehmen Gewinne, etc. P. D: sorry mein Niveau Englisch. Ich spreche Sie aus Spanien Steve, Mike und Ulrich. Sie sind, dass die besten der besten Ich bin neu hierzu. Den Roboter habe ich gestern. Was sind die Unterschiede zwischen FAPTURBO Short Term und Long Term Strategy FAPTURBO ist eine leistungsstarke Kombination aus 2 Strategien: Short Term Scalping Strategie und Long Term Advanced FAP-Strategie. Beide Strategien sind innerhalb eines FAPTURBO-Expertenberaters aufgebaut und können einfach mit dem Parameter UseScalperStrategy in den FAPTURBO-Einstellungen ein - und ausgeschaltet werden. Jede Strategie verwendet ihre eigenen entworfenen Zeitrahmen und Währungen so sicher sein, dass Sie die Strategie auf richtige Währungspaar und Zeitrahmen verwenden. Sie finden detaillierte Informationen über jede Strategie und ihre Parameter in der FAPTURBO GUIDE und Video-Tutorials Frederick D sagt: Ich habe keine Kreditkarte, so kann ich Draht Sie die Menge an US149,00, wenn ja, dann bitte lassen Sie mich wissen, die Verdrahtungsanweisungen. Ich bin mit Sitz in Oman (Mittlerer Osten) Grüße, Frederick Dsouza Kontakt unterstützen, bitte. Der wirkliche Test ist, es auf meinem eigenen wirklichen Konto laufen zu lassen, das ich gerade getan habe. Hoffentlich werde ich genauso aufgeregt in 6 Monaten wie ich jetzt bin. Obviux diese Jungs haben einige ausgezeichnete reserch getan und Backtesting. Welche Zeitrahmen und Währung sollte ich wählen FAPTURBO hat 2 eingebaute Strategien. Jede Strategie ist für ihre eigenen Zeitrahmen Währungspaare konzipiert. Zum Beispiel Langfristige Strategie funktioniert nur auf EURUSD M1. Die skalpierende Kurzzeitstrategie arbeitet an 4 Paaren: EURGBP, GBPCHF, EURCHF USDCAD, M15 Zeitrahmen Ich bin Anfänger im Forex. Ich habe schon 6 EAs probiert aber die Fapturbo Vorhersage EA weit das beste. Ich kaufte es am 23. Dezember und es gibt 149 USD auf meinem Demo-Konto bei IamFX Broker als Support angeboten. Ich wählte 100 000 USD Kaution 1: 200 Hebelwirkung und 1,0 Losgröße. Es gab 5 Trades und jede Trades erfolgreich war. Ich hoffe, es wird so gut auf dem realen Konto wie das Demo-Konto. Dank Sandor Ist es schwer zu lernen und implementieren Sie Ihr Handelssystem Nein Die meisten Menschen, die FAPTURBO-Paket zu kaufen beginnen Handel innerhalb von Minuten nach der Installation. Wir bieten detaillierte Anweisungen und coole Video-Tutorials Kann ich Parameter der FAPTURBO-Berater anpassen Natürlich können Sie Stop-Loss ändern, profitieren Sie und mehrere andere Parameter-Filter abhängig von Ihren Bedürfnissen. Alle sind im FAPTURBO-GUIDE beschrieben. Von allen Betrügern fapturbo und GPS-Roboter ist die einzige 2, die auf lebende acc. Mike, finden Sie Zeugnisse hier: fapturbo2 / testimonials Erik Anderson sagt: Ich kaufte die FAP Turbo letzte Woche und richtete es auf meinem bereits laufenden MetaTrader-Konto. Die Ergebnisse sind genial und ich könnte nicht glücklicher sein. Selbst bei einer konservativen Risikokonfiguration von 4 erzeugt sie immer noch nahezu 300 / Tag. Bereits 2 meiner Familienmitglieder und 4 Freunde haben auch den Kauf auf meiner Empfehlung basiert. Danke für die Freigabe solch eines großen Produktes, das gerade arbeitet, wie annonciert. Ich bin so aufgeregt, um zu sehen, das Konto wächst täglich und ich werde weiter verbreiten das gute Wort auf Ihrem FAP Turbo Roboter Charlie aus San Diego sagt: FAPTURBO wirklich mein Leben verändert, so dass ich Geld auf Autopilot. Es verdreifachte mein Konto in 3 Wochen Robot ist immer auf dem Laufenden mit verrückten Marktbedingungen. Sein eine Laser-Anblickwaffe in den Händen des forex-Kaufers Danke Steve, Mike und Uli. Und die ganze fapturbo Unterstützung. Disclaimer: Im Interesse der vollständigen Offenlegung können wir nicht sagen, dass diese Ergebnisse repräsentativ für alle Benutzer sind. Wir teilen einfach die Ergebnisse, die wir persönlich auf unseren Live-Konten bei unserem Devisenhandel erreicht haben. Unsere Ergebnisse sind kein Hinweis auf zukünftige Ergebnisse oder Erfolge. Wir meinen nicht, dass diese Ergebnisse allgemein von jedermann erwartet oder erreicht werden können. Es besteht ein erhebliches Verlustrisiko im Zusammenhang mit dem Handel mit Forex. Vergangene Aufführungen sind nicht unbedingt künftige Ergebnisse Einige der Konten auf dieser Seite gezeigt sind Simulation Demo-Konten und Backtests für die Demonstration Zwecke. Sie geben Ihnen einen Eindruck, wie der Roboter funktionieren und handeln könnte, aber nicht notwendigerweise zukünftige Ergebnisse angeben. Haftungsausschluss: Sofern nicht anders angegeben, haben wir keine Verbindung zu der Person, die die Zeugnisse gibt. Wo wir eine wesentliche Verbindung zur Person haben, geben wir die Verbindung eindeutig an. Testimonials sind kein Hinweis auf zukünftige Leistung oder Erfolg. Schauspieler Darsteller Echter Käufer. Die Betatester in diesem Video verwendet wurden eine Überprüfung des Produkts und ein Ergebnis hat eine wesentliche Verbindung zu unserer Website, die ihre Meinung beeinflussen können. Im Interesse der vollständigen Offenlegung können wir nicht sagen, dass diese Ergebnisse für alle Benutzer repräsentativ sind. Wir teilen einfach die Ergebnisse unserer Betatester, die während des Devisenhandels erzielt wurden. Die Ergebnisse sind kein Hinweis auf zukünftige Ergebnisse oder Erfolge. Leute, die Testimonial schicken, neigen, mit dem Produkt zum Zeitpunkt zu sein, das sie das Testimonial geschickt wurden, aber ihre Erfahrung kann im Laufe der Zeit ändern. Wir meinen nicht, dass diese Ergebnisse allgemein von jedermann erwartet oder erreicht werden können. Es besteht ein erhebliches Verlustrisiko im Zusammenhang mit dem Handel mit Forex. Vergangene Aufführungen bedeuten nicht notwendigerweise zukünftige Ergebnisse Haftungsausschluss: Im Interesse der vollständigen Offenlegung können wir nicht sagen, dass diese Ergebnisse für alle Benutzer repräsentativ sind. Wir teilen einfach die Ergebnisse, die wir persönlich auf unseren Konten bei unserem Devisenhandel erreicht haben. Unsere Ergebnisse sind kein Hinweis auf zukünftige Ergebnisse oder Erfolge. Wir meinen nicht, dass diese Ergebnisse allgemein von jedermann erwartet oder erreicht werden können. Es besteht ein erhebliches Verlustrisiko im Zusammenhang mit dem Handel mit Forex. Vergangene Aufführungen bedeuten nicht notwendigerweise zukünftige Ergebnisse Haftungsausschluss: Die fapturbo-Entwickler sind tatsächliche Personen und keine Akteure. Das Bild ist aus Gründen der Privatsphäre verwischt. FTC Erforderlicher Haftungsausschluss: Sofern nicht anders angegeben, haben wir keine Verbindung zu der Person, die die Zeugnisse gibt. Wo wir eine wesentliche Verbindung zur Person haben, geben wir die Verbindung eindeutig an. Testimonials sind kein Hinweis auf zukünftige Leistung oder Erfolg. Die Betatester in den Video-Testimonials verwendet wurden eine Überprüfung des Produkts und ein Ergebnis hat eine wesentliche Verbindung zu unserer Website, die ihre Meinung beeinflussen können. Im Interesse der vollständigen Offenlegung können wir nicht sagen, dass diese Ergebnisse für alle Benutzer repräsentativ sind. Wir teilen einfach die Ergebnisse unserer Betatester, die während des Devisenhandels erzielt wurden. Die Ergebnisse sind kein Hinweis auf zukünftige Ergebnisse oder Erfolge. Alle 5 Video-Tesimonials auf dieser Seite sind REAL verifizierbare Personen und keine Akteure. Disclaimer: Dies ist der Roboter Backtest für die Zeit der Bankenkrise. Dies wird zu Demonstrationszwecken gezeigt. Keine echten Handel durchgeführt wurde, während dieser time. forex tipuan UK Business Forums Aktienoptionen Quellensteuern uk forex indien wiki herunterladen forex news alert software Home forex universität öffentliche bank forex gt profesion forex usd chart forex Archiv sma 5 nel forex 1000 bis 1 Million forex gt how does buying and selling stock options work forex daily signals forecast Newsletter Articles m. roboforex chart forex commodity live gt support and resistance trading forex forex trader windows phone 8 General Business Articles live forex rates gbp to inr strategy map balanced scorecard university gt forextime contest derivative oscillator binary options strategy Part III: Six ways to test your minimum viable business top 20 best forex broker forex ykb gt Hey Guest, make sure to follow us on Twitter Say hi and well be sure to follow back forex exchange rates historical stock options for pinterest Part III: Six ways to test your minimum viable businessTrading Glossary A Priori Known ahead of time. Abandoned Baby Pattern A rare candlestick pattern in which an upside gap doji star (where the shadows do not touch) is followed by a downside gap black candlestick where the shadows also do not touch considered a major top reversal signal. Elliott wave terminology for a three-wave countertrend price movement. Wave A is the first price wave against the trend of the market. Wave B is a corrective wave to Wave A. Wave C is the final price move to complete the countertrend price move. Elliott wave followers study A and C waves for price ratios based on numbers from the Fibonacci series. Accumulation An addition to a trader8217s original market position. The first of three distinct phases in a major trend in which investors are buying. Accumulation/Distribution Line See Chaikin Oscillator. Actuals Refers to actual physical commodities, as distinguished from futures. ADA Block-structured programming language developed under the guidance of the U. S. Department of Defense to provide a medium for writing real-time, concurrent applications, for facilitating program verification. Adaptive Filter Smoothing and/or forecasting prices with continuously updated weighting of past prices. Advance-Decline Line Each day8217s number of declining issues is subtracted from the number of advancing issues. The net difference is added to a running sum if the difference is positive or subtracted from the running sum if the difference is negative. Adverse Excursion The loss attributable to price movement against the position in any one trade. AKA An acronym for 8220automated knowledge acquisition.8221 Refers to the use of programs to create knowledge needed by other programs (usually expert systems). Alpha Premium that an investment portfolio earns above a given point of reference a measure of stock performance independent of the market. American Depository Receipts (ADRs) Certificates that are issued by a bank of US origin and traded in the U. S. as domestic shares. The certificates represent the foreign securities that the bank holds in that security8217s country of origin. Accounting method in which an asset8217s cost is spread out. Analysis of Variance (Anova) The partitioning of total sum of squares into the sum of squares explained by the model and the remaining sum of squares unexplained. Anaume Candlestick formation. An exceptional exhaustion pattern (meaning 8220gap filling8221) composed of five candles. The anaume occurs when the gap is filled in after a market price has changed directions. This pattern coupled with the other patterns indicate a strong potential for a bullish reversal and price advance. Behavioral finance. The tendency to evaluate current decisions in the context of past events. Andrews Method A technique whereby a technician will pick an extreme low or high to use as a pivot point and draw a line, called the median line, from this point that bisects a line drawn through the next corrective phase that occurs after the pivot point. Lines parallel to the median line are drawn through the high and low points of the corrective phase. The parallel lines define the resistance and support levels for the price channel. Annealing (Simulated) Generally a metallurgical process, in artificial intelligence a process in which a neural net work searches for a set of weights to minimize errors the search constantly shrinks as the weights find better values, analogous to the rearrangement of the molecules in a heated metal bar as the bar cools. Annual Earnings Change () The historical earnings change between the most recently reported fiscal year earn ings and the preceding. Annual Net Profit Margin () The percentage that the company earned from gross sales for the most recently reported fiscal year. Annual Sales Change () The percentage change in sales between the most recently reported fiscal year and the preceding. Translating the figures for a given year into an annual rate. Antithetic Forecasts Two forecasts whose errors are negatively correlated. Arbitrage The simultaneous purchase and sale of two different, but closely related, securities to take advantage of a disparity in their prices. ARIMA See AutoRegressive Integrated Moving Average ARMAX (AutoRegressive Moving Average eXogenous variables model) The combination of fundamental variables outside the particular market that correlates with the independent variable added with the ARMA modeling of the remaining residuals. Arms Index Also known as TRading INdex (TRIN): An advance/decline stock market indicator. A reading of less than 1.0 indicates bullish demand, while greater than 1.0 is bearish. The index is often smoothed with a simple moving average. Artificial Intelligence The field of computer science dedicated to producing programs that attempt to mimic the processes of the human brain. Assign To transfer to another to whom property is assigned. Astrophysical Cycle Any earthly cycle, such as a market cycle, that has been scientifically related to the physics of the planetary system. At-the-Money An option whose strike price is nearest the current price of the underlying deliverable. Attenuation The fractional part of reduced energy or lost power due to smoothing or filtering. Autocorrelation The correlation between the values of a time series and previous values of the same time series. AutoRegressive Integrated Moving Average (ARIMA) A linear stochastic model forecasting methodology described by Box and Jenkins in their book Time Series Analysis, Forecasting and Control. Autoregressive Using previous data to predict future data. Average Directional Movement Index (ADX) Indicator developed by J. Welles Wilder to measure market trend intensity. A moving average of the true range. b Indicates where the closing price is within Bollinger bands: Back Month The out, or back . contract month, as opposed to the current contract month the expiration month farther in the future than the current, or spot . month. Back-Propagation Network A feedforward multilayered neural network that is a commonly used neural network paradigm. Back-Testing A strategy is tested or optimized on historical data and then the strategy is applied to new data to see if the results are consistent. Balanced Mutual Fund A mutual fund that seeks a return that is a combination of capital appreciation and current income, generally by building a portfolio of bonds, preferred stocks and common stocks. Bandpass Filter An oscillator that accentuates only the frequencies in an intermediate range and rejects high and low frequencies. Implemented by first applying a low pass filter to the data and then a high pass filter to the resulting data (e. g. two SMA crossover system). Bank Investment Contracts (BICs) A negotiated-term deposit issued by a commercial bank. See Guaranteed Investment Contracts (GICs). Used to plot price movements using vertical bars indicating price ranges. Basis The difference between spot (cash) prices and the futures contract price. Basis Points The measure of yields on bonds and notes one basis point equals 0.01 of yield. Basket Trades Large transactions made up of a number of different stocks. Bayes Decision Rule A rule that states the strategy chosen from those available is that for which the expected value of payoff is the greatest. A securities market characterized thus based on declining prices. Beta A regression of the estimated coefficient that belongs to a particular variable. Beta (Coefficient) A measure of the market/nondiversifiable risk associated with any given security in the market. A ratio of an individual8217s stock historical returns to the historical returns of the stock market. If a stock increased in value by 12 while the market increased by 10, the stock8217s beta would be 1.2. Bias The difference between the expected value of an estimator and the actual value to be estimated. Highest price and lowest price that an investor will pay for a tradable. Bimodal Distribution In which observations are displayed as having two distinct peaks. A proprietary, computerized trading system whose rules are not disclosed or readily accessible. Black-Scholes Option Pricing Model A model developed to estimate the market value of option contracts. Block Trades Large transactions of a particular stock sold as a unit. Blow-Off Top A steep and rapid increase in price followed by a steep and rapid drop in price. A long-term debt security with a stated interest rate and fixed due dates, issued by a corporation or a government, when interest and principal must be paid. There are many variations. Boolean Describes a variable that may have one of only two possible values: true or false. After George Boole, English logician, credited with the invention of 8220Boolean logic.8221 Box-Jenkins Linear Least Squares The additive structure of Box-Jenkins models with a polynomial structure. Box-Jenkins Method From G. E.P. Box and G. M. Jenkins, who authored Time Series Analysis: Forecasting and Control. The method refers to the use of autoregressive integrated moving averages (ARIMA), which fit seasonal mod els and nonseasonal models to a time series. Box-Jenkins Nonlinear Least Squares The multiplicative structure of Box-Jenkins models using the Gauss-Newton algorithm with numerical derivatives. Bozu Literally 8220bald8221 or 8220monk8221 in Japanese in candlestick terminology refers to a situation during which a trading cycle opens or closes on a high or low, indicating a victory for the bulls or the bears. Bracketing A trading range market or a price region that is non-trending. When a tradable exits a trading range by trading at price levels that leaves a price area where no trading occurs on a bar chart. Typically, these gaps appear at the completion of important chart formations. The point when the market price moves out of the trend channel. A firm that handles transactions for its customers and also purchases securities for its own account, selling them to customers. Broker8217s Deck Orders physically held by the floor broker in the trading pit. A securities market characterized thus on rising prices. The acquisition of a tradable for the long term rather than quick turnover. C Language Widely used systems development language, also block-structured, but with more facilities to control the machine at the level of the hardware. Call Option A contract that gives the buyer of the option the right but not the obligation to take delivery of the underlying security at a specific price within a certain time. Calmar Ratio Takes the average rate of return for the last 36 months and divides it by the maximum drawdown for the same period. It is usually calculated on a monthly basis. A negative value for the Calmar ratio means that the system or trader had a negative performance over the last three years. A charting method, originally from Japan, in which the high and low are plotted as a single line and are referred to as shadows. The price range between the open and the close is plotted as a narrow rectangle and is referred to as the body. If the close is above the open, the body is white. If the close is below the open, the body is black. Capital Gains Distribution A distribution to investment company shareholders from net long-term capital gains realized by a regulated investment company on the sale of portfolio securities. Losses resulting from selling at a loss. Chicago Board of Trade. From statistics, the theorem that the distribution of sample means taken from a large population approaches a normal, Gaussian, curve. Chaikin Oscillator An oscillator created by subtracting a 10-day EMA from a three-day EMA of the accumulation /distribution line. Channel In charting, a price channel contains prices throughout a trend. There are three basic ways to draw channels: parallel, rounded and channels that connect lows (bear trend) or highs (bull trend). Chaos Theory Describes the behavior of nonlinear systems. A subset of nonlinear dynamics analysis, chaos theory is a branch of mathematics focusing on irregular and complex behavior that has an underlying order. In the stock market, chaos theory seeks to forecast the future path of stock prices, including sudden changes that occur during periods of intense market activity. A display or picture of a security that plots price and/or volume (the number of shares sold). The chart is the foundation of technical analysis, and over the years, many different types of charts have been developed. A statistical test to determine if the patterns exhibited by data could have been produced by chance. Christmas Tree Spread The simultaneous purchase and writing of options with either a different strike price or expi ration date or combination of the two. Classifier Systems In artificial intelligence, these systems perform a type of machine learning that generates rules from examples. A smaller version of a retail mutual fund, it is offered as a subaccount in a variable annuity. The daily price of a clone fund is different among variable annuities that carry it because each clone fund starts on a different date and with a base price of 10. A mutual fund that does not sell unlimited shares one with a specific number of outstanding shares. Closed Trades Positions that have been either liquidated or offset. Locating the presence of groups of vectors that are similar in some fashion. The Chicago Mercantile Exchange. Coefficient A constant used to multiply another quantity or series as in 3 x and ax . 3 and a are coefficients of x. Coefficient of Determination R-squared. The proportion of the variation in the data explained by the model. Coincidence In Gann theory, a projected reversal point. Combined Forecast The weighted average of two or more forecasts. Commodity Futures Trading Commission (CFTC) A commission that oversees the commodity exchanges in the US. Comparative Relative Strength Compares the price movement of a stock with that of its competitors, industry group or the entire market. This is distinct from J. Welles Wilder8217s Relative Strength Index, which compares current price movement to previous price movement of the same instrument. A device of some kind that compares two inputs. The payment, through interest, based on the sum of the original principal amount and its accrued interest. Confidence Factor A measure of the degree of likelihood that a rule is correct, which may reflect the percentage of times that it has proven to be correct in the past or just a subjective measure of our confidence in its degree of reliability. Confidence Level The degree of assurance that a specified failure rate is not exceeded. Confirmation Indication that at least two indices, in the case of Dow theory the industrials and the transportation, corroborate a market trend or a turning point. A series of trading days in which there is no visible progress in price. Consolidation Also known as a congestion period. A pause that allows participants in a market to reevaluate the market and sets the stage for the next price move. The gauge of US inflation. Continuation Chart A chart in which the price scale for the data for the end of a given contract and the data for the beginning of the next contract are merged in order to ease the transition of one contract to the next. An agreement as in options in which rights are exchanged by law. Correlation Coefficient-When two random variables X and Y tend to vary together. The measurement is given by the ratio of the covariance of X and Y to the square root of the product of the variance of X and the variance of Y. Convergence When futures prices and spot prices come together at the futures expiration. Conversion Arbitrage Traders buy and sell two different securities (or synthetic securities), forcing equivalent prices for equivalent securities. Coppock Curve Also Coppock Guide. A long-term price momentum indicator: a 10-month weighted moving aver age of the sum of the 14-month rate of change and the 11-month rate of change for the Djia. Correction Any price reaction within the market leading to an adjustment by as much as one-third to two-thirds of the previous gain. Correction Wave A wave or cycle of waves moving against the current impulse trend8217s direction. Degree to which two series of numbers plot as a straight line. A correlation coefficient of 1 (or -1) indicates that the two series of numbers plot exactly along a straight line. A correlation coefficient of zero indicates that there is no straight line relationship between the two series of numbers. As applied to two portfolios, a high correlation coefficient for the relative returns indicates that the portfolio values have moved in tandem and a low correlation coefficient means the opposite. When the correlation coefficient is high, one portfolio could have been used as a surrogate or a hedge for the other. Correlogram A numerical and graphical display of the test statistics of an autocorrelation diagnostic routine. The cost of a given share or group of stock shares. Countermove A price bar showing movement opposite to the direction of the prior time period a retracement. Covariance Multiplies the deviation of each variable from its mean, adds those products and then divides by the number of observations. Cover Purchasing back a contract sold earlier. Covered Write Writing a call against a long position in the underlying stock. By receiving a premium, the writer intends to realize additional return on the underlying common stock or gain some element of protection (limited to the amount of the premium less transaction costs) from a decline in the value of that underlying stock. Crack Spreads The spread between crude oil and its products: heating oil and unleaded gasoline plays a major role in the trading process. Credit Spread The difference in value of two options, where the value of the one sold exceeds the value of the one purchased. The extent to which the revenue streams of individual traders within a single enterprise tend to exhibit similar patterns over time. CTI2 Market Profile terminology for commercial clearing members, as opposed to CTI1, local floor traders. An accumulation pattern observed on bar charts. The pattern lasts from seven to 65 weeks the cup is in the shape of a 8220U8221 and the handle is usually more than one or two weeks in duration. The handle is a slight downward drift with low trading volume from the right-hand side of the formation. Current Ratio The current assets of a company divided by its current liabilities. Balance-sheet strength indication. Curve The continuous image of the unit interval. Curve-Fitting Developing complicated rules that map known conditions. The number assigned by the Committee of Uniform Security Identification Procedure that appears on all securities documents. Each security is given a number so that it is easily identifiable. Cutoff Frequency A point where higher frequency cycles will not pass through a filter (e. g. a 10-day SMA will eliminate cycles of 20 days or less). Cycle A variation where a point of observation returns to its origin. A stochastics indicator that has had its values smoothed a second time, usually with a three-period moving average. Daily Range The difference between the high and low price during one trading day. Altering data to some extent to be more accurately analyzed smoothing, reducing unwanted data, removing trend. Processing data is mathematically transforming the data from one form into another with the goal of amplifying pertinent information for traders. A rebound in a market that sees prices recover and come back up somewhat. Debit Spread The difference in value of two options, where the value of the long position exceeds the value of the short position. Deductive Logic Logic traditionally used in expert systems, which defines a method for reasoning from the general to the specific. Deep-in-the-Money A deep-in-the-money call option has the strike price of the option well below the current price of the underlying instrument. A deep-in-the-money put option has the strike price of the option well above the current price of the underlying instrument. Degrees of Freedom The number of independent observations the number of observations minus the number of parameters to be estimated. Delay The amount of time that elapses between a change in an input event and the resultant change in a related output event or time series. Delta The amount by which the price of an option changes for every dollar move in the underlying instrument. Delta-Hedged An options strategy that protects an option against small price changes in the option8217s underlying instrument. These hedges are constructed by taking a position in the underlying instrument that is equal in magni tude but opposite in sign (/-) to the option8217s delta. Delta Neutral This is an 8220options/options8221 or 8220options/underlying instrument8221 position constructed so that it is rela tively insensitive to the price movement of the underlying instruments. This is arranged by selecting a calculated ratio of offsetting short and long positions. Delta Position A measure of option price vs. the underlying futures contract or stock price. Demand Index An index that shows the buying and selling power of markets and stocks from mathematical calcu lations of volume and price ratios. Density Function For any measure m . a function that gives rise to m when integrated with respect to some other specified measure. A probability density function is a function whose integral over any set gives the probability that a random variable has values in this set. Dependence A relationship between two different experimental results in which the first result does not directly influence the chances of the second result occurring, but instead, the two results are indirectly related because they are subject to influences from a common outside factor. Derivatives Financial contracts the value of which depend on the value of the underlying instrument commodity, bond, equity, currency or a combination. Deterministic Known in advance when the sum of one-step ahead forecast mean squared errors is zero. Deterministic The fundamental continuous effect of an exogenous variable such as money supply that can be deter mined to be explanatory. Deterministic System A system in which the outcome is determined by an equation a system in which cause and effect is easily determined. Detrend To remove the general drift, tendency, or bent of a set of statistical data as related to time. Difference-in-Means Test A statistical test that indicates the likelihood of observing the difference if the true differ ence were zero. A large value of this statistic leads to nonacceptance of the null hypothesis that the true difference is zero. Differencing Subtracting previous from current values to obtain a stationary (detrended) time series: P stationary Pt 8211 Pt-1. Diffusion Equation A partial differential equation, used in solving a random walk problem. Diffusion Index An index that measures the percentage of individual series that are positive compared with the aggregate group that is, the percentage of SampP groups that are above their 30-week moving average. Directional Movement Index (DMI) Developed by J. Welles Wilder, DMI measures market trend. Any set of related values described by an average (that is, mean), which identifies its midpoint, a measure of spread (that is, standard distribution) and a measure of its shape (that is, skew or kurtosis). When two or more averages or indices fail to show confirming trends. Stockholder payment of a share of a company8217s profits. A program offered by a publicly held company in which dividends are used to buy more shares of the company. Doji A session in which the open and close are the same (or almost the same). Different varieties of doji lines (such as a gravestone or long-legged doji) depend on where the opening and close are in relation to the entire range. Doji lines are among the most important individual candlestick lines. They are also components of important candlestick patterns. Using the same amount of funds to regularly invest (often quarterly or monthly) and not take into consideration whether the securities being purchased are high or low in price. By using this method, an investor will see an average between their investment costs and the market8217s up and down movements. Double Bottom (Top) The price action of a security or market average where it has declined (advanced) two times to the same approximate level, indicating the existence of a support (resistance) level and a possibility that the down ward (upward) trend has ended. Double-Smoothed A price series that has been smoothed by a mathematical technique such as a moving average. This first series of smoothed price data is then smoothed a second time. Double Top See Double Bottom. A price pattern seen on a chart. The patterns occurs when prices rise to a resistance level on significant volume, retreat to a support level, and subsequently return to the resistance level on decreased volume. Prices then decline and break through the support level, marking the beginning of a new downtrend in the price of the stock. Drawdown Die Reduktion des Eigenkapitals infolge eines Handels oder einer Serie von Trades. Durbin-Watson-Statistik Die Wahrscheinlichkeit, dass Korrelation erster Ordnung existiert. With a range between zero and 4, the closer to 2.0, the lower the probability is. Dynamic Data Exchange Ability to automatically update an application from within another application. Refers to programming code that can be used (8220called8221) by your main program while running under Windows. Early Entry A large price movement in one direction within the first 15 minutes after the open of the daily session. The estimated earnings projected for a company for a fiscal year. Efficient Market Theory All known information is already discounted by the market and reflected in the price due to market participants acting upon the information. Elasticity The ability to recover an original configuration. Electronic Communications Network Independent execution systems set up by brokerage firms, matching new retail limit orders with compatible orders already in the system. A pattern-recognition technique published by Ralph Nelson Elliott in 1939, which holds that the stock market follows a rhythm or pattern of five waves up and three waves down to form a complete cycle of eight waves. The three waves down are referred to as a 8220correction8221 of the preceding five waves up. Engulfing Pattern In candlestick terminology, a multiple candlestick line pattern a major reversal signal with two opposing-color real bodies making up the pattern. (Also referred to as tsutsumi. ) Envelope Lines surrounding an index or indicator that is, trading bands. The point at which a trader gets into a position in the market. Equilibrium Market A price region that represents a balance between demand and supply. Created by Richard W. Arms, a chart in which the vertical axis is the high-low range for each day, while the horizontal axis represents the volume of shares of stock or the number of contracts traded for the day. The purpose of the chart is to highlight the relationship between price and volume. The Employee Retirement Income Security Act. Estimated EPS Change () Change in estimated mean earnings for the current fiscal year from the last month, last three months and last six months to the current month. Eurodollar Dollars deposited in foreign banks, with the futures contract reflecting the rates offered between London branches of top US banks and foreign banks. Evening Star Pattern The bearish counterpart of the morning star pattern a top reversal, it should be acted on if it arises after an uptrend. Exchange-Traded Funds Collections of stocks that are bought and sold as a package on an exchange, principally the American Stock Exchange (AMEX), but also the New York Stock Exchange (NYSE) and the Chicago Board Options Exchange (CBOE). Ex-Dividend Date The day on or after which the right to receive a current dividend is not automatically transferred to a buyer. Exercise The process by which the holder of an option makes or receives delivery of shares of the underlying secu rity. The point at which a trader closes out of a trade. Expert Systems Dynamic but not adaptable, expert systems are rule-driven systems that cannot learn as the result of new information being fed into its system as opposed to neural networks, which can. Expiration The last day on which an option can be traded. Explained The relative reduction in the variation of variable Y that can be attributed to a knowledge of variable X and its relationship to Y. Exponential Smoothing A mathematical-statistical method of forecasting that assumes future price action is a weighted average of past periods a mathematic series in which greater weight is given to more recent price action. Expert Systems Dynamic but not adaptable, expert systems are rule-driven systems that cannot learn as the result of new information being fed into its system as opposed to neural networks, which can. Most successful in financial applications where governing rules are consistent. Extreme The highest or lowest price during any time period, a price extreme in the CBOT Market Profile, the highest/lowest prices the market tests during a trading day. F Statistics The ratio of the variance explained by treatments to the unexpected variance. Fade Selling a rising price or buying a falling price. A trader fading an up opening would be short, for example. The inability of price to reaffirm a new high in an uptrend or a new low in a downtrend. In Elliott wave theory, a five-wave pattern of movement in which the fifth impulse wave fails to move above the end of the third, or in which the fifth wave does not contain the five subwaves. Fair Values The theoretical prices generated by an option pricing model ( i. e. . the Black-Scholes option pricing model). Fast Fourier Transform A method by which to decompose data into a sum of sinusoids of varying cycle length, with each cycle being a fraction of a common fundamental cycle length. Fast Market A declaration that market conditions in the futures pit are so disorderly temporarily to the extent that floor brokers are not held responsible for the execution of orders. Federal Deposit Insurance Corporation A self-sustaining, independent executive agency established to insure deposits of all US banks entitled to federal deposit insurance, as stated by the Federal Reserve Act. The governing central bank of the US. Federal Open Market Committee The policymaking committee of the Federal Reserve Bank. They meet on a regular basis to make decisions on economic policy. Feedforward Computation Neural network in which neurons receive information only from the previous layer and send outputs only to the following layer. Fibonacci Ratio The ratio between any two successive numbers in the Fibonacci sequence, known as phi (f). The ratio of any number to the next higher number is approximately 0.618 (known as the Golden Mean or Golden Ratio), and to the lower number approximately 1.618 (the inverse of the Golden Mean), after the first four numbers of the series. The three important ratios the series provides are 0.618, 1.0 and 1.618. Fibonacci Sequence The sequence of numbers (0, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 2338230), discovered by the Italian mathematician Leonardo de Pisa in the 13th century and the mathematical basis of the Elliott wave theory, where the first two terms of the sequence are 0 and 1 and each successive number in the sequence is the sum of the previous two numbers. Technically, it is a sequence and not a series. Fill An executed order sometimes the term refers to the price at which an order is executed. Fill Order An order that must be filled immediately (or canceled). Filter Point The time at which a portfolio insurance program makes an adjusting trade. Filter A device or program that separates data, signal or information in accordance with specified criteria. Fire (verb) In expert system programming, ordinarily used to describe the 8220triggering8221 or 8220activation8221 of a rule. A rule is 8220fired,8221 8220triggered8221 or 8220activated8221 when its conditions have been met, and its 8220consequents8221 (resultant facts) are added to the knowledge base. Fit Criterion A quantitative comparable measure used to minimize model errors. 5 Confidence Before conducting statistical tests, an analyst must select a confidence level that will be used to determine when to accept the null hypothesis. A 5 confidence level indicates that one is not willing to accept the null hypothesis when the average net return calculated from the sample could have occurred in only five of 100 samples if the null hypothesis were true. Flaglike Sideways market price action that has a slight drift in price counter to the direction of the main trend a consolidation phase. Order filled immediately by hand signal on the trading floor. Float The number of shares currently available for trading. Floor Traders Employees of brokerage firms working on exchange trading floors. Flyers Speculative or high-risk trades. Forecast Origin The most recent historical period for which data is used to build a forecasting model. The next time period is the first forecast period. Forward-Rate Agreements (FRAs) Cash payments are made daily as the spot rate varies above or below an agreed - upon forward rate and can be hedged with Eurodollar futures. Fractal Dimension From fractal geometry, used to describe the irregular nature of lines, curves, planes or volumes. Fractals Depiction of mathematical models that may be applied to identify data patterns. Behavioral finance. The tendency to evaluate current decisions within the framework in which they have been presented. Making decisions based on perceptions of risk/return rather than pure risk and return. The usual example is categorization of where money comes from and what it is 8220assigned8221 to instead of recognizing its fungibility. The alternative is to speak of frame independence, wherein behavior is not influenced by how the decision is framed. Examples are loss aversion, hedonic editing, loss of self-control, regret, and money illusion. Frequency The number of complete cycles observed per time period (i. e. cycles per year). Frequency Component That part of a time series that may be represented as a cycle. Frequency Distribution A chart showing the number of times (or 8220frequency8221) an event occurs for each possible value of the event. The vertical or y-axis of the chart is the frequency axis and the horizontal or x-axis shows the different values the variable being measured can take. Frequency Domain Variation in a time series is accounted for by cyclical components at different frequencies. Frequency Response The transfer of the frequency of the underlying data, usually prices, to the frequency of its moving average. Front-Loaded Commission and fees taken out of investment capital before the money is put to work. Front Month The first expiration month in a series of months. The practice of trading ahead of large orders to take advantage of favorable price movement. Brokers are prohibited from this practice. Fundamental Analysis The analytical method by which only the sales, earnings and the value of a given tradable8217s assets may be considered. Fundamentals The theory that holds that stock market activity may be predicted by looking at the relative data and statistics of a stock as well as the management of the company in question and its earnings. Future Volatility A prediction of what volatility may be like in the future. Fuzzy Systems A problem-solving method that can be applied to neural networks, expert systems and other comput ing methods. Fuzzy systems process inexact information inexactly and describe ambiguity rather than the uncer tainty of an occurrence and are useful in performing control and decision-making tasks. Not Boolean Gamma The degree by which the delta changes with respect to changes in the underlying instrument8217s price. Gann8217s Square of 9 A trading tool that relates numbers, such as a stock price, to degrees on a circle. Various analytical techniques developed by legendary trader W. D. Gann. Gap A day in which the daily range is completely above or below the previous day8217s daily range. Genetic Algorithms Algorithms that mimic the characteristics associated with evolution and that are well-suited to optimization problems such as optimizing neural network parameters. Genetic Programming In artificial intelligence, this form of programming automatically generates a program from a set of primitive constructs. Give-up When a broker executes an order for another broker8217s client and the two brokers split the commission the client pays nothing extra. Golden Mean or Golden Ratio The ratio of any two consecutive numbers in the Fibonacci sequence, known as phi and equal to 0.618 a proportion that is an important phenomenon in music, art, architecture and biology. Golden Section Any length divided so that the ratio of the smaller to the larger part is equivalent to the ratio between the larger part and the whole and is always 0.618. Jargon a loose term encapsulating a set of risk variables used by options traders. Value of all goods and services produced domestically. Growth Fund A more speculative mutual fund made up primarily of the growth or performance stocks that are expected to appreciate in price more than the broad market over an extended time period. Guaranteed Investment Contracts (GICs) A single lump-sum deposit that earns a guaranteed interest until a known maturity date. GICs are issued by insurance companies. Harami In candlestick terminology, a small real body contained within a relatively long real body. When the middle price peak of a given tradable is higher than those around it. A mutual fund involving speculative investing in stocks and options. An index requiring two inputs, one of which is a smoothing factor known as the multiplying factor and the other of which is the value of a one-cent move. The use of rules of thumb for decisions. Heuristic Method Problem solving approached by trying out several different methods and comparing which pro vides the best solution. Heuristics (computer science)Computational rules of thumb. Distinct from algorithms, which are programs guaran teed to generate the correct result under all circumstances, heuristics may only turn out to be correct a certain percentage of time. Hidden node Elements that give a neural network the ability to learn nonlinear patterns. The hidden nodes math ematically transform inputs by passing weighted sums of those inputs through nonlinear functions. Hierarchical Neural Network In artificial intelligence, a neural network in which predictions derived from networks at one level of the hierarchy are incorporated as inputs at another level. This architecture lends itself to faster training, as each network focuses learning solely on its own output. High Pass Frequency Filter A detrending filter that lets pass the high frequency noise and rejects low frequency trend. Implemented by first applying a low pass filter to the data, then subtracting the filtered data from the original data. High-Ticking To pay the offered price. Hines Ratio A modified put/call ratio that refines traditional option ratio analysis by including the open interest figures in the equation and can be defined as (Total put volume/Total put open interest) divided by (Total call volume/Total call open interest) Historic Volatility How much contract price has fluctuated over a period of time in the past usually calculated by taking a standard deviation of price changes over a time period. Historical Data A series of past daily, weekly or monthly market prices (open, high, low, close, volume, open inter est). Hook Day A trading day in which the open is above/below the previous day8217s high/low and the close is below/above the previous day8217s close with narrow range. Implied Alpha The excess return expected from a stock to justify its current weighing in the portfolio. Implied Volatility The volatility computed using the actual market prices of an option contract and one of a number of pricing models. For example, if the market price of an option rises without a change in the price of the underlying stock or future, implied volatility will have risen. Impulse A sharply defined change in a series of input data being studied, such as market prices or volume. A wave or cycle of waves that carries the current trend further in the same direction. In Play A stock that is the focus of a public bidding contest, as in a takeover or bear raid. In-the-Money A call option whose strike price is lower than the stock or future8217s price, or a put option whose strike price is higher than the underlying stock or future8217s price. For example, when a commodity price is 500, a call option with a strike price of 400 is considered in-the-money. Income Dividends Payments to mutual fund shareholders consisting of dividends, interest and short-term capital gains earned on the fund8217s portfolio securities after deduction of operating expenses. A mutual fund that replicates the behavior of a given index. Inductive Logic The progress from statements describing particular events to a general statement. Behavioral finance. Driven by frame dependence and heuristic bias, when market prices stray from fundamental values. Initial Balance The first or first two half-hour trading periods in the CBOT Market Profile during which prices tend to converge the initial auction of the trading day. When a stock is officially available for the public to buy. A day in which the daily price range is completely within the previous day8217s daily price range. Interest Rate Swaps An arrangement that requires both sides of the transaction to make payments to each other based on two different interest rates. The most commonly traded requires one side to pay a fixed rate and the other to pay a floating rate. Intermarket Analysis Observing the price movement of one market for the purpose of evaluating a different market. Intrinsic Value The portion of an option8217s premium that is represented when the cash market price is greater than the exercise price a known constant equal to the difference between the strike price and underlying market price. Small, private organizations in which a group of investors, usually novices, pool their time and resources to learn more than they could on their own about various forms of investments and then invest their own money as a group. Individual Retirement Account. An employer8217s retirement plan that, as specified by tax law, allows employees to elect to have their federal taxable income be deducted and set aside for retirement. A type of Elliott wave correction that has a 3-3-5 wave pattern, where the B wave terminates beyond the start of wave A. A 8220flat8221 is in progress, implying that a larger pattern is developing. It will contain waves of one higher degree than the A-B-C waves just completed. Electronic communications network. The tendency for securities prices to recover in January after tax-related selling is completed before the year-end. Jumbo Certificate of Deposit A CD worth at least 100,000. Kagi One of three types of Japanese candlestick charts that does not have time on the horizontal axis. A linear system in which the mean squared error between the desired and the actual output is minimized when the input is a random signal. Bet bigger when the odds are in your favor. In management wisdom, if anything does go wrong, it will do so in triplicate. Also, an executive will always go back to work early if no one takes him. Knowledge Base In artificial intelligence, a given inventory of knowledge specific to a set of rules. Developer of a wave theory. KST Indicator developed by Martin Pring. A weighted summed rate of change oscillator. Four different rates of change are calculated, smoothed, multiplied by weights and then summed to form one indicator. Kurtosis Descriptive measure of how flat or pointed a distribution is. Lag The number of data points that a filter, such as a moving average, follows or trails the input price data. Latest Quarterly Earnings () The percentage change from the latest earnings earnings reported compared with the same quarter a year earlier. Law of Series A succession of random events, such as flipping a coin. Lead The number of data points that a filter, much as a moving average, precedes the input price data. LEAPS Acronym for long-term equity anticipation securities . which are long-term listed options, with maturities that can be as long as two and a half years. Least Squares Method A technique of fitting a curve close to some given points that minimizes the sum of the squares of the deviations of the given points from the curve. Leg Out In rolling forward in futures, a method that would result in liquidating a position. Limit Move A change in price that exceeds the limits set by the exchange on which the contract is traded. Limit Order An order to buy or sell when a price is fixed. Limit Up, Limit Down Commodity exchange restrictions on the maximum upward or downward movements permit ted in the price for a commodity during any trading session day. LISP A programming language based on predicate logic and is the one most commonly used in artificial intelligence applications. Ljung-Box statistic A chi-square test of significance of higher order correlation existence. The marginal significance level is the probability that a no more higher order correlation exists. Load Commission and fees taken out of investment capital that is, the situation in which a front-loaded mutual fund takes commission and fees out of investment capital before the money is put to work. Local The trader in a pit of a commodity exchange who buys and sells for his or her account. Locked Limit A market that, if not restricted, would seek price equilibrium outside the limit but, instead, moves to the limit and ceases to trade. Long Establishing ownership of the responsibilities of a buyer of a tradable holding securities in anticipation of a price increase in that security. Lookback Interval The number of periods of historical data used for observation and calculation. Low Pass Frequency Filter A data smoother or filter that lets pass low frequency trend sinusoids and rejects high frequency noise ( see SMA). Low-Ticking To sell at the bid price. MACD See Moving Average Convergence/Divergence. Macro A computer method commonly used in spreadsheets to automate repetitive steps by recording the necessary keystrokes. The macro can then be run and the keystrokes implemented. Major Auction The overall trend of the market such as might be observed on a bar chart. A fund that uses the futures market as its primary asset. Mandelbrot Set Complex but structured pattern produced by an equation in which the result is fed back into the equation repeatedly self-similarity. Mapping A function, or relation between values. Margin In stock trading, an account in which purchase of stock may be financed with borrowed money in futures trading, the deposit placed with the clearinghouse to assure fulfillment of the contract. This amount varies daily and is settled in cash. Marginal Significance Level of Test-Statistics The probability distribution used to test the hypothesis that the beta coefficient does not equal zero. A T-statistic of approximately 1.65 reflects a 0.90 or 90 confidence and the mar ginal significance is 1-0.90 0.1 or 10. Marked to Market At the end of each business day the open positions carried in an account held at a brokerage firm are credited or debited funds based on the settlement price of the open positions that day. The shares of a particular stock traded during a specific period. Usually refers to the overall strength and trading volume of the market. Market If Touched Resting order with the floor broker that becomes a market order to be executed if the trigger price is traded. Market Maker A broker or bank continually prepared to make a two-way price to purchase or sell for a security or currency. Market on Close An order specification that requires the broker to get the best price available on the close of trading, usually during the last five minutes of trading. Market Order Instructions to the broker to immediately sell to the best available bid or to buy from the best available offer. Market Risk The uncertainty of returns attributable to fluctuation of the entire market. Market Sentiment Crowd psychology, typically a measurement of bullish or bearish attitudes among investors and traders. Market Timing Using analytical tools to devise entry and exit methods. Market Value Company value determined by investors, obtained by multiplying the current price of company stock by the common shares outstanding. Markov Chain A set of processes where the probabilities for the next state are dependent on the present state. Martingale From roulette a tactical system that requires doubling your bet after each loss, so that winning once you recoup the amount originally bet. MATIF The Marche A Terme Des Instruments Financiers exchange in Paris. Maxima The highest or maximum value. Maximax Optimistic decision-making that identifies the decision alternative with the best possible outcomes. Maximin Pessimistic decision-making that identifies the decision alternative with the worst possible outcomes. A historical measurement of the closed losing trades versus the closed profitable trades of a trading system. Used to determine the stop-loss level that can be used that will allow winning trades to remain the extreme unfavorable price level reached for both profitable and unprofitable trades. Maximum Entropy Method More flexible than Fourier analysis, the maximum entropy method is both a tool for spectrum analysis and a method of adaptive filtering and trend forecasting. As a tool for spectrum analysis, the MEM system can provide high resolution spectra for identifying the dominant data cycles within relatively short time series, such as open, high, low, close, volume and open interest, or study results, such as RSI, TRIX, and so on. (Fourier analysis, in contrast, gives best results when applied to time series of six months or longer.) As a forecasting tool, MEM is used in conjunction with moving averages to forecast lower and upper trend channels in the data. Maximum Entropy Spectrum Analysis See Maximum Entropy Method. Mean When the sum of the values is divided by the number of observation. Mean Deviation The average absolute value of the difference between the population of numbers and the mean. The average profitability of a trader8217s account, as measured over a given period. Mean Return The average monthly total return of a stock. The total return is price change added to dividends. Mean Reverting The term adopted in academic literature for one possible state of a price series: that state when price is oscillating randomly about some (unknown) mean value. That is, it is not trending. Median Line The line that is drawn from an extreme that bisects a line drawn through the next corrective phase after the pivot point. See Andrews Method. A stop-loss order kept in your head instead of instructing your broker. MESA See Maximum Entropy Spectrum Analysis. Minima The lowest or minimum value. Minor Auction The latest trend of the market, i. e. what it is doing now. Mode The most frequently occurring value. Investing theory in which portfolio managers estimate and manage risk and return. Life insurance in which funds such as policy loans, assignments, pledges, and partial surrenders are considered gross income and subject to income tax. Momentum A time series representing change of today8217s price from some fixed number of days back in history. Momentum Filter A measure of change, derivative or slope of the underlying trend in a time series. Implemented by first applying a low pass filter to the data and then applying a differencing operation to the results. Momentum Indicator A market indicator utilizing price and volume statistics for predicting the strength or weakness of a current market and any overbought or oversold conditions, and to note turning points within the market. A number of technical indicators that incorporate volume and price action to measure buying or selling pressure. The market in which dealers trade riskless, short-term securities such as certificates of deposit and Treasury bills. A mutual fund made up of money market instruments that are short term in nature. A fixed amount of money that a market participant would lose if a stop were hit. Monowave In Elliott wave theory, a single wave within a range of waves. A bottom reversal pattern, according to Steve Nison a signal that the bulls have seized control. A mathematical procedure to smooth or eliminate the fluctuations in data and to assist in determin ing when to buy and sell. Moving averages emphasize the direction of a trend, confirm trend reversals and smooth out price and volume fluctuations or 8220noise8221 that can confuse interpretation of the market the sum of a value plus a selected number of previous values divided by the total number of values. The point where the various moving average lines intersect each other or the price line on a moving average price bar chart. Technicians use crossovers to signal price-based buy and sell opportunities. Moving Average Model A time series equation representing an observed value at time t as a linear combination of present and past random shocks et (forecast errors). Moving Average Convergence/ Divergence (MACD) The crossing of two exponentially smoothed moving averages that are plotted above and below a zero line. The crossover, movement through the zero line, and divergences generate buy and sell signals. Moving Window Snapshot of a portion of a time series at an instant in time. The window is moved along the time series at a constant rate. Muti Time Frame indicators For Metatrader. These are indicators which can be applied to one time period on a chart but refect changes on a different selected time period. Multicolinearity Two variables that have a correlation of greater than 0.70 or less than -0.70 in a regression model. The final result is the two variables explaining the same portion of variation where either variable would be suffi cient. More than one independent variable is used to account for the variability in one depen dent variable. A company that invests money of its shareholders in a variety of areas, usually stocks. Naked Put The writer of a put option contract who is not short the underlying security. Narrow Range Day A trading day with a smaller price range relative to the previous day8217s price range. National Association of Investors Corporation Also known as the National Association of Investment Clubs. Near-Month Contract/Far-Month Contract Contract whose expiration is near/far. Near-the-Money An option with a strike price close to the current price of the underlying tradable. A trendline drawn along the support or resistance points of various reversal and consolidation pattern (i. e. head and shoulder, double and triple top/bottom formations). This means that a payment of the stated size is insufficient to repay even the interest on the debt, meaning the total debt actually increases each month instead of falling. Negative Divergence When two or more averages, indices or indicators fail to show confirming trends. Net Asset Value The total market value of all securities contained in a mutual fund also known as price per share. Neural Network An artificial intelligence program that is capable of learning through a training process of trial and error. The Federal Reserve, the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) agrees to take no action to block a proposal by an exchange or company in conducting some aspect of the securities business. The aspect could be for almost anything, but the most common is a new contract listing or a new security issuance. No-Load Without any sales charge. For mutual funds, shares sold at net asset value. Noise Price and volume fluctuations that can confuse interpretation of market direction. Noisy Signal A signal in which the effects of random influences cannot be dismissed. Nonlinear Dynamics Analysis Analysis of relationships that start from well-defined outcomes to complex and cha otic results. Nonlinear Statistics Statistics theory that attempts to define probability distribution from disorder to either a more orderly state or a sharp trend reversal, such as stock market fluctuations. Non-Seasonal Autocorrelation Autocorrelation that shows up other than at 12-month lag intervals. Non-Trend Day A narrow range day lacking any discernible movement in either direction. Normal Distribution For the purposes of statistical testing, the simulated net returns are assumed to be drawn from a particular distribution. If net returns are drawn from a normal distribution, low and high returns are equally likely, and the most likely net return in a quarter is the average net return. Normalized Adjusting a time series so that the series lies in a prescribed normal, standard range. Notice Day The day that a notice of intent to deliver is issued to a futures contract holder. Null Hypothesis The hypothesis that there is no validity to the specific claim that two variations (treatments) of the same thing can be distinguished by a specific procedure. Observer A concept used in radar research, applicable to trading, in how often and what manner detection or radar contact is achieved. Odd Lot An order to buy/sell fewer than 100 shares of stock. The amount of stocks held by nonproducers including supplies held at mills, elevators, terminals, and processors. The amount of stocks held by producers. On-Balance Volume Plotted as a line representing the cumulative total of volume. The volume from a day8217s trading with a higher close when compared with the previous day is assigned a positive value, while volume on a lower close from the previous day is assigned a negative value. Traders look for a confirmation of a trend in OBV with the market or a divergence between the two as an indication of a potential reversal. One-Tailed T-Test A statistical test of significance for a distribution that changes its shape as N gets smaller based on a variable t . equal to the difference between the mean of the sample and the mean of the population divided by a result obtained by dividing the standard deviation of the sample by the square root of the number of individuals in the sample. Organization of Petroleum Exporting Countries Opening Print The first price of a stock that comes across the ticker for the session. Open Trades Current trades that are still held active in the customer8217s account. Opening Call A period at the opening of a futures market in which the price for each contract is established by outcry. Opening Range The range of prices that occur during the first 30 seconds to five minutes of trading, depending on the preference of the individual analyst. Opportunity Costs Income foregone by the commitment of resources to another use. A methodology by which a system is developed with rules tailored to fit the data in question precisely. A contract that provides the right but not the obligation to buy or sell a specified amount of a security within a specified time period. Buying additional shares made through the dividend reinvestment account. Order The number of days of past price history used to predict the following day8217s price. Oscillator Technical indicator used to identify overbought and oversold price regions. An indicator that detrends data, such as price. Out-of-Sample An item within the range of a sample that does not conform to the mean of the sample. Out-of-the-Money A call option whose exercise price is above the current market price of the underlying security or futures contract. For example, if a commodity price is 500, then a call option purchased for a strike price of 550 is considered out-of-the-money. A mismatched trade between two traders in the pit, and which is settled the next day. Outdata The result (singular) stemming from a statistical test. Outlier A value removed from the other values to such an extreme that its presence cannot be attributed to the random combination of chance causes. Outside Reversal Month A month in which the recent monthly trading range exceeds the previous month8217s range and closes opposite (reverses) the previous month8217s close. Overbought Market prices that have risen too steeply and too fast. Overfitting The parameters of a trading system are selected to return the highest profit over the historical data. Overfitting A model developed with rules tailored to fit the historical data precisely. To pass beyond or over a specific targeted level. Oversold Market prices that have declined too steeply and too fast. Overbought/Oversold Indicator An indicator that attempts to define when prices have moved too far and too fast in either direction and thus are vulnerable to a reaction. Par The full principal amount of an investment instrument. Parabola The U-shaped curve in the plane given by the equation of the form Of, having the form of or relating to a parabola. Parameter A variable, set of data, or rule that establishes a precise format for a model. Pareto8217s Law A law that states that 80 of results come from 20 of the effort. PASCAL Block-structured programming language developed originally as an aid to instruction, now widely used for applications development. A short compact wedge accompanied by receding volume. Percentile A value on a scale of one hundred that indicates the percent of a distribution that is equal to or below it. Perceptron A pattern-recognition machine, based on an analogy to the human nervous system, capable of learning by means of a feedback system that reinforces correct answers and discourages wrong ones. A statistic that adjusts the usual wins/losses statistic to estimate the worst return from trading results. It reduces the number of wins by the square root of the actual number and increase the number of losses by the square root of the actual number of losses. The resulting numbers of wins or losses are multiplied by the average win or loss and the sum of the resulting wins/losses is divided by the required investment. Phase Delay The time lag that a filter falls behind the pre-filtered data. Used to describe the frequency, amplitude, and phase of all frequency components of the signal. In market activity, a price reversal point. A price-only chart that plots up prices as Xs and down prices as Os. The minimum price recorded is called the box size . Typically, a three-box reversal indicates a change in the direction of prices. The ratio of profits extracted on winning transactions versus losses suffered on trades that liquidate unprofitably. Premium The price a buyer pays to an option writer for granting an option contract. Preprocessing Altering data to some extent to be more accurately analyzed smoothing, reducing unwanted data, removing trend. Processing data is mathematically transforming the data from one form into another with the goal of amplifying the pertinent information for traders. Prewhitening Removing the bulk of first, second and possibly third order autocorrelations using non-linear regres sion. Price/Earnings Ratio Stock price divided by annual earnings per share. Price to Sales Ratio The price of a stock divided by sales-per-share of the company in the most recent fiscal year. Probability Density Function A graph showing the probability of occurrence of a particular data point (price). Profit Margin Expansion In long-term reference, a measure of a company8217s net profit margin in the latest reported quarter divided by profit margin in the fiscal year previous. In short-term reference, a measure of a company8217s net profit margin in the latest reported quarter divided by profit margin in the quarter immediately preceding. Selling tradables that have appreciated since initial purchase in order to take advantage of the appreciation. Program Trading Trades based on signals from computer programs, usually entered directly from the trader8217s com puter to the market8217s computer system. Report published by the company that operates a mutual fund. It describes the fund8217s investment objectives its managers and their experience the fees and charges associated with the fund and policies and restrictions. Put Option A contract to sell a specified amount of a stock or commodity at an agreed time at the stated exercise price. Pyramid To increase holdings that an investor has by using the most buying power available in a margin account with paper and real profits. Quarterly Earnings Change () Historical earnings change between the earnings most recently reported and the quarter preceding. Quarterly Net Profit Margin () Net operating earnings after taxes for the latest quarter divided by revenues for the quarter. Quick Ratio Indicates a company8217s financial strength a company8217s cash and equivalent divided by current liabili ties. Quotron A proprietary financial data service. R-squared The percentage of variation in the dependent variable that is explained by the regression equation. A relative measure of fit. Rally Tops A price level that concludes a short-term rally in an ongoing trend. A bull market will be made up of a series of rally tops. Random Shock The unexplained component of an equation that models a time series (e forecast errors). Random Walk A theory that says there is no sequential correlation between prices from one day to the next, that prices will act unpredictably as they seek a level in response to supply and demand. Range The difference between the high and low price during a given period. Range Extension In the CBOT Market Profile, a price movement beyond the range set by the initial auction. Rate of Change In which today8217s closing price is divided by the closing price n days ago. Multiply by 100. Subtract 100 from this value. ((C today/Cn) 100) 8211 100. Ratio The relation that one quantity bears to another of the same kind, with respect to magnitude or numerical value. The R-squared value adjusted for the number of degrees of freedom. Reaction A short-term decline in price. The difference between trading revenues that are generated on positions that have been offset and closed, versus those associated with the marking of open positions to current market prices. A trading area bounded by horizontal, or near horizontal, lines. It can either be a reversal or continuation pattern, depending on the breakout. Recursive A process that is repetitive and usually dependent upon the results of the previous repetition. Regression (simple) A mathematical way of stating the statistical linear relationship between one independent and one dependent variable. The annualized return on an investment in excess of the average three-month US Treasury bill yield during the same period as the investment. This statistic measures the return on an investment relative to what would have otherwise been earned on a risk-free investment. Relative Return Standard Deviation Measures the amount of variability of the relative return. A large relative return standard deviation indicates that the relative return experienced during the holding period fluctuated dramatically and, if the holding period was different, a significantly different relative return would have been achieved. A small relative return standard deviation indicates the opposite. Relative Strength A comparison of the price performance of a stock to a market index such as Standard amp Poor8217s 500 stock index. Relative Strength Index An indicator invented by J. Welles Wilder and used to ascertain overbought/oversold and divergent situations. A kind of candlestick chart that does not take time into account for constructing the chart. Behavioral finance. Judgment by stereotype. Residual Value The standard deviation of the unexplained portion of the monthly return. Resistance A price level at which rising prices have stopped rising and either moved sideways or reversed direction usually seen as a price chart pattern. On a chart, a line drawn indicating the price level at which rising prices have stopped rising and have moved sideways or reversed direction. Response The change in value of the average in response to the impulse. An order placed with a condition or qualifer but not yet executed. Percentage of a firm8217s aftertax profits that can be put to those earnings retained. Retracement A price movement in the opposite direction of the previous trend. Return on Assets (ROA) The net earnings of a company divided by its assets. Return on Equity (ROE) the net earnings of a company divided by its equity. Reverse Exponential Moving Average An exponential moving average computed working backward through the time series, rather than forward, as is the case with a standard EMA. A REMA is used so the target would reflect only future price behavior, not past action that would induce spurious correlation. Reward-Risk Ratio Monthly excess return to risk comparison, calculated by dividing alpha by standard deviation. (A ratio better than 0.4 is excellent.) Reward-Risk Rank Stocks ranked in descending order by reward-risk ratio. Reversal Gap A chart formation where the low of the last day is completely above the previous day8217s range with the close above midrange and above the open. Reversal Stop A stop that, when hit, is a signal to reverse the current trading position, i. e. from long to short. Also known as stop and reverse . Rich Price higher than expected. Risk (Implied) In which the formula produces the percentage overbought/oversold for a contract using the price, a moving average and the option8217s implied volatility. Risk-Adjusted Return on Capital (RAROC) Another measure of risk-adjusted profitability, derived as the ratio between P/L and value at risk. Roll Substituting a far option for a near option on the same underlying instrument at the same strike price also to roll forward or roll over. Root Mean Square Percentage Error (Rmspe) Square root of the average sum of squared errors experessed as a percentage. Rotation Moving funds from one sector to another sector of the stock market as the business cycle unfolds. An individual retirement account where contributions are not deductible, taxes are not paid on distributions and allows penalty-free withdrawals for first-time homebuyers and retirees. Running Market A market wherein prices are changing rapidly in one direction with very few or no price changes in the opposite direction. Running Total Each day8217s value is added to yesterday8217s total or subtracted if the value is negative. The growth in sales in a company. A service charge of a mutual fund that is added to the costs of owning a stake in the fund. Saucer Base Similar to a cup and handle formation, but the saucer base is shallower and rounder in shape. Savings and Loan Investment Contracts (SLICs) A negotiated-term deposit issued by a savings and loan. Chart formation in which the price dips momentarily, forming a cup, before resuming its upward course. Scalp In commodities, purchasing and selling in equal amounts so there is no net position at the end of the trading day a speculative attempt to make a quick profit by buying at the initial offering price in the hope the issue will increase and can be sold. Schwarz-a-tron A dedicated computer system for options calculations and simulations. Seasonal Autocorrelation Autocorrelation that shows up at 12-, 24-, 36- and 48-month lag intervals or at four, eight, 12 and 16 quarterly lags. Seasonal Trend A consistent but short-lived rise or drop in market activity that occurs due to predictable changes in climate or calendar. Seasonality A consistent and predictable change in market activity that occurs from consistent and predictable events. Sector Fund A mutual fund that concentrates on trading a range of securities within a broad industry group, such as technology, energy or financial services. When a block of investment professionals cash out of one industry sector to invest in another. Secular Trend Pertaining to a long indefinite period of time. The percentage of trades in a given account that liquidate profitably. Seed The first value used to start a calculation. For example, an exponentially smoothed moving average (EMA) uses the previous day8217s EMA for the calculation. On the first day8217s calculation of the EMA, you could use a simple moving average as the seed for the EMA. A Nasdaq execution technology. Self-Affine Transformation A rescaling procedure used in fractal geometry and performed on a two-variable system. For example, in a system utilizing an x-axis and y-axis representing time and price, the x-axis could be rescaled by one ratio and/or procedure while the y-axis is rescaled by a different ratio and/or procedure. Selling Short Selling a security and then borrowing the security for delivery with the intent of replacing the security at a lower price. In futures trading, selling short is to assume the responsibility of the seller vs. the buyer in the establishment of the futures contract between parties. Semilog Scaling method. With semilog, the distance between each point of a chart is exponential. Semilog scaling is used to compare relative price changes rather than physical point changes. Sensitivity The rate of change of the moving average in response to the movement of the underlying data. The most sensitive period is that in which the rate of change of the moving average is fastest in response to changes in the sinewave. Serial Correlation The systematic relationship between successive observation of a time series. Serially Independent A number that is unrelated to the previous number in a given series in any way. Settlement The price at which all outstanding positions in a stock or commodity are marked to market. Typically, the closing price. Shapiro-Wilkes Test A statistical test indicating the likelihood that the sample of simulated net returns was drawn from a normal distribution. A small value of this statistic leads to nonacceptance of the null hypothesis that the sample is drawn from a normal distribution. Share owner of company stock as registered in company files. Shaved Candlestick In candlestick charting, when the shadows of a candle which mark the area between the real body and the extremes and give the appearance of being wicks are absent. Short Interest Shares that have been sold short but not yet repurchased. Short Interest Ratio A ratio that indicates the number of trading days required to repurchase all of the shares that have been sold short. A short interest ratio of 2.50 would tell us that based on the current volume of trading, it will take two and a half days8217 volume to cover all shorts. Signal In the context of stock or commodity time series historical data, this is usually daily or weekly prices. Signal Line In artificial intelligence, a numeric variable that is prevalued in the knowledge base. In moving average jargon, the first moving average is smoothed by a second moving average. The second moving average is the signal line. Signature Medallion Guaranty Program used by banks and other institutions to verify a signature. Significance The probability of rejection on the basis of a statistical test and a hypothesis that there is no validity to the specific claim that two variations of the same thing can be distinguished by a specific procedure. Simple Moving Average The arithmetic mean or average of a series of prices over a period of time. The longer the period of time studied (that is, the larger the denominator of the average), the less impact an individual data point has on the average. Simple Regression A mathematical way of stating the statistical linear relationship between one independent and one dependent variable. Sinewave A wave whose amplitude varies as the sine of a linear function of time. Skew A descriptive measure of lopsidedness in a distribution. Slippage The difference between estimated transaction costs and actual transaction costs. Small Order Execution System (SOES) Computerized system developed by Nasdaq for immediate electronic execution of up to 1,000 shares of stock. Smoothing Simply, a mathematical technique that removes excess data variability while maintaining a correct ap praisal of the underlying trend. Specialist A trader on the market floor assigned to fill bids/orders in a specific stock out of his/her own account when the order has no competing bid/order to ensure a fair and orderly market. Specify To set the parameters and variables of a given model. Spectrum The frequency decomposition of time series data. This is used to detect periodic fluctuations or cycles in historical price data. Spike A sharp rise in price in a single day or two may be as great as 15-30, indicating the time for an immediate sale. Spline The linear interpolation between two adjacent points on a curve. Spot Month In trading, the current contract month. Also known as the front month . Spot Prices Same as cash price, the price at which a commodity is selling at a particular time and place. Spread A trade in which two related contracts/stocks/bonds/options are traded to exploit the relative differences in price change between the two. Spread Rolls Using a spread order to bridge the closing of one position and the establishment of a new one. Spring A two-day pattern in which on the first day, the market declines below a support point, while the next day sees the market move strongly back up into the congestion area. Spring Another term for upthrust occurs when price moves above a pivot top and a widespread reversal ensues as follows: a) two previous closes are reversed, b) close is below pivot top, c) close is below opening and mid-range, d) daily price range is greater than the previous day8217s range. Stair-stepping In which market activity is characterized by a trend, then sideways movements, followed by another trend and further sideways movement. Standard Deviation The positive square root of the expected value of the square of the difference between a random variable and its mean. A measure of the fluctuation in a stock8217s monthly return over the preceding year. Standard Error of the Estimate (SEE) A measure of absolute fit. One can use this measure to compare the last portion of this model with another portion of the same dependent variable. Standardized Unanticipated Earnings (SUE) A company8217s average earnings surprise is compared with analyst earnings estimates dispersion, which can be used to estimate the likelihood of earnings surprises. Stationarity A distribution of a quantity that does not change over time. Stationary Time Series Implies that no trend is observed in the time series. Identified when the time series has a constant mean and variance. Step Function A function defined on an interval so that the interval can be partitioned into a finite number of subinter vals on each of which the function is a constant. Also known as a simple function. A mathematical technique to choose the independent variables that best describe the behavior of the dependent, in order of improving description. Stochastic Literally means random. Stochastics Oscillator An overbought/oversold indicator that compares today8217s price to a preset window of high and low prices. These data are then transformed into a range between zero and 100 and then smoothed. Stock Index Futures A futures contract traded that uses a market index as the underlying instrument. Typically, the value of the contract is 500 times the underlying index. The delivery mechanism is usually cash settlement. Stop and Reverse (SAR) A stop that, when hit, is a signal to reverse the current trading position, i. e. from long to short. Also known as reversal stop . Stop Loss The risk management technique in which the trade is liquidated to halt any further decline in value. After a trend, the market will enter into a trading range and have a tendency to trade to levels where stop-loss orders have been placed. Buy stops are orders that are placed at a predetermined price over the current price of the market. The order becomes a 8220buy at the market8221 order if the market is at or above to the price of the stop order. Sell stops are orders that are placed with a predetermined price below the current price. Sell-stop orders become 8220Sell at the market8221 orders if the market trades at or below the price of the stop order. Straddle The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same exer cise price and expiration date. Strange Attractor A balance point between a set of conflicting forces. Strangle The purchase or sale of an equivalent number of puts and calls on an underlying stock with the same expira tion date but a different exercise price. Usually, the put has a low strike price and the call has a higher strike price. Stock ownership in which shares are registered to a brokerage or other financial institution and held. Strike Price The price per unit at which the holder of an option may receive or deliver the underlying unit also known as the exercise price . Strips An option strategy in which an investor buys one call and two puts on the same underlying security with the same exercise price and expiration date. Struck The price at which an exercised option delivers the underlying securities. Student The pseudonym for Irish chemist W. S. Gosset, who published 8220The Probable Error at a Mean8221 under that name in 1908. Sum of Squared Residuals (SSR) Measure related to the R-squared value and the smaller the number, the higher will be the R-squared, and the better the regression. NYSE execution technology. A historical price level at which falling prices have stopped falling and either moved sideways or reversed direction usually seen as a price chart pattern. On a chart, a line drawn indicating the price level at which falling prices have stopped falling and have moved sideways or reversed direction. Swaps The sale of one security to purchase another with similar features. Swing Chart A chart that has a straight line drawn from each price extreme to the next price extreme based on a set criteria such as percentages or number of days. For example, percentage price changes of less than 5 will not be measured in the swing chart. Swings The measurement of movement of the price of a tradable between extreme highs and lows. Synergistic Market Analysis Also known as synergistic analysis . An analytical method that merges technical and fundamental analysis with an emphasis on intermarket analysis. Synthetic Securities Security created by buying and writing a combination of options that imitate the risk and profit profile of a security. T-Statistics The probability distribution used to test the hypothesis that a random sample of n observations comes from a normal population with a given mean. T-Test A statistical test of significance for a distribution that changes its shape as N gets smaller based on a variable t equal to the difference between the mean of the sample and the mean of the population divided by a result obtained by dividing the standard deviation of the sample by the square root of the number of individuals in the sample. Tangibles Cash equivalents of the futures contracts. In which an investment allows an investor to postpone paying taxes on money put into the investment until the investor literally takes possession of the money invested. Technical Analysis A form of market analysis that studies demand and supply for securities and commodities based on trading volume and price studies. Using charts and modeling techniques, technicians attempt to identify price trends in a market. Telegrapher8217s Equation A variation of the Diffusion Equation that describes minor differences in the drunkard8217s walk, in which the random decision controls the change in direction rather than the direction itself. Term Structure Also known as yield curve. The slope of the term structure is the yield on long-term government bonds minus the yield on short-term instruments such as Treasury bills. Theta The measurement of the time decay of a position. Thrust A comparison between the price difference of successively lower pivot bottoms or higher pivot tops. For example, a reduction in the difference between pivot bottoms shows loss of momentum an increase in the difference shows increased momentum. Tick The minimum fluctuation of a tradable. For example, bonds trade in 32nds, while most stocks trade in eighths. Tick Indicator The number of stocks whose last trade was an uptick or a downtick. Time Domain Variation of a time series is accounted for by an autocorrelation function and other time series. Time Series A collection of observations made sequentially in time and indexed by time. Time Value The difference between the premium paid for an option and the intrinsic value. As the option approaches expiration, the time value erodes, eventually to zero. TPO Time-Price Opportunity a price that occurs during designated half-hour periods of trading a price-time relationship developed for the Chicago Board of Trade8217s Market Profile and Liquidity Data Bank reports. Trade Facilitation Liquidity. Trading Bands Lines plotted in and around the price structure to form an envelope, answering whether prices are high or low on a relative basis and forewarning whether to buy or sell by using indicators to confirm price action. The difference between the high and low prices traded during a period of time in commodities, the high/low price limit established by the exchange for a specific commodity for any one day8217s trading. Trailing Stop A stop-loss order that follows the prevailing price trend. Financial institution that manages ownership records of company stock. Transfer Function The mathematical relationship between the output of a control system and its input for a linear system, it is the Laplace transform of the output divided by the Laplace transform of the input under conditions of zero initial energy. Transfer Response Refers to the shape of the wave coming out of a filter in comparison to the shape going into it. Transform A process to change or convert. For example, a simple moving average is a filter to reduce noise the moving average is the transform function. Trend The general drift, tendency or bent of a set of statistical data as related to time. A parallel probable price range centered about the most likely price line. Historically, this term has been used to denote the area between the base trendline and the reaction trendline defined by price moves against the prevailing trend. Trend Day A day in which the price of a futures contract moves consistently away from the opening range and does not return to the opening range prior to the close. Trend-Following Moving in the direction of the prevailing price movement. Trending Market Price moves in a single direction, generally closing at an extreme for the day. Trendless Price movement that vacillates to the degree that a clear trend cannot be identified. A line drawn that connects either a series of highs or lows in a trend. The trendline can represent either support as in an uptrend line or resistance as in a downtrend line. Consolidations are marked by horizontal trendlines. A pattern that exhibits a series of narrower price fluctuations over time top and bottom boundaries need not be of equal length. Triangular Moving Average A moving average in which each day8217s data are multiplied by a weight that increases in value at steady increments to a peak value and then declines to zero at equivalent increments. The sum of the weighted daily data is divided by the number of variables. TRIN See Arms Index Trix-The one-period difference of the triple exponential smoothing operating on the log of price. True Range The largest of the following: Today8217s high minus today8217s low, today8217s high minus yesterday8217s close, today8217s low minus yesterday8217s close. True Strength Index A momentum indicator developed by William Blau that double-smoothes the ratio of the market momentum to the absolute value of the market momentum. Tulip Sector A sector that is the intense focus of speculators at the moment. Turning Point The approximate time at which there is a change in trend. Tweezers Bottoms and Tops Candlestick formations. Both candles must have identical highs and lows. Significant when found at contract highs or lows, and can indicate a breakout. Uncovered Option The buy or sale of an option without a position in the underlying futures contract also known as a naked option. Underlying Instrument A trading instrument subject to purchase upon exercise. Underlying Security In options, a stock subject to purchase upon exercise of the option. Uniform Gifts to Minors Acts A law that allows minors to own property without the use of a trust. Univariate Involving only one variable. Upthrust Occurs when price moves above a pivot top and a widespread reversal ensues as follows: a) two previous closes are reversed, b) close is below pivot top, c) close is below opening and mid-range, d) daily price range is greater than the previous day8217s range. Value Area The price range on the CBOT Market Profile in which approximately 70 of the day8217s trades occur. A measure of exposure within a given portfolio, which attempts to estimate how much the portfolio would be expected to lose, given the recent behavior of the securities contained therein. In which the average is taken of a series of values. Value-Weighted Index A market average such as Standard amp Poor8217s 500 Index that takes into account the market value of each security rather than calculating a straight price average. Variable-Length Moving Average A moving average where the number of periods selected for smoothing is based on a volatility measurement of price. Typically, the standard deviation of price is used to measure price volatility. The more volatile the price is, the shorter the number of periods used is for smoothing. Vega The amount by which the price of an option changes when the volatility changes. Vertical Spread A stock option spread based on simultaneous purchase and sale of options on the same underlying stock with the same expiration months but different strike prices. The rights that an employee gains for working at a firm for a specific length of time. Volatility A measure of a stock8217s tendency to move up and down in price, based on its daily price history over the latest 12 months. The shares that are traded for a given market or tradable within a specified time period. Volume Price Trend (VPT) In which a running sum is maintained when a day8217s total volume is added if the market closes positive or the day8217s total volume is subtracted if the market closes lower. See On-balance volume. A double-bottom formation. A company-issued certificate that represents an option to buy stock shares at a given time. Wasting A term depicting how an option8217s value decreases over time as each day after acquisition passes a portion of the option8217s time value is lost or wasted. Wave In Elliott wave theory, a sustained move by a market8217s price in one direction as determined by the reversal points that initiated and terminated it. Wave Cycle An impulse wave followed by a correction wave, the impulse wave being made up of five smaller, numbered waves of alternating direction designated 1, 2, 3, 4 and 5, and the correction wave being composed of three smaller alternating waves designated a, b, and c. A pattern in which two converging lines connect a group of price peaks and troughs. Weighted Average Purchase Price Multiply each purchase order bought by the associated purchase price, add them together and divide the total by the number of blocks. The result is the weighted average purchase price. Weighted Industry Index An index where the importance of each stock is related to its market capitalization. A moving average that puts more weight on recent prices. A three-day weighted moving average would add a multiple of 1 to the first date, 2 to the second date and 3 to the third date. Whiplash Alternating buy and sell signals that result in losses. Whipsaw Losing money on both sides of a price swing. Wildcards Characters in a quote symbol or Dos file name that indicates an undefined, but categorized, value. Williams8217 R Overbought and oversold indicator that is used to determine market entry and exit points. Set period of time such as a lookback period for market indicator in question. A preprogrammed step-by-step procedure to aid the user in accomplishing a specific task. Yates8217s Correction When a small amount of data is available for testing, the chi-square formula is adjusted to account for the small sample base. Zero-Coupon Government Bonds Government bonds that are purchased at a deep discount and pay no cash dividend, unlike regular bonds. Zeta The percentage change in an options price per 1 change in implied volatility. Zigzag In a bull market, an Elliott three-wave pattern that subdivides into a 5-3-5 pattern with the top of wave B noticeably lower than the start of wave A. In a bear market, this pattern will be inverted. This dictionary is still in it8217s editing stage. The content is being compiled from various sources. Sources used so far, include Livecharts. co. uk, Stocks and Commodities and Wikipedia FREE Trading Systems Subscription Fill out the form below to signup to our newsletter and well drop you a line when new Indicators and Expert Advisors are added. And you can be sure to know youll be the first to know when we have done a review of a new trading system Our strict privacy policy keeps your email address 100 safe secure.