GhostWireCodex — Glossary: Lessons

0-90 terms

0DTE#: Ch. 4Dealer Flow and Volatility; An option that expires the same day; RelatedDelta Gamma Opex; Taught inGhostWire Ch.5 GhostWire Ch.8 GhostWire Ch.17
13F-HR, 13F-NT and amendments#: Ch. 7Disclosures, Insiders and Big Money; The holdings report; a notice filing for a manager whose holdings are reported by another manager; and a corrected version of either; RelatedAmendment Investment discretion Best-idea weight and crowding; Taught inGhostWire Ch.10
30-day fed funds futures#: Ch. 6Rates, Fed, Macro and Forex; A contract on the average effective rate over one calendar month, quoted as 100 minus that rate; RelatedEffective fed funds rate Effective federal funds rate (EFFR)VIX future; Taught inGhostWire Ch.14

A3 terms

Accelerator#: Ch. 8Events, Forced Flows and Themes; A chip, usually a GPU, built to train and run AI models; RelatedHBM Foundry and packaging Capex; Taught inGhostWire Ch.30
Acceptance and retest#: Ch. 4Dealer Flow and Volatility; Acceptance: consecutive closes beyond the level. Retest: a later pullback that comes back to the level; RelatedTouch, poke and close beyond Call wall Daily sigma; Taught inGhostWire Ch.9
Acquired or disposed (A or D)#: Ch. 7Disclosures, Insiders and Big Money; Whether the line added shares to the insider or removed them; RelatedDirect or indirect (D or I)Section 16 insider Securities owned following; Taught inGhostWire Ch.3
Address and wallet#: Ch. 10Crypto, DeFi and On-Chain; An address receives coins; a wallet is software or hardware that controls one or many addresses; RelatedDeposit address and sweep Custody wallet Hot and cold wallet; Taught inGhostWire Ch.11
Adjusted (non-GAAP) earnings#: Ch. 8Events, Forced Flows and Themes; Earnings with items the company chooses to exclude; RelatedPost-earnings drift Carry-adjusted theta Delta-adjusted notional; Taught inGhostWire Ch.25
ADV#: Ch. 1Market Structure and Order Flow; Average daily volume, often over 20 trading days; RelatedAverage-price or benchmark trade Marketable order Wholesaler or internalizer; Taught inGhostWire Ch.1
Advisory committee#: Ch. 8Events, Forced Flows and Themes; A panel of outside experts that votes on a drug and advises the FDA; Relatedp-value NDA and BLA Class 1 and Class 2 resubmission; Taught inGhostWire Ch.7
Aggressor and tick test#: Ch. 1Market Structure and Order Flow; The side that initiated a trade, inferred by comparing price with the quote or with the previous trade price; RelatedTrade side or aggressor Lit market Price improvement; Taught inGhostWire Ch.1
Allocation#: Ch. 7Disclosures, Insiders and Big Money; The underwriters’ choice of who receives shares; RelatedQuiet period Stabilization Greenshoe (overallotment option); Taught inGhostWire Ch.15
AM and PM settlement#: Ch. 4Dealer Flow and Volatility; Monthly SPX options settle on a morning value; SPXW options settle at the close; RelatedSettlement date Touch, poke and close beyond Special Opening Quotation; Taught inGhostWire Ch.9
Amendment#: Ch. 7Disclosures, Insiders and Big Money; A corrected filing that replaces or adds to an earlier one; Related13F-HR, 13F-NT and amendments Filing date and publication date Periodic transaction report (PTR); Taught inGhostWire Ch.12
Amount band#: Ch. 7Disclosures, Insiders and Big Money; The range the trade value falls in, such as $15,001 to $50,000, instead of an exact figure; RelatedPeriodic transaction report (PTR)Transaction date Cluster; Taught inGhostWire Ch.2 GhostWire Ch.12
Amplitude estimation#: Ch. 8Events, Forced Flows and Themes; A quantum method to estimate an average, such as the mean in a Monte Carlo simulation; RelatedMonte Carlo simulation Superposition and amplitude Estimation error; Taught inGhostWire Ch.26
Annual financial disclosure#: Ch. 7Disclosures, Insiders and Big Money; A once-a-year statement of assets, income and liabilities, reported in wide ranges rather than trade by trade; RelatedSTOCK Act Periodic transaction report (PTR)Cluster; Taught inGhostWire Ch.2 GhostWire Ch.12
Annualization#: Ch. 2Indicators and Valuation; Scaling a monthly ratio to a yearly one by multiplying by √12; RelatedOut-of-sample test Standard error of a Sharpe ratio Drawdown; Taught inAdvanced Ch.3
Annualized rate#: Ch. 6Rates, Fed, Macro and Forex; A monthly change compounded for twelve months; RelatedMonth over month and annualized Month over month (MoM)Contribution; Taught inGhostWire Ch.6
Arbitrage re-pricing#: Ch. 10Crypto, DeFi and On-Chain; Traders trade the pool until its price matches outside markets; RelatedTriangular arbitrage Pool turnover Swap fee; Taught inAdvanced Ch.14
Asset type#: Ch. 7Disclosures, Insiders and Big Money; Whether the row is a stock, bond, option, fund or other holding; RelatedNotification date Cluster Discretionary account; Taught inGhostWire Ch.2
Assignment risk#: Ch. 3Options Mechanics and the Greeks; A short option that is in the money can be exercised against the seller; RelatedEarly assignment Credit Roll; Taught inAdvanced Ch.10
ATM straddle and implied move#: Ch. 8Events, Forced Flows and Themes; A call and a put at the same strike; their combined price divided by the stock price is the implied move; RelatedImplied move At-the-money straddle Straddle; Taught inGhostWire Ch.7
ATR#: Ch. 2Indicators and Valuation; Wilder-smoothed average of TR: ATR_new = ((n − 1) × ATR_old + TR) / n; RelatedATR-based position size Gap EMA; Taught inAdvanced Ch.1
ATR-based position size#: Ch. 2Indicators and Valuation; Shares = risk budget / (multiple × ATR); RelatedATR Signal line Smoothing factor (α); Taught inAdvanced Ch.1
ATS or dark pool#: Ch. 1Market Structure and Order Flow; A venue that matches orders without displaying them first; RelatedLiquidity pool and depth Consolidated tape and SIP Pool spot price; Taught inGhostWire Ch.1
At-the-money straddle#: Ch. 4Dealer Flow and Volatility; A call and a put at the same strike near the stock price; RelatedStraddle ATM straddle and implied move Smart Money and Dumb Money Confidence; Taught inAdvanced Ch.11
Authorized participant#: Ch. 10Crypto, DeFi and On-Chain; A firm allowed to create or redeem tokens against shares; RelatedAuthorized participant (AP)Maker and taker Issuer-native token; Taught inGhostWire Ch.29
Authorized participant (AP)#: Ch. 8Events, Forced Flows and Themes; A firm that creates or redeems ETF shares in blocks against a basket of the fund’s securities; RelatedAuthorized participant Block Creation unit; Taught inGhostWire Ch.24
Automated market maker (AMM)#: Ch. 10Crypto, DeFi and On-Chain; A pool that prices trades by a formula from its two reserves; RelatedMaker and taker Reserve Market maker (dealer); Taught inGhostWire Ch.29
Average-price or benchmark trade#: Ch. 1Market Structure and Order Flow; A trade whose price is a computed average or a benchmark such as the day’s volume-weighted average price; RelatedADV Price improvement Marketable order; Taught inGhostWire Ch.1

B1 term

Backlog or remaining performance obligations#: Ch. 8Events, Forced Flows and Themes; Signed contracts not yet recognized as revenue; RelatedRun-rate revenue Gross margin Hyperscaler; Taught inGhostWire Ch.30
Bandwidth#: Ch. 2Indicators and Valuation; (upper band − lower band) / middle band; RelatedHBM Percent b (%b)Histogram; Taught inAdvanced Ch.1
Base effect#: Ch. 6Rates, Fed, Macro and Forex; The change in YoY caused by the month that drops out of the 12-month window; RelatedYear over year (YoY)Consensus Whisper number; Taught inGhostWire Ch.6
Base rate#: Ch. 8Events, Forced Flows and Themes; How often an outcome occurs in general; RelatedPriced in Adjusted (non-GAAP) earnings Guidance; Taught inGhostWire Ch.25
Base volatility#: Ch. 4Dealer Flow and Volatility; The volatility the stock shows on ordinary days with no scheduled event; RelatedImplied volatility (IV)At-the-money straddle Implied event move; Taught inAdvanced Ch.11
Baseline and ablation#: Ch. 8Events, Forced Flows and Themes; The classical method a result is compared with, and the same pipeline with the quantum part removed; RelatedHybrid and quantum-inspired Quantum advantage Amplitude estimation; Taught inGhostWire Ch.26
Basic and fully diluted shares#: Ch. 7Disclosures, Insiders and Big Money; Shares outstanding now, and that number plus options, restricted stock units and convertibles; RelatedFully collateralized contract Shares versus principal (SH and PRN)Quiet period; Taught inGhostWire Ch.15
Basis and basis risk#: Ch. 5Risk, Sizing and Hedging; Basis is spot minus futures price; basis risk is the chance that gap changes; RelatedBasis trade Basis point (bp)Over-hedge and under-hedge; Taught inAdvanced Ch.4
Basis point (bp)#: Ch. 6Rates, Fed, Macro and Forex; One hundredth of a percentage point, 0.01%; RelatedDV01 Federal funds target range Curve spread (2s10s, 3m10y); Taught inGhostWire Ch.4 GhostWire Ch.14 GhostWire Ch.22
Basis trade#: Ch. 6Rates, Fed, Macro and Forex; Long a cash Treasury, short the matching future, financed in repo, to collect a small convergence; RelatedBasis point (bp)Basis and basis risk SOFR and IORB; Taught inGhostWire Ch.22
Beat and raise#: Ch. 8Events, Forced Flows and Themes; A result above consensus together with guidance above consensus; RelatedGuidance Consensus Straddle; Taught inGhostWire Ch.25
Beneficial ownership#: Ch. 7Disclosures, Insiders and Big Money; The power to vote or to dispose of shares, the test used for Schedule 13D and 13G; RelatedSchedule 13D and 13G Dealer or counterparty Reference asset; Taught inGhostWire Ch.13
Best-idea weight and crowding#: Ch. 7Disclosures, Insiders and Big Money; Largest positions are the manager’s strongest views; crowding is many managers holding the same name; RelatedCrowding Weight drift 13F-HR, 13F-NT and amendments; Taught inGhostWire Ch.10
Beta#: Ch. 5Risk, Sizing and Hedging; The slope of portfolio returns on index returns; RelatedSpread (pair)Correlation (ρ)Hedge effectiveness; Taught inAdvanced Ch.4 Advanced Ch.13
Bid and ask#: Ch. 6Rates, Fed, Macro and Forex; The price at which a dealer buys (bid) and sells (ask) the base currency; RelatedMarket maker (dealer)Depth Microprice; Taught inAdvanced Ch.17
Bid, ask and order book#: Ch. 10Crypto, DeFi and On-Chain; Resting offers to buy and to sell, stacked by price; RelatedNew-issue concession and order book Order book imbalance Maker and taker; Taught inGhostWire Ch.29
Bid-to-cover, tail, dealer takedown#: Ch. 6Rates, Fed, Macro and Forex; Bids divided by the amount sold; the high yield minus the when-issued yield; the share dealers had to absorb; RelatedMarket maker (dealer)Short interest and days to cover Fat tails; Taught inGhostWire Ch.22
Binary event and single-asset company#: Ch. 8Events, Forced Flows and Themes; A dated event with two very different outcomes, and a firm whose value rests on one product; RelatedTopline data IV crush Complete Response Letter (CRL); Taught inGhostWire Ch.7
Blackout period#: Ch. 6Rates, Fed, Macro and Forex; The stretch before a meeting when officials stop speaking publicly on policy; RelatedFOMC and blackout period Market-implied path Buyback blackout; Taught inGhostWire Ch.4
Blind trust#: Ch. 7Disclosures, Insiders and Big Money; An arrangement in which an independent trustee manages assets without telling the owner individual trades; RelatedQualified blind trust Periodic transaction report (PTR)Owner code; Taught inGhostWire Ch.2
Block#: Ch. 1Market Structure and Order Flow; A large trade, commonly 10,000 shares or $200,000; RelatedSweep, block and complex order Authorized participant (AP)Creation unit; Taught inGhostWire Ch.1
Body#: Ch. 3Options Mechanics and the Greeks; The strike where the two short options of a butterfly sit; RelatedBroken wing Ratio Value at Risk (VaR); Taught inAdvanced Ch.7
Bonding curve#: Ch. 10Crypto, DeFi and On-Chain; A pricing formula where each buy raises the price and each sell lowers it, with no order book; RelatedVirtual reserves Curve spread (2s10s, 3m10y)Equity curve; Taught inGhostWire Ch.21
Bonferroni cutoff#: Ch. 9Quant, Backtesting and Automation; The per-test level that holds the family-wise error at its target: level ÷ N; RelatedFamily-wise error Target (minimum acceptable return)t-statistic; Taught inAdvanced Ch.8
Borrow fee and utilization#: Ch. 1Market Structure and Order Flow; The annual cost of borrowing shares, and the share of lendable shares already on loan; RelatedSecurities lending reporting (SLATE)Open interest Reg SHO threshold list; Taught inGhostWire Ch.16
Breakeven#: Ch. 3Options Mechanics and the Greeks; The price at which total profit or loss is zero; RelatedBreakeven win rate Breakeven inflation Fee breakeven; Taught inAdvanced Ch.2 Advanced Ch.5 Advanced Ch.7 Advanced Ch.10
Breakeven inflation#: Ch. 6Rates, Fed, Macro and Forex; The nominal Treasury yield minus the TIPS yield of the same maturity; RelatedReal yield (TIPS)Headline and core inflation Growth and inflation quadrants; Taught inGhostWire Ch.6 GhostWire Ch.22 GhostWire Ch.28
Break-even move#: Ch. 3Options Mechanics and the Greeks; The daily stock move at which gamma P&L exactly equals the time cost; RelatedGamma P&L Break-even product Break-even widening; Taught inAdvanced Ch.6
Break-even product#: Ch. 9Quant, Backtesting and Automation; 1 divided by (1 − cost) cubed; RelatedBreak-even move Break-even widening Rate product; Taught inAdvanced Ch.12
Break-even widening#: Ch. 6Rates, Fed, Macro and Forex; The spread rise that cancels one year of carry; RelatedCarry Break-even move Break-even product; Taught inGhostWire Ch.23
Breakeven win rate#: Ch. 3Options Mechanics and the Greeks; The share of full-profit outcomes a credit spread needs just to break even; RelatedCredit spread Breakeven Credit; Taught inAdvanced Ch.5 Advanced Ch.7 Advanced Ch.10
Brent and WTI#: Ch. 6Rates, Fed, Macro and Forex; The two benchmark crude oil prices, one priced from the North Sea, one from the United States; RelatedRegime and dominant driver Headline and core inflation Liquidity; Taught inGhostWire Ch.28
Bridge and wrapped token#: Ch. 10Crypto, DeFi and On-Chain; A bridge moves value between chains, commonly by locking a coin on one chain and issuing a wrapped copy on another; RelatedWrapped token Direct token OTC desk; Taught inGhostWire Ch.11
Broken wing#: Ch. 3Options Mechanics and the Greeks; A butterfly whose two wings have unequal widths; RelatedWing width Body Expected shortfall; Taught inAdvanced Ch.7
Bull, bear, steepener, flattener#: Ch. 6Rates, Fed, Macro and Forex; Bull: yields fall. Bear: yields rise. Steepener: the long-minus-short spread widens. Flattener: it narrows; RelatedConvexity Curve spread (2s10s, 3m10y)Modified duration; Taught inGhostWire Ch.22
Bundle and cluster#: Ch. 10Crypto, DeFi and On-Chain; A bundle is wallets acting together at launch; a cluster is wallets tied by funding or coordinated transfers; RelatedCluster Sniper Supply concentration; Taught inGhostWire Ch.21
Buyback blackout#: Ch. 8Events, Forced Flows and Themes; The weeks before earnings when a company typically does not repurchase its own shares; RelatedBlackout period FOMC and blackout period Quarterly expiration; Taught inGhostWire Ch.24

C0 terms

Calibration#: Ch. 10Crypto, DeFi and On-Chain; Whether events priced at x cents happen about x% of the time; RelatedFavorite-longshot bias Issuer-native token Premium or discount; Taught inGhostWire Ch.29
Call wall#: Ch. 4Dealer Flow and Volatility; The strike with the largest call-side gamma; RelatedCall wall and put wall Put wall Gamma; Taught inGhostWire Ch.9
Call wall and put wall#: Ch. 4Dealer Flow and Volatility; The strikes carrying the largest call-side and put-side gamma; RelatedGamma Call wall Put wall; Taught inGhostWire Ch.8
Cap#: Ch. 5Risk, Sizing and Hedging; The gain up to the call strike minus the net premium, as a percentage of value; RelatedNet premium (tide)Pre-trade limits and kill switch Slippage tolerance; Taught inAdvanced Ch.4
Capex#: Ch. 8Events, Forced Flows and Themes; Spending on long-lived assets such as data centers, chips and servers; RelatedFree cash flow Accelerator Foundry and packaging; Taught inGhostWire Ch.30
Carry#: Ch. 6Rates, Fed, Macro and Forex; Income earned by holding the bond, here the spread over Treasuries; RelatedCarry (cash-and-carry)Break-even widening Professional and non-professional; Taught inGhostWire Ch.23
Carry (cash-and-carry)#: Ch. 10Crypto, DeFi and On-Chain; Return earned from holding a hedged position, here the funding received; RelatedCarry Break-even widening Professional and non-professional; Taught inAdvanced Ch.15
Carry-adjusted theta#: Ch. 3Options Mechanics and the Greeks; Theta plus the interest earned on the hedge and paid on the option cost; RelatedTheta (Θ)Carry Carry (cash-and-carry); Taught inAdvanced Ch.6
Cash runway#: Ch. 8Events, Forced Flows and Themes; Cash divided by the rate at which it is spent; RelatedCash runway and dilution Baseline and ablation Harvest now, decrypt later; Taught inGhostWire Ch.26
Cash runway and dilution#: Ch. 8Events, Forced Flows and Themes; Quarters of spending the cash on hand can fund, and the new shares sold to extend it; RelatedCash runway Pivotal trial and primary endpoint Run-up and sell the news; Taught inGhostWire Ch.7
Cashless exercise#: Ch. 7Disclosures, Insiders and Big Money; Exercising options and selling the shares on the same day to pay the strike and keep the spread in cash; RelatedStrike or exercise price Tax withholding (code F)Table I and Table II; Taught inGhostWire Ch.3
Cash-settled#: Ch. 7Disclosures, Insiders and Big Money; Settled in cash with no delivery of shares; RelatedMaintenance requirement and margin call Static and dynamic margining Initial margin; Taught inGhostWire Ch.13
CDS and CDX#: Ch. 6Rates, Fed, Macro and Forex; Credit default swaps on one borrower, and indices of them; RelatedCredit Credit spread New-issue concession and order book; Taught inGhostWire Ch.23
Chance of profit#: Ch. 3Options Mechanics and the Greeks; Probability of finishing inside the profit zone; RelatedProfit zone Loss limit Credit; Taught inAdvanced Ch.10
Charm#: Ch. 4Dealer Flow and Volatility; The change in delta caused by time alone; RelatedDelta Vanna Gamma; Taught inGhostWire Ch.8 GhostWire Ch.17 Advanced Ch.6
Circuit depth and T gates#: Ch. 8Events, Forced Flows and Themes; The number of sequential steps in an algorithm, and a costly type of operation counted in resource estimates; RelatedHybrid and quantum-inspired Amplitude estimation Post-quantum cryptography; Taught inGhostWire Ch.26
Circular financing#: Ch. 8Events, Forced Flows and Themes; A supplier funds a customer that then buys from the supplier; RelatedFinancing leg Capex Pre-trade limits and kill switch; Taught inGhostWire Ch.30
Class 1 and Class 2 resubmission#: Ch. 8Events, Forced Flows and Themes; The answer to a CRL. Under the review-goal commitments a minor resubmission has a 2-month goal and a major one a 6-month goal; RelatedComplete Response Letter (CRL)Expedited programs PDUFA goal date; Taught inGhostWire Ch.7
Clinical hold#: Ch. 8Events, Forced Flows and Themes; An FDA order to pause or stop a trial; RelatedPivotal trial and primary endpoint Run-up and sell the news p-value; Taught inGhostWire Ch.7
Close-out#: Ch. 1Market Structure and Order Flow; A required purchase or delivery that clears a fail; RelatedReg SHO threshold list Fail to deliver (FTD)Net position and positioning index; Taught inGhostWire Ch.16
Close-out right#: Ch. 7Disclosures, Insiders and Big Money; The dealer’s right to end the swap and sell its hedge; RelatedMarket maker (dealer)Hedge Dealer or counterparty; Taught inGhostWire Ch.13
Closing auction#: Ch. 1Market Structure and Order Flow; The single-price match at 16:00 ET (15:00 CT) that sets the official close; RelatedClosing window Opening auction Opening and closing cross; Taught inGhostWire Ch.20 GhostWire Ch.24
Closing window#: Ch. 1Market Structure and Order Flow; The final hour, 15:00 to 16:00 ET (14:00 to 15:00 CT), assumed to hold more deliberate orders; RelatedClosing auction Opening and closing cross Opening window; Taught inGhostWire Ch.20
Cluster#: Ch. 7Disclosures, Insiders and Big Money; Several filers reporting the same direction in the same name or sector within a short window; RelatedBundle and cluster Dominance and shelf Label and entity; Taught inGhostWire Ch.2 GhostWire Ch.12
CME gap#: Ch. 1Market Structure and Order Flow; The weekly gap on Bitcoin futures that formed because the futures paused while spot kept trading, until CME moved crypto futures to round-the-clock trading in May 2026; RelatedFunding rate and open interest Gap Extended hours; Taught inGhostWire Ch.18
Coin days destroyed#: Ch. 10Crypto, DeFi and On-Chain; Coins moved multiplied by the days since they last moved; RelatedShort interest and days to cover Address and wallet Inflow, outflow and netflow; Taught inGhostWire Ch.11
Collar#: Ch. 5Risk, Sizing and Hedging; A long put combined with a short call on the same holding; RelatedZero-cost collar Cap Residual risk; Taught inAdvanced Ch.4
Commercial hedgers and small speculators#: Ch. 1Market Structure and Order Flow; Two categories in the weekly futures positioning report: businesses hedging real exposure, and small traders; RelatedSmart Money Flow Index (SMFI)Contrarian reading Smart Money Index (SMI); Taught inGhostWire Ch.20
Commitments of Traders (TFF)#: Ch. 1Market Structure and Order Flow; The weekly census of open futures positions by trader type, as of Tuesday and released Friday at 15:30 ET (14:30 CT); RelatedSpreading Open interest RMSE; Taught inGhostWire Ch.16
Common, breakaway, runaway and exhaustion gaps#: Ch. 1Market Structure and Order Flow; The four classic gap types, told apart by where they occur in a trend and by volume; RelatedPreferred and common stock Funding rate and open interest LULD; Taught inGhostWire Ch.18
Complete Response Letter (CRL)#: Ch. 8Events, Forced Flows and Themes; The FDA statement that an application cannot be approved in its present form, with the deficiencies listed; RelatedClass 1 and Class 2 resubmission Label PDUFA goal date; Taught inGhostWire Ch.7
Concentration#: Ch. 8Events, Forced Flows and Themes; A few stocks making up a large share of an index; RelatedSupply concentration Backlog or remaining performance obligations Pre-trade limits and kill switch; Taught inGhostWire Ch.30
Confidential submission and S-1#: Ch. 7Disclosures, Insiders and Big Money; The draft registration statement sent to the SEC, and the public version that follows; RelatedConfidential treatment Preferred and common stock Underpricing; Taught inGhostWire Ch.15
Confidential treatment#: Ch. 7Disclosures, Insiders and Big Money; A request to withhold some holdings from the public record for a time; RelatedConfidential submission and S-1 Best-idea weight and crowding Weight drift; Taught inGhostWire Ch.10
Consensus#: Ch. 6Rates, Fed, Macro and Forex; GhostWire Ch.6The average forecast from a survey of economists; GhostWire Ch.25The average of published analyst estimates for a line such as earnings per share or revenue; RelatedWhisper number Beat and raise Surprise; Taught inGhostWire Ch.6 GhostWire Ch.25
Consolidated tape#: Ch. 1Market Structure and Order Flow; The combined stream of trades and quotes from all venues; RelatedConsolidated tape and SIP Professional and non-professional Escalator; Taught inGhostWire Ch.19
Consolidated tape and SIP#: Ch. 1Market Structure and Order Flow; The single stream that combines every venue’s trades and quotes; RelatedConsolidated tape TRF ATS or dark pool; Taught inGhostWire Ch.1
Constant maturity#: Ch. 4Dealer Flow and Volatility; A fund that keeps its average time to expiry near fixed by moving weight a little each day from the front month to the second month; RelatedRelative importance (weight)Constant-product invariant VIX future; Taught inGhostWire Ch.27
Constant-product invariant#: Ch. 10Crypto, DeFi and On-Chain; The rule x × y = k: after any trade, SOL times tokens in the pool stays the same; RelatedConstant maturity Break-even product ETP, ETN, inverse product; Taught inGhostWire Ch.21 Advanced Ch.14
Contango and backwardation#: Ch. 4Dealer Flow and Volatility; Contango: later maturities cost more than earlier ones. Backwardation: they cost less; RelatedVVIX Skew VIX future; Taught inGhostWire Ch.27
Contrarian reading#: Ch. 1Market Structure and Order Flow; Treating an extreme in a crowd as a warning rather than a confirmation; RelatedLagging indicator Smart Money and Dumb Money Confidence Intraday momentum; Taught inGhostWire Ch.20
Contribution#: Ch. 6Rates, Fed, Macro and Forex; Weight × the component’s percentage change; RelatedRelative importance (weight)Risk parity Risk share; Taught inGhostWire Ch.6
Convexity#: Ch. 6Rates, Fed, Macro and Forex; The curvature of the price-yield relationship: a yield fall adds more price than an equal rise removes; RelatedBull, bear, steepener, flattener Yield to maturity (YTM)Curve spread (2s10s, 3m10y); Taught inGhostWire Ch.22
Core and supercore#: Ch. 6Rates, Fed, Macro and Forex; Core excludes food and energy; supercore is core services excluding shelter; RelatedHeadline and core Headline and core inflation Shelter and owners’ equivalent rent; Taught inGhostWire Ch.6
Correlation breakdown#: Ch. 10Crypto, DeFi and On-Chain; The tendency of correlations to rise toward 1 in a market-wide sell-off; RelatedCorrelation (ρ)Rolling correlation Portfolio volatility; Taught inAdvanced Ch.13
Correlation (ρ)#: Ch. 5Risk, Sizing and Hedging; How closely portfolio and hedge returns move together, from −1 to +1; RelatedCorrelation breakdown Rolling correlation Beta; Taught inAdvanced Ch.4 Advanced Ch.13
Coupon#: Ch. 6Rates, Fed, Macro and Forex; The fixed interest payment, stated as a percent of face value per year; RelatedPar, discount, premium Yield to maturity (YTM)Term premium; Taught inGhostWire Ch.22
Covariance#: Ch. 10Crypto, DeFi and On-Chain; How two assets move together, in squared return units; RelatedPortfolio volatility Risk contribution Variance; Taught inAdvanced Ch.13
CPI-U and CPI-W#: Ch. 6Rates, Fed, Macro and Forex; Price indexes for all urban consumers and for urban wage earners and clerical workers; RelatedContribution Seasonal-factor revision Core and supercore; Taught inGhostWire Ch.6
Creation and redemption#: Ch. 10Crypto, DeFi and On-Chain; Delivering shares to receive tokens, or returning tokens to receive shares; RelatedCreation unit Wrapped token Synthetic or perpetual token; Taught inGhostWire Ch.29
Creation unit#: Ch. 8Events, Forced Flows and Themes; The block of ETF shares an AP creates or redeems, often 25,000 to 50,000 shares; RelatedCreation and redemption Block Stake units (N); Taught inGhostWire Ch.24
Credit#: Ch. 3Options Mechanics and the Greeks; Cash received when a spread is opened; RelatedCumulative credit Profit target Breakeven win rate; Taught inAdvanced Ch.10
Credit spread#: Ch. 6Rates, Fed, Macro and Forex; The extra yield a borrower pays over a Treasury of the same maturity; RelatedBreakeven win rate CDS and CDX New-issue concession and order book; Taught inGhostWire Ch.23
Cross margin#: Ch. 10Crypto, DeFi and On-Chain; The whole account balance backs all positions; RelatedCross rate Opening and closing cross Zero-line cross; Taught inAdvanced Ch.15
Cross rate#: Ch. 6Rates, Fed, Macro and Forex; A pair quoted without the dollar, such as EUR/JPY; RelatedSpread (pair)Cross margin Opening and closing cross; Taught inAdvanced Ch.17
Crowding#: Ch. 8Events, Forced Flows and Themes; Many participants positioned for the same flow ahead of its date; RelatedBest-idea weight and crowding Authorized participant (AP)Forced flow; Taught inGhostWire Ch.24
CTA, trend follower#: Ch. 8Events, Forced Flows and Themes; A systematic futures fund that holds long above trend and short below, scaled by volatility; RelatedRebalancing Quarterly expiration Participation rate; Taught inGhostWire Ch.24
Cumulative credit#: Ch. 3Options Mechanics and the Greeks; All credits received minus all debits paid across a series of rolls; RelatedCredit Roll Debit; Taught inAdvanced Ch.10
Cumulative line#: Ch. 1Market Structure and Order Flow; A series that keeps adding each day’s change without resetting; RelatedCumulative credit Opening window Lagging indicator; Taught inGhostWire Ch.20
Curve spread (2s10s, 3m10y)#: Ch. 6Rates, Fed, Macro and Forex; Long yield minus short yield, in basis points; RelatedBasis point (bp)DV01 Modified duration; Taught inGhostWire Ch.22
CUSIP#: Ch. 7Disclosures, Insiders and Big Money; The nine-character identifier of a security; RelatedInformation table Shares versus principal (SH and PRN)Investment discretion; Taught inGhostWire Ch.10
Custody wallet#: Ch. 10Crypto, DeFi and On-Chain; A wallet run by a regulated custodian for funds and companies; RelatedHot and cold wallet Address and wallet Inflow, outflow and netflow; Taught inGhostWire Ch.11

D2 terms

Daily sigma#: Ch. 4Dealer Flow and Volatility; One standard daily move implied by volatility, about volatility / 15.9; RelatedRealized volatility Gamma squeeze Put wall; Taught inGhostWire Ch.9
Dealer convention#: Ch. 4Dealer Flow and Volatility; The assumption that dealers are long the calls and short the puts customers trade against; RelatedMarket maker (dealer)Bid-to-cover, tail, dealer takedown Dealer hedging; Taught inGhostWire Ch.17
Dealer hedging#: Ch. 1Market Structure and Order Flow; Option dealers trading the stock to stay close to delta-neutral; RelatedMarket maker (dealer)Delta Delta-adjusted notional; Taught inGhostWire Ch.5
Dealer or counterparty#: Ch. 7Disclosures, Insiders and Big Money; The bank on the other side of the swap; RelatedHedge Close-out right Primary dealer; Taught inGhostWire Ch.13
Debit#: Ch. 3Options Mechanics and the Greeks; Price of the back option minus price of the front option; RelatedCumulative credit Zero-cost collar Decay differential; Taught inAdvanced Ch.9
Decay differential#: Ch. 3Options Mechanics and the Greeks; Front premium collected minus the back option’s loss of value over the same days; RelatedDebit Premium Roll-down; Taught inAdvanced Ch.9
Default intensity (hazard)#: Ch. 6Rates, Fed, Macro and Forex; The annual chance of default implied or observed; RelatedCDS and CDX Recovery rate Maturity wall; Taught inGhostWire Ch.23
Delta#: Ch. 4Dealer Flow and Volatility; How much an option price moves per 1.00 move in the stock, about 0.50 at the money; RelatedDelta hedge Gamma Headline and delta-adjusted notional; Taught inGhostWire Ch.5 GhostWire Ch.8 GhostWire Ch.17
Delta hedge#: Ch. 4Dealer Flow and Volatility; Holding shares or futures opposite to the option’s delta so the whole position is neutral to small price moves; RelatedDelta Delta hedge and re-hedge Headline and delta-adjusted notional; Taught inGhostWire Ch.17
Delta hedge and re-hedge#: Ch. 3Options Mechanics and the Greeks; Offsetting the option’s delta with shares, then resetting as delta changes; RelatedDelta Delta hedge Vomma (volga); Taught inAdvanced Ch.6
Delta-adjusted notional#: Ch. 1Market Structure and Order Flow; Contracts × 100 × delta × stock price; RelatedHeadline and delta-adjusted notional Delta Notional and multiplier; Taught inGhostWire Ch.5
Delta-neutral position#: Ch. 10Crypto, DeFi and On-Chain; Long and short exposures that offset, leaving little net price exposure; RelatedDollar-neutral Neutral rate Delta hedge; Taught inAdvanced Ch.15
Deposit address and sweep#: Ch. 10Crypto, DeFi and On-Chain; Exchanges give each customer a deposit address and periodically sweep the balances into a main wallet; RelatedAddress and wallet Sweep, block and complex order Hot and cold wallet; Taught inGhostWire Ch.11
Depth#: Ch. 1Market Structure and Order Flow; GhostWire Ch.5The sizes resting at each price in the order book, not just the best bid and ask; GhostWire Ch.8The dollars of net buying needed to lift the price 1%; RelatedBid and ask Bid, ask and order book Order book imbalance; Taught inGhostWire Ch.5 GhostWire Ch.8 GhostWire Ch.29
Direct listing#: Ch. 7Disclosures, Insiders and Big Money; A listing usually with no new shares sold and no underwriter book; RelatedQuiet period Direct or indirect (D or I)Direct token; Taught inGhostWire Ch.15
Direct or indirect (D or I)#: Ch. 7Disclosures, Insiders and Big Money; Whether shares are held in the insider’s own name or through a trust, family entity or other vehicle; RelatedDirect token Acquired or disposed (A or D)Direct listing; Taught inGhostWire Ch.3
Direct token#: Ch. 7Disclosures, Insiders and Big Money; The coin itself, held in a wallet or on an exchange; RelatedDirect or indirect (D or I)Direct listing Bridge and wrapped token; Taught inGhostWire Ch.12
Discount rate#: Ch. 6Rates, Fed, Macro and Forex; The rate on loans from the Fed’s own lending window to banks; RelatedDiscount rate (r)Yield to maturity (YTM)Federal funds target range; Taught inGhostWire Ch.4
Discount rate (r)#: Ch. 5Risk, Sizing and Hedging; The annual return required to accept the risk of the cash flows; RelatedDiscount rate Yield to maturity (YTM)Terminal value (TV); Taught inAdvanced Ch.2
Discretionary account#: Ch. 7Disclosures, Insiders and Big Money; A managed account where an adviser chooses the trades; RelatedPeriodic transaction report (PTR)Transaction date STOCK Act; Taught inGhostWire Ch.2 GhostWire Ch.12
Display and non-display use#: Ch. 1Market Structure and Order Flow; Display means a person reads the data on a screen; non-display means software uses it; RelatedProfessional and non-professional Level 1 and depth Consolidated tape; Taught inGhostWire Ch.19
Dissent#: Ch. 6Rates, Fed, Macro and Forex; A vote against the majority decision; RelatedDiscount rate SOFR Basis point (bp); Taught inGhostWire Ch.4
Divergence#: Ch. 1Market Structure and Order Flow; Price and an indicator moving in opposite directions over the same window; RelatedLagging indicator Intraday momentum Smart Money Index (SMI); Taught inGhostWire Ch.20
Dollar index (DXY)#: Ch. 6Rates, Fed, Macro and Forex; The dollar measured against a weighted basket of six currencies, more than half of it the euro; RelatedDollar-neutral Rolling correlation Real yield; Taught inGhostWire Ch.28
Dollar-neutral#: Ch. 9Quant, Backtesting and Automation; Equal dollars long one leg and short the other; RelatedDollar index (DXY)Delta-neutral position Neutral rate; Taught inAdvanced Ch.12
Dominance and shelf#: Ch. 4Dealer Flow and Volatility; How far the top strike leads the runner-up; a shelf is a cluster of near-equal strikes; RelatedCluster AM and PM settlement Touch, poke and close beyond; Taught inGhostWire Ch.9
Double counting#: Ch. 7Disclosures, Insiders and Big Money; The same shares counted in more than one filer’s report; RelatedInvestment discretion Snapshot date and filing date Position classification; Taught inGhostWire Ch.10
Downside deviation#: Ch. 2Indicators and Valuation; √(Σ min(excess, 0)² / n), over all n periods; RelatedSortino ratio Sample standard deviation Sharpe ratio; Taught inAdvanced Ch.3 Advanced Ch.7
Drawdown#: Ch. 2Indicators and Valuation; Fall from the highest equity value reached so far, as a percentage of that value; RelatedMaximum drawdown Equity curve Equity; Taught inAdvanced Ch.3 Advanced Ch.16
DV01#: Ch. 6Rates, Fed, Macro and Forex; The dollar change in a position’s value for a one basis point move in yields; RelatedBasis point (bp)Curve spread (2s10s, 3m10y)Modified duration; Taught inGhostWire Ch.14 GhostWire Ch.22

E3 terms

Early assignment#: Ch. 3Options Mechanics and the Greeks; An American-style holder exercises before expiry; RelatedAssignment risk Early-termination penalty Lock-up and early release; Taught inAdvanced Ch.5
Early-termination penalty#: Ch. 1Market Structure and Order Flow; A share of the remaining fees due if the buyer leaves before the term ends; RelatedEarly assignment Lock-up and early release Minimum term; Taught inGhostWire Ch.19
ECN#: Ch. 1Market Structure and Order Flow; An electronic network that matches orders automatically; extended-hours trades run on these; RelatedExtended hours Opening auction Imbalance; Taught inGhostWire Ch.18
EDGAR#: Ch. 1Market Structure and Order Flow; The regulator’s free public database of company filings; RelatedMinimum term Level 1 and depth Fee cap; Taught inGhostWire Ch.19
Effective fed funds rate#: Ch. 6Rates, Fed, Macro and Forex; The overnight rate banks actually pay one another, which sits inside the target range; RelatedEffective federal funds rate (EFFR)30-day fed funds futures Target (minimum acceptable return); Taught inGhostWire Ch.14
Effective federal funds rate (EFFR)#: Ch. 6Rates, Fed, Macro and Forex; The volume-weighted median rate actually paid in overnight federal funds trades; RelatedFederal funds target range Effective fed funds rate 30-day fed funds futures; Taught inGhostWire Ch.4
Effective leverage#: Ch. 6Rates, Fed, Macro and Forex; Notional divided by equity; RelatedEquity Leverage (L)Leverage ratio; Taught inAdvanced Ch.17
Effective number of trials#: Ch. 9Quant, Backtesting and Automation; The count of variants after allowing for how alike they are; RelatedTrial or variant Pivotal trial and primary endpoint Effective fed funds rate; Taught inAdvanced Ch.8
EMA#: Ch. 2Indicators and Valuation; A running average that moves by α times the gap between the new close and the old average; RelatedSmoothing factor (α)Signal line MACD line; Taught inAdvanced Ch.1
Equal risk contribution#: Ch. 10Crypto, DeFi and On-Chain; Weights chosen so every holding supplies the same risk share; RelatedRisk share Relative importance (weight)Risk contribution; Taught inAdvanced Ch.13
Equity#: Ch. 6Rates, Fed, Macro and Forex; Account balance plus floating profit or loss; RelatedEffective leverage Free margin Margin level; Taught inAdvanced Ch.17
Equity curve#: Ch. 2Indicators and Valuation; The compounded value of a unit of capital through time; RelatedEquity Drawdown Bonding curve; Taught inAdvanced Ch.3
Error correction#: Ch. 8Events, Forced Flows and Themes; Spreading information over many physical qubits so errors can be detected and fixed; RelatedQubit Spreading Estimation error; Taught inGhostWire Ch.26
Escalator#: Ch. 1Market Structure and Order Flow; A contractual yearly increase in price; RelatedHurdle return Consolidated tape Terminal; Taught inGhostWire Ch.19
Estimation error#: Ch. 6Rates, Fed, Macro and Forex; The gap between the edge measured in a backtest and the true edge; RelatedAmplitude estimation Standard error of Sharpe Error correction; Taught inAdvanced Ch.16
ETP, ETN, inverse product#: Ch. 4Dealer Flow and Volatility; An exchange-traded product; an ETN is an unsecured note of its issuer; an inverse product aims for the opposite of the daily move; RelatedInverse-volatility weights Rate product Break-even product; Taught inGhostWire Ch.27
Event contract#: Ch. 10Crypto, DeFi and On-Chain; A yes-or-no question that pays $1 if true and $0 if false; RelatedFully collateralized contract Favorite-longshot bias Yes and No; Taught inGhostWire Ch.29
Event premium#: Ch. 3Options Mechanics and the Greeks; Extra implied volatility in an expiry that contains an announcement; RelatedImplied volatility Implied volatility (IV)Term premium; Taught inAdvanced Ch.9
Event variance#: Ch. 4Dealer Flow and Volatility; The part of the front-expiration variance assigned to the report day; RelatedVariance Total variance Minimum-variance ratio (h*); Taught inGhostWire Ch.25 Advanced Ch.11
Excess return#: Ch. 2Indicators and Valuation; GhostWire Ch.2Return above a benchmark such as a broad index fund over the same period; Advanced Ch.3A period return minus the risk-free return for the same period; RelatedSortino ratio Sharpe ratio Downside deviation; Taught inGhostWire Ch.2 Advanced Ch.3
Execution price#: Ch. 10Crypto, DeFi and On-Chain; Amount paid divided by amount received; RelatedPrice impact Pool turnover Swap fee; Taught inAdvanced Ch.14
Exit liquidity#: Ch. 10Crypto, DeFi and On-Chain; Slang for the late buyers that insiders need in order to sell; RelatedLiquidity pool and depth Implied exit multiple Liquidity; Taught inGhostWire Ch.21
Expectancy#: Ch. 6Rates, Fed, Macro and Forex; Average result per unit risked, p×b − q; RelatedStake units (N)Kelly fraction (f*)Log growth rate g(f); Taught inAdvanced Ch.16
Expected maximum#: Ch. 9Quant, Backtesting and Automation; The average value of the largest of N independent draws; RelatedExpected shortfall Maximum drawdown Maximum loss; Taught inAdvanced Ch.8
Expected shortfall#: Ch. 3Options Mechanics and the Greeks; The average loss across the periods at or beyond the VaR threshold; RelatedValue at Risk (VaR)Expected maximum Broken wing; Taught inAdvanced Ch.7
Expedited programs#: Ch. 8Events, Forced Flows and Themes; Fast Track, Breakthrough Therapy, Priority Review and Accelerated Approval; RelatedClass 1 and Class 2 resubmission Pivotal trial and primary endpoint Binary event and single-asset company; Taught inGhostWire Ch.7
Extended hours#: Ch. 1Market Structure and Order Flow; Trading outside the 09:30 to 16:00 ET (08:30 to 15:00 CT) regular session, split into pre-market, after-hours and, at some brokers, overnight; RelatedECN Gigawatt and terawatt-hour Opening range; Taught inGhostWire Ch.18
Extrinsic value and ex-dividend date#: Ch. 3Options Mechanics and the Greeks; Price above intrinsic value; the first day a buyer misses the next dividend; RelatedIntrinsic and extrinsic value Put-call parity Synthetic stock; Taught inAdvanced Ch.5

F0 terms

Fail to deliver (FTD)#: Ch. 1Market Structure and Order Flow; A trade whose shares did not arrive by the settlement date; the published figure is the aggregate balance as of each date; RelatedSettlement date Nowcast Reg SHO threshold list; Taught inGhostWire Ch.16
Fallen angel#: Ch. 6Rates, Fed, Macro and Forex; A bond downgraded from investment grade to high yield; RelatedInvestment grade and high yield Carry New-issue concession and order book; Taught inGhostWire Ch.23
False-report rate#: Ch. 6Rates, Fed, Macro and Forex; How often a source says a move is live when it does not happen; RelatedImplied probability 30-day fed funds futures Repo and reverse repo; Taught inGhostWire Ch.14
Family-wise error#: Ch. 9Quant, Backtesting and Automation; The chance that at least one of N tests passes by luck alone; RelatedBonferroni cutoff Standard error of Sharpe t-statistic; Taught inAdvanced Ch.8
Fat tails#: Ch. 10Crypto, DeFi and On-Chain; Return distributions where extreme moves occur more often than a normal curve implies; RelatedBid-to-cover, tail, dealer takedown Volatility (σ)Risk contribution; Taught inAdvanced Ch.13
Favorite-longshot bias#: Ch. 10Crypto, DeFi and On-Chain; Long shots priced above their true frequency and favorites below; RelatedEvent contract Calibration Issuer-native token; Taught inGhostWire Ch.29
Federal funds target range#: Ch. 6Rates, Fed, Macro and Forex; The band, 25 basis points wide, that the FOMC aims for in overnight bank lending; RelatedBasis point (bp)Effective federal funds rate (EFFR)Effective fed funds rate; Taught inGhostWire Ch.4
Fee breakeven#: Ch. 10Crypto, DeFi and On-Chain; The fees needed to offset the shortfall against holding; RelatedImpermanent loss Breakeven Breakeven inflation; Taught inAdvanced Ch.14
Fee cap#: Ch. 1Market Structure and Order Flow; A ceiling on what a large firm pays per month for a data product; RelatedEDGAR Minimum term Hurdle return; Taught inGhostWire Ch.19
Feedback gain (k)#: Ch. 4Dealer Flow and Volatility; Hedge flow per 1% move divided by depth, with a sign: positive when dealers trade with the move; RelatedMarket maker (dealer)Hedge Long gamma and short gamma; Taught inGhostWire Ch.8
Filing date#: Ch. 7Disclosures, Insiders and Big Money; The day the report was submitted to the House or Senate records office; RelatedLag Filing date and publication date Snapshot date and filing date; Taught inGhostWire Ch.2
Filing date and publication date#: Ch. 7Disclosures, Insiders and Big Money; When the report was submitted, and when it appeared in the searchable public record; RelatedFiling date Snapshot date and filing date Transaction date; Taught inGhostWire Ch.12
Fill assumption#: Ch. 9Quant, Backtesting and Automation; The price at which a backtest assumes each leg trades; RelatedGap fill Leg Standard error of Sharpe; Taught inAdvanced Ch.8
Financing leg#: Ch. 7Disclosures, Insiders and Big Money; Interest on the notional at a benchmark rate plus a spread, paid to the dealer; RelatedMarket maker (dealer)Notional Circular financing; Taught inGhostWire Ch.13
Flash loan#: Ch. 10Crypto, DeFi and On-Chain; An uncollateralized loan that must be borrowed and repaid within one transaction; RelatedLeverage (L)Carry (cash-and-carry)Index price; Taught inAdvanced Ch.15
Float#: Ch. 7Disclosures, Insiders and Big Money; Shares actually available to trade; RelatedDirect listing Greenshoe (overallotment option)Stabilization; Taught inGhostWire Ch.15
Floor#: Ch. 5Risk, Sizing and Hedging; The move down to the put strike minus the premium paid, as a percentage of value; RelatedPremium Cap Roll and premium drag; Taught inAdvanced Ch.4
FOMC and blackout period#: Ch. 6Rates, Fed, Macro and Forex; The committee that sets the policy rate, and the stretch before a meeting when officials stay out of public policy comment; RelatedBlackout period Buyback blackout Meeting-month stub; Taught inGhostWire Ch.14
Forced flow#: Ch. 8Events, Forced Flows and Themes; A trade made because a mandate, model or date requires it, not because of a view on the price; RelatedCrowding Leveraged ETF reset Quarterly expiration; Taught inGhostWire Ch.24
Form 13F#: Ch. 4Dealer Flow and Volatility; A quarterly public list of long positions in qualifying securities, as of the quarter-end date, filed within 45 days; RelatedForm 144 Form 3, Form 4, Form 5 Dealer convention; Taught inGhostWire Ch.17
Form 144#: Ch. 7Disclosures, Insiders and Big Money; A notice of intent to sell restricted or control stock, filed when the sale order is placed; RelatedForm 3, Form 4, Form 5 Form 13F Table I and Table II; Taught inGhostWire Ch.3
Form 3, Form 4, Form 5#: Ch. 7Disclosures, Insiders and Big Money; Form 3 is the initial holdings statement, Form 4 reports each change, Form 5 sweeps up anything not reported earlier; RelatedForm 144 Securities owned following Form 13F; Taught inGhostWire Ch.3
Forward guidance#: Ch. 6Rates, Fed, Macro and Forex; Statements about the likely future course of policy; RelatedGuidance Forward volatility Walk-forward efficiency; Taught inGhostWire Ch.4
Forward volatility#: Ch. 3Options Mechanics and the Greeks; The volatility implied for the span between the two expiries; RelatedForward guidance Walk-forward efficiency Total variance; Taught inAdvanced Ch.9
Foundry and packaging#: Ch. 8Events, Forced Flows and Themes; Firms that fabricate and assemble chips designed by others; RelatedAccelerator Capex Hyperscaler; Taught inGhostWire Ch.30
FR 2004 series#: Ch. 6Rates, Fed, Macro and Forex; The weekly dealer positions and financing release, published Thursdays near 16:15 ET (15:15 CT), broken out by maturity bucket; RelatedMarket maker (dealer)Primary dealer Effective fed funds rate; Taught inGhostWire Ch.14
Fractional Kelly#: Ch. 6Rates, Fed, Macro and Forex; A fixed share of f*, such as one half or one quarter; RelatedKelly fraction (f*)Win probability (p)Estimation error; Taught inAdvanced Ch.16
Free cash flow#: Ch. 8Events, Forced Flows and Themes; Operating cash flow minus capex; RelatedFree cash flow (FCF)Capex Free margin; Taught inGhostWire Ch.30
Free cash flow (FCF)#: Ch. 5Risk, Sizing and Hedging; Cash left after operating costs, taxes and the investment needed to sustain the business; RelatedFree cash flow Implied exit multiple Free margin; Taught inAdvanced Ch.2
Free margin#: Ch. 6Rates, Fed, Macro and Forex; Equity minus used margin; RelatedUsed margin Equity Free cash flow; Taught inAdvanced Ch.17
Fully collateralized contract#: Ch. 10Crypto, DeFi and On-Chain; Money for the full $1 payout is held until resolution; RelatedEvent contract Basic and fully diluted shares Resolution source; Taught inGhostWire Ch.29
Funding rate#: Ch. 10Crypto, DeFi and On-Chain; A periodic payment between longs and shorts, set as a rate on position notional; RelatedFunding rate and open interest Notional Carry (cash-and-carry); Taught inAdvanced Ch.15
Funding rate and open interest#: Ch. 1Market Structure and Order Flow; A periodic payment between longs and shorts of a perpetual crypto contract, and the number of contracts outstanding; RelatedFunding rate Open interest Open interest and volume; Taught inGhostWire Ch.18

G0 terms

Gamma#: Ch. 4Dealer Flow and Volatility; How fast delta changes per 1.00 move in the stock; RelatedDelta Gamma scalping Call wall and put wall; Taught inGhostWire Ch.5 GhostWire Ch.8 GhostWire Ch.17 Advanced Ch.6
Gamma flip and regime#: Ch. 4Dealer Flow and Volatility; The spot price where net GEX crosses zero, and the positive or negative side price is trading on; RelatedNet GEX Gamma flip (zero-gamma level)Regime and dominant driver; Taught inGhostWire Ch.9
Gamma flip (zero-gamma level)#: Ch. 4Dealer Flow and Volatility; The spot price where net GEX changes sign; RelatedNet GEX Gamma flip and regime Gamma; Taught inGhostWire Ch.8
Gamma P&L#: Ch. 3Options Mechanics and the Greeks; 0.5 × Γ × (stock move)², earned whichever way the stock moves; RelatedBreak-even move Gamma scalping Long and short gamma; Taught inAdvanced Ch.6
Gamma scalping#: Ch. 3Options Mechanics and the Greeks; Re-hedging a long-gamma position to bank the curvature; RelatedGamma Long and short gamma Gamma P&L; Taught inAdvanced Ch.6
Gamma squeeze#: Ch. 4Dealer Flow and Volatility; A rise that forces dealers short calls to buy stock, which lifts the price further; RelatedMarket maker (dealer)Gamma flip and regime Call wall; Taught inGhostWire Ch.9
Gap#: Ch. 1Market Structure and Order Flow; GhostWire Ch.18The open minus the prior close, shown in dollars, percent or ATR units; GhostWire Ch.25A move in price with no trading in between, such as from the close to the next open; RelatedATR Gap fill Extended hours; Taught inGhostWire Ch.18 GhostWire Ch.25
Gap fill#: Ch. 1Market Structure and Order Flow; Price returning to the prior close after a gap; RelatedFill assumption Gap Common, breakaway, runaway and exhaustion gaps; Taught inGhostWire Ch.18
Gigawatt and terawatt-hour#: Ch. 8Events, Forced Flows and Themes; GW is power, a rate; TWh is energy, power multiplied by time; RelatedExtended hours Free cash flow Interconnection queue; Taught inGhostWire Ch.30
Gordon growth formula#: Ch. 5Risk, Sizing and Hedging; TV = FCF_next / (r − g); RelatedTerminal growth rate (g)Growth and inflation quadrants Log growth rate g(f); Taught inAdvanced Ch.2
Graduation#: Ch. 10Crypto, DeFi and On-Chain; The move of the pool to a regular exchange once the curve completes; RelatedBonding curve Virtual reserves Constant-product invariant; Taught inGhostWire Ch.21
Greenshoe (overallotment option)#: Ch. 7Disclosures, Insiders and Big Money; An option letting the underwriters sell up to 15% more shares than the base deal, usually exercisable for about 30 days; RelatedGross spread Direct listing Quiet period; Taught inGhostWire Ch.15
Gross and net exposure#: Ch. 7Disclosures, Insiders and Big Money; Total long plus short notional, and their difference; RelatedNotional Total return leg Gross edge; Taught inGhostWire Ch.13
Gross edge#: Ch. 9Quant, Backtesting and Automation; Rate product minus 1; RelatedRate product Gross and net exposure Gross margin; Taught inAdvanced Ch.12
Gross margin#: Ch. 8Events, Forced Flows and Themes; Revenue minus the direct cost of sales, as a percent of revenue; RelatedGross and net exposure Gross edge Gross spread; Taught inGhostWire Ch.25 GhostWire Ch.30
Gross spread#: Ch. 7Disclosures, Insiders and Big Money; The underwriters’ fee, a share of the proceeds; RelatedGross and net exposure Gross edge Gross margin; Taught inGhostWire Ch.15
Growth and inflation quadrants#: Ch. 6Rates, Fed, Macro and Forex; The four combinations of growth rising or falling and inflation rising or falling; RelatedHeadline and core inflation Breakeven inflation Gordon growth formula; Taught inGhostWire Ch.28
Guidance#: Ch. 8Events, Forced Flows and Themes; The company’s own forecast for coming periods; RelatedBeat and raise Forward guidance Adjusted (non-GAAP) earnings; Taught inGhostWire Ch.25

H2 terms

Haircut#: Ch. 9Quant, Backtesting and Automation; A deliberate reduction applied to a backtested figure; RelatedRepo and haircut Bonferroni cutoff Effective number of trials; Taught inAdvanced Ch.8
Half-life#: Ch. 2Indicators and Valuation; Bars for an old close to lose half its weight: ln 0.5 / ln(1 − α); RelatedRelative importance (weight)Useful life and depreciation Half-spread; Taught inAdvanced Ch.1
Half-spread#: Ch. 9Quant, Backtesting and Automation; Half the gap between the bid and the ask; RelatedHalf-life Walk-forward efficiency Standard error of Sharpe; Taught inAdvanced Ch.8
Harvest now, decrypt later#: Ch. 8Events, Forced Flows and Themes; Copying encrypted data today to break it when a capable machine exists; RelatedError correction Post-quantum cryptography Interference; Taught inGhostWire Ch.26
Hawkish and dovish#: Ch. 6Rates, Fed, Macro and Forex; Leaning toward tighter policy, or toward easier policy; RelatedForward guidance Real policy rate Summary of Economic Projections (dot plot); Taught inGhostWire Ch.4
HBM#: Ch. 8Events, Forced Flows and Themes; High-bandwidth memory stacked next to the accelerator; RelatedAccelerator Bandwidth Foundry and packaging; Taught inGhostWire Ch.30
Headline and core#: Ch. 1Market Structure and Order Flow; All items, and all items less food and energy; RelatedHeadline and core inflation Core and supercore Headline and delta-adjusted notional; Taught inGhostWire Ch.16
Headline and core inflation#: Ch. 6Rates, Fed, Macro and Forex; Headline counts everything; core leaves out food and energy; RelatedHeadline and core Growth and inflation quadrants Breakeven inflation; Taught inGhostWire Ch.28
Headline and delta-adjusted notional#: Ch. 4Dealer Flow and Volatility; Contracts × 100 × underlying price, versus the same figure weighted by delta; RelatedDelta Delta-adjusted notional Delta hedge; Taught inGhostWire Ch.17
Hedge#: Ch. 7Disclosures, Insiders and Big Money; In a total return swap, the shares the dealer buys so that it can pay the total return leg; RelatedMarket maker (dealer)Total return leg Total return swap; Taught inGhostWire Ch.13
Hedge effectiveness#: Ch. 5Risk, Sizing and Hedging; ρ², the fraction of portfolio variance the best hedge removes; RelatedVariance Hedge ratio (h)Hedge; Taught inAdvanced Ch.4
Hedge ratio (beta)#: Ch. 9Quant, Backtesting and Automation; How many dollars of the second asset offset the first; RelatedHedge ratio (h)Spread (pair)Dollar-neutral; Taught inAdvanced Ch.12
Hedge ratio (h)#: Ch. 5Risk, Sizing and Hedging; Dollars of hedge notional held per dollar of portfolio value; RelatedHedge ratio (beta)Hedge effectiveness Hedge; Taught inAdvanced Ch.4
Histogram#: Ch. 2Indicators and Valuation; MACD line minus signal line; RelatedMACD line Signal line Zero-line cross; Taught inAdvanced Ch.1
Hot and cold wallet#: Ch. 10Crypto, DeFi and On-Chain; Hot: connected, used for daily withdrawals. Cold: offline, used for the bulk of customer holdings; RelatedCustody wallet Address and wallet Deposit address and sweep; Taught inGhostWire Ch.11
Hurdle return#: Ch. 1Market Structure and Order Flow; The extra yearly return needed just to cover a fixed cost; RelatedEscalator Minimum term Fee cap; Taught inGhostWire Ch.19
Hybrid and quantum-inspired#: Ch. 8Events, Forced Flows and Themes; Hybrid: a classical program passes one subproblem to a quantum device. Quantum-inspired: a classical algorithm that borrows quantum mathematics; RelatedQuantum advantage Post-quantum cryptography Baseline and ablation; Taught inGhostWire Ch.26
Hyperscaler#: Ch. 8Events, Forced Flows and Themes; One of the very large cloud operators that buy most AI hardware; RelatedUseful life and depreciation Foundry and packaging Backlog or remaining performance obligations; Taught inGhostWire Ch.30

I0 terms

Imbalance#: Ch. 1Market Structure and Order Flow; The unmatched shares left on one side at the auction price; RelatedOrder book imbalance Opening auction Gap; Taught inGhostWire Ch.18
Impermanent loss#: Ch. 10Crypto, DeFi and On-Chain; The shortfall of an LP position versus holding the same tokens, before fees; RelatedFee breakeven Reserve Pool spot price; Taught inAdvanced Ch.14
Implied event move#: Ch. 4Dealer Flow and Volatility; The one-standard-deviation size of the event, as priced; RelatedOne-standard-deviation move Realized volatility IV percentile; Taught inAdvanced Ch.11
Implied exit multiple#: Ch. 5Risk, Sizing and Hedging; TV divided by the last forecast FCF; RelatedFree cash flow (FCF)Exit liquidity Multiple testing (data snooping); Taught inAdvanced Ch.2
Implied move#: Ch. 8Events, Forced Flows and Themes; The expected size of the move priced by the options, usually the straddle divided by the stock price; RelatedStraddle ATM straddle and implied move Priced in; Taught inGhostWire Ch.25
Implied probability#: Ch. 6Rates, Fed, Macro and Forex; The chance of a rate change that makes the expected rate equal the one in the price; RelatedModel probability Touch probability Win probability (p); Taught inGhostWire Ch.14
Implied turnover#: Ch. 7Disclosures, Insiders and Big Money; The lower of purchases and sales found by comparing two filings, over average value; RelatedPool turnover 13F-HR, 13F-NT and amendments Information table; Taught inGhostWire Ch.10
Implied volatility#: Ch. 4Dealer Flow and Volatility; The annualized move that option prices imply, backed out of option premiums; RelatedImplied volatility (IV)Term structure VVIX; Taught inGhostWire Ch.27
Implied volatility and a volatility point#: Ch. 4Dealer Flow and Volatility; The volatility an option’s price implies; one point is one percentage point, such as 20% to 19%; RelatedBasis point (bp)Vol point Special Opening Quotation; Taught inGhostWire Ch.17
Implied volatility (IV)#: Ch. 4Dealer Flow and Volatility; The annualized volatility that makes a model price match the option price; RelatedImplied volatility Term structure IV crush; Taught inAdvanced Ch.11
Implied volatility (IV) and IV crush#: Ch. 8Events, Forced Flows and Themes; The volatility priced into options, and its fall once the uncertainty ends; RelatedIV crush Implied move Priced in; Taught inGhostWire Ch.25
Index level and base period#: Ch. 6Rates, Fed, Macro and Forex; The index is scaled to 100 for 1982 to 1984; a level of 320 means prices are 3.2 times that base; RelatedSurprise Whisper number Month over month (MoM); Taught inGhostWire Ch.6
Index price#: Ch. 10Crypto, DeFi and On-Chain; A reference price built from spot markets; RelatedMark price Funding rate Delta-neutral position; Taught inAdvanced Ch.15
Inflow, outflow and netflow#: Ch. 10Crypto, DeFi and On-Chain; Coins moving into exchange wallets, out of them, and the difference; RelatedAddress and wallet Deposit address and sweep Coin days destroyed; Taught inGhostWire Ch.11
Information table#: Ch. 7Disclosures, Insiders and Big Money; The list of positions inside the filing, one row per security and class; RelatedSensitivity table Table I and Table II CUSIP; Taught inGhostWire Ch.10
Initial and maintenance margin#: Ch. 5Risk, Sizing and Hedging; The deposit to open a futures position, and the balance below which more must be added; RelatedInitial margin Maintenance requirement and margin call Maintenance margin; Taught inAdvanced Ch.2
Initial margin#: Ch. 7Disclosures, Insiders and Big Money; Collateral posted at the start, as a share of notional; RelatedInitial and maintenance margin Notional Maintenance requirement and margin call; Taught inGhostWire Ch.13 Advanced Ch.15
Interconnection queue#: Ch. 8Events, Forced Flows and Themes; The waiting line to connect a new load or generator to the grid; RelatedCapex Gigawatt and terawatt-hour Useful life and depreciation; Taught inGhostWire Ch.30
Interest coverage#: Ch. 6Rates, Fed, Macro and Forex; Operating earnings divided by interest expense; RelatedNon-accrual and PIK Funding rate and open interest Open interest; Taught inGhostWire Ch.23
Interference#: Ch. 8Events, Forced Flows and Themes; Amplitudes along different routes add or cancel; RelatedAmplitude estimation Superposition and amplitude Quantum advantage; Taught inGhostWire Ch.26
Internal transfer#: Ch. 10Crypto, DeFi and On-Chain; A move between two wallets of the same entity; RelatedLabel and entity Inflow, outflow and netflow Hot and cold wallet; Taught inGhostWire Ch.11
Intraday momentum#: Ch. 1Market Structure and Order Flow; The tendency, found in one study, for the first half-hour return to predict the last half-hour return in the same direction; RelatedSmart Money Index (SMI)Divergence Closing window; Taught inGhostWire Ch.20
Intrinsic and extrinsic value#: Ch. 1Market Structure and Order Flow; Intrinsic is what exercising would be worth now; extrinsic (time value) is the rest of the price; RelatedExtrinsic value and ex-dividend date Sweep, block and complex order Delta-adjusted notional; Taught inGhostWire Ch.5
Inverse-volatility weights#: Ch. 10Crypto, DeFi and On-Chain; Weights proportional to 1 / σ; RelatedRelative importance (weight)Weight (w)ETP, ETN, inverse product; Taught inAdvanced Ch.13
Inverted curve#: Ch. 3Options Mechanics and the Greeks; Shorter-dated implied volatility above longer-dated; RelatedImplied volatility Implied volatility (IV)Upward curve; Taught inAdvanced Ch.9
Investment discretion#: Ch. 7Disclosures, Insiders and Big Money; Whether the filer decides alone (sole), jointly (shared) or another manager decides; RelatedInvestment grade and high yield 13F-HR, 13F-NT and amendments Double counting; Taught inGhostWire Ch.10
Investment grade and high yield#: Ch. 6Rates, Fed, Macro and Forex; Rated BBB-/Baa3 or higher, versus below that line; RelatedInvestment discretion Fallen angel Nominal yield; Taught inGhostWire Ch.23
IORB and ON RRP#: Ch. 6Rates, Fed, Macro and Forex; Interest on reserve balances paid to banks, and the overnight reverse repo rate paid to eligible counterparties; RelatedSOFR and IORB Reserve Federal funds target range; Taught inGhostWire Ch.4
Isolated margin#: Ch. 10Crypto, DeFi and On-Chain; Only the margin assigned to the position is at risk; RelatedLeverage (L)Cross margin Perpetual future; Taught inAdvanced Ch.15
Issuer-native token#: Ch. 10Crypto, DeFi and On-Chain; The company’s own share register kept on a blockchain; RelatedWrapped token Synthetic or perpetual token Authorized participant; Taught inGhostWire Ch.29
IV crush#: Ch. 4Dealer Flow and Volatility; The sharp fall in implied volatility once the outcome is known; RelatedImplied volatility (IV)Implied volatility Implied volatility (IV) and IV crush; Taught inGhostWire Ch.7 GhostWire Ch.17 Advanced Ch.11
IV percentile#: Ch. 4Dealer Flow and Volatility; Share of past readings that were below today’s; RelatedIV rank Implied event move At-the-money straddle; Taught inAdvanced Ch.11
IV rank#: Ch. 4Dealer Flow and Volatility; Where today’s IV sits between the period low and high; RelatedIV percentile Implied volatility (IV)Base volatility; Taught inAdvanced Ch.11

K0 terms

Kelly fraction (f*)#: Ch. 6Rates, Fed, Macro and Forex; The fraction of equity risked per trade that maximises long-run growth, f* = p − q/b; RelatedFractional Kelly Log growth rate g(f)Stake units (N); Taught inAdvanced Ch.16

L0 terms

Label#: Ch. 8Events, Forced Flows and Themes; The approved indication, population, dosing and warnings, including any boxed warning; RelatedComplete Response Letter (CRL)p-value NDA and BLA; Taught inGhostWire Ch.7
Label and entity#: Ch. 10Crypto, DeFi and On-Chain; A tracker’s attribution of a cluster of addresses to an exchange, fund, miner or service; RelatedCluster Address and wallet Internal transfer; Taught inGhostWire Ch.11
Lag#: Ch. 7Disclosures, Insiders and Big Money; Days from the transaction date to the filing date, or to publication; RelatedFiling date Transaction date Periodic transaction report (PTR); Taught inGhostWire Ch.2
Lagging indicator#: Ch. 1Market Structure and Order Flow; A measure that confirms a move only after it is under way rather than at it; RelatedDivergence Contrarian reading Cumulative line; Taught inGhostWire Ch.20
Leg#: Ch. 6Rates, Fed, Macro and Forex; One trade inside a multi-part trade, such as an arbitrage loop; RelatedDollar-neutral Fill assumption Hedge; Taught inAdvanced Ch.17
Leg risk#: Ch. 9Quant, Backtesting and Automation; The chance that prices move between one leg filling and the next; RelatedTouch probability Leg Per-leg cost; Taught inAdvanced Ch.12
Level 1 and depth#: Ch. 1Market Structure and Order Flow; Level 1 is the best bid, best ask and last sale; depth shows orders beyond the best price; RelatedEDGAR Display and non-display use Opportunity cost; Taught inGhostWire Ch.19
Leverage (L)#: Ch. 10Crypto, DeFi and On-Chain; Position notional divided by the margin posted; RelatedLeveraged ETF reset Leverage ratio Effective leverage; Taught inAdvanced Ch.15
Leverage ratio#: Ch. 5Risk, Sizing and Hedging; Notional value / margin deposit; RelatedNotional value Leverage (L)Effective leverage; Taught inAdvanced Ch.2
Leveraged ETF reset#: Ch. 8Events, Forced Flows and Themes; The daily trade that restores a fund to its target leverage at the close; RelatedLeverage (L)Target (minimum acceptable return)Rebalancing; Taught inGhostWire Ch.24
Lifting the offer, hitting the bid#: Ch. 1Market Structure and Order Flow; Buying at the ask, selling at the bid; RelatedATS or dark pool Time and sales Lit market; Taught inGhostWire Ch.1
Likelihood ratio#: Ch. 6Rates, Fed, Macro and Forex; How many times more likely a report is when the event is coming than when it is not; RelatedFR 2004 series FOMC and blackout period 30-day fed funds futures; Taught inGhostWire Ch.14
Limit order and market order#: Ch. 1Market Structure and Order Flow; A limit order sets the worst acceptable price; a market order accepts whatever the book offers; RelatedLoss limit Pre-trade limits and kill switch Opening auction; Taught inGhostWire Ch.18
Liquidation cascade#: Ch. 10Crypto, DeFi and On-Chain; Forced closes that push the price further and trigger more forced closes; RelatedLiquidation price Mark price Liquidation preference; Taught inAdvanced Ch.15
Liquidation preference#: Ch. 7Disclosures, Insiders and Big Money; A holder’s right to be paid back first in a sale before common holders share the rest; RelatedLiquidation cascade Liquidation price Preferred and common stock; Taught inGhostWire Ch.15
Liquidation price#: Ch. 9Quant, Backtesting and Automation; The price at which equity equals maintenance margin; RelatedMaintenance margin Liquidation cascade Liquidation preference; Taught inAdvanced Ch.12 Advanced Ch.15
Liquidity#: Ch. 6Rates, Fed, Macro and Forex; How cheap and plentiful money is for buying risk; RelatedRegime and dominant driver Exit liquidity Liquidity pool and depth; Taught inGhostWire Ch.28
Liquidity pool and depth#: Ch. 10Crypto, DeFi and On-Chain; The SOL and tokens that traders swap against, and how much of them the pool holds; RelatedExit liquidity Liquidity provider (LP) share ATS or dark pool; Taught inGhostWire Ch.21
Liquidity provider (LP) share#: Ch. 10Crypto, DeFi and On-Chain; The fraction of the pool a depositor owns; RelatedLiquidity pool and depth Exit liquidity Liquidity; Taught inAdvanced Ch.14
Lit market#: Ch. 1Market Structure and Order Flow; An exchange that shows its orders and quotes publicly before they trade; RelatedConsolidated tape and SIP Aggressor and tick test Price improvement; Taught inGhostWire Ch.1
Lock-up and early release#: Ch. 7Disclosures, Insiders and Big Money; A contractual ban on insider sales, sometimes with a staged release tied to events such as earnings; RelatedEarly assignment Early-termination penalty Liquidation preference; Taught inGhostWire Ch.15
Log growth rate g(f)#: Ch. 6Rates, Fed, Macro and Forex; The average of ln(equity multiplier) per trade; RelatedKelly fraction (f*)Gordon growth formula Growth and inflation quadrants; Taught inAdvanced Ch.16
Long and short gamma#: Ch. 3Options Mechanics and the Greeks; Owning or owing curvature; RelatedGamma scalping Gamma P&L Gamma; Taught inAdvanced Ch.6
Long gamma and short gamma#: Ch. 4Dealer Flow and Volatility; A dealer long options gains from movement and hedges against it; a dealer short options hedges with it; RelatedMarket maker (dealer)Gamma flip (zero-gamma level)Hedge; Taught inGhostWire Ch.8
Long-duration asset#: Ch. 6Rates, Fed, Macro and Forex; An asset whose value rests on cash flows far in the future, such as a growth stock; RelatedModified duration Spread duration Regime and dominant driver; Taught inGhostWire Ch.28
Lookback window#: Ch. 8Events, Forced Flows and Themes; The number of past days used in the calculation, such as 20; RelatedRealized volatility Crowding Quarterly expiration; Taught inGhostWire Ch.24
Loop product#: Ch. 6Rates, Fed, Macro and Forex; Starting amount multiplied by every conversion rate around the loop; RelatedTriangular arbitrage Rate product Break-even product; Taught inAdvanced Ch.17
Loss limit#: Ch. 3Options Mechanics and the Greeks; Pre-set loss at which the spread is closed; RelatedLimit order and market order Pre-trade limits and kill switch Profit target; Taught inAdvanced Ch.10
LULD#: Ch. 1Market Structure and Order Flow; Limit Up-Limit Down, the price-band rule that pauses a stock after a fast move; it has long applied only in the regular session; RelatedExtended hours Opening range VWAP and ADX; Taught inGhostWire Ch.18

M3 terms

MACD line#: Ch. 2Indicators and Valuation; Fast EMA minus slow EMA; RelatedZero-line cross Histogram Signal line; Taught inAdvanced Ch.1
Maintenance margin#: Ch. 9Quant, Backtesting and Automation; Minimum equity as a share of position value; RelatedLiquidation price Maintenance requirement and margin call Initial and maintenance margin; Taught inAdvanced Ch.12 Advanced Ch.15
Maintenance requirement and margin call#: Ch. 7Disclosures, Insiders and Big Money; The minimum equity as a share of current notional, and the demand for collateral when equity falls below it; RelatedNotional Initial and maintenance margin Maintenance margin; Taught inGhostWire Ch.13
Maker and taker#: Ch. 10Crypto, DeFi and On-Chain; A maker rests an order; a taker trades against one that is resting; RelatedAutomated market maker (AMM)Market maker (dealer)Bid, ask and order book; Taught inGhostWire Ch.29
Margin call#: Ch. 6Rates, Fed, Macro and Forex; A warning or demand when margin level falls to a set threshold; RelatedMargin level Maintenance requirement and margin call Used margin; Taught inAdvanced Ch.17
Margin level#: Ch. 6Rates, Fed, Macro and Forex; Equity divided by used margin, as a percentage; RelatedMargin call Used margin Stop-out; Taught inAdvanced Ch.17
Mark price#: Ch. 10Crypto, DeFi and On-Chain; The price a venue uses to value positions and trigger liquidations; RelatedLiquidation cascade Cross margin Index price; Taught inAdvanced Ch.15
Market maker (dealer)#: Ch. 4Dealer Flow and Volatility; A firm that quotes options to everyone and hedges what it is left holding; RelatedHedge Long gamma and short gamma Feedback gain (k); Taught inGhostWire Ch.8
Marketable order#: Ch. 1Market Structure and Order Flow; An order that can trade at once: a market order, or a limit order at or through the opposite quote; RelatedResting order Consolidated tape and SIP Lit market; Taught inGhostWire Ch.1
Market-implied path#: Ch. 6Rates, Fed, Macro and Forex; The sequence of policy rates that futures prices imply for coming meetings; RelatedBlackout period Forward guidance Minutes; Taught inGhostWire Ch.4
Maturity wall#: Ch. 6Rates, Fed, Macro and Forex; Debt that must be refinanced within a short window; RelatedConstant maturity Yield to maturity (YTM)Call wall; Taught inGhostWire Ch.23
Maximum drawdown#: Ch. 2Indicators and Valuation; The largest drawdown over the whole record; RelatedDrawdown Expected maximum Maximum loss; Taught inAdvanced Ch.3
Maximum loss#: Ch. 3Options Mechanics and the Greeks; Worst result at expiration; RelatedReturn on risk Reward-to-risk Maximum profit; Taught inAdvanced Ch.10
Maximum profit#: Ch. 3Options Mechanics and the Greeks; Best result at expiration; RelatedReturn on risk Reward-to-risk Maximum loss; Taught inAdvanced Ch.10
Maximum profit and loss#: Ch. 3Options Mechanics and the Greeks; The bounds fixed by width and net premium; RelatedNet premium (tide)Premium Return on risk; Taught inAdvanced Ch.5
Mean reversion#: Ch. 4Dealer Flow and Volatility; GhostWire Ch.27The tendency of volatility to drift back toward its long-run level; Advanced Ch.12The tendency of a spread to return toward its average; RelatedConstant maturity VIX9D and VIX3M Implied volatility; Taught inGhostWire Ch.27 Advanced Ch.12
Measurement#: Ch. 8Events, Forced Flows and Themes; Reading out the qubits, which returns one definite result per run; RelatedQubit Physical and logical qubit Error correction; Taught inGhostWire Ch.26
Meeting-month stub#: Ch. 6Rates, Fed, Macro and Forex; The days of the month after the decision takes effect; RelatedFOMC and blackout period Repo and reverse repo Likelihood ratio; Taught inGhostWire Ch.14
Mempool#: Ch. 10Crypto, DeFi and On-Chain; The waiting room of announced transactions not yet in a block; RelatedBlock Address and wallet Bridge and wrapped token; Taught inGhostWire Ch.11
Microprice#: Ch. 1Market Structure and Order Flow; The best bid and ask weighted by the opposite side’s size; RelatedBid and ask Depth Dealer hedging; Taught inGhostWire Ch.5
Midpoint#: Ch. 1Market Structure and Order Flow; The price halfway between bid and ask; may fall on a half-cent; RelatedBid and ask Price improvement ATS or dark pool; Taught inGhostWire Ch.1
Minimum term#: Ch. 1Market Structure and Order Flow; The shortest period a contract can run without a penalty; RelatedMinimum-variance ratio (h*)Early-termination penalty EDGAR; Taught inGhostWire Ch.19
Minimum-variance ratio (h*)#: Ch. 5Risk, Sizing and Hedging; ρ × σ_P / σ_H: the ratio that leaves the smallest total volatility; RelatedMinimum term Total variance Event variance; Taught inAdvanced Ch.4
Mint and freeze authority#: Ch. 10Crypto, DeFi and On-Chain; The power to create more tokens or to freeze accounts; RelatedStablecoin mint and burn Virtual reserves Liquidity pool and depth; Taught inGhostWire Ch.21
Minutes#: Ch. 6Rates, Fed, Macro and Forex; The detailed record of the meeting, released three weeks later; RelatedOpening range Opening window Smart Money Flow Index (SMFI); Taught inGhostWire Ch.4
Mirror or copycat portfolio#: Ch. 7Disclosures, Insiders and Big Money; A portfolio built to follow the disclosed trades; RelatedPortfolio volatility Blind trust Periodic transaction report (PTR); Taught inGhostWire Ch.2
Model probability#: Ch. 3Options Mechanics and the Greeks; The chance of an outcome implied by option prices, with no allowance for risk preference; RelatedImplied probability Touch probability Win probability (p); Taught inAdvanced Ch.5
Modified duration#: Ch. 6Rates, Fed, Macro and Forex; Approximate percentage price change for a one percentage point change in yield; RelatedSpread duration Long-duration asset Curve spread (2s10s, 3m10y); Taught inGhostWire Ch.22
Monte Carlo simulation#: Ch. 8Events, Forced Flows and Themes; Estimating an average by sampling many random scenarios; RelatedAmplitude estimation Quantum advantage Interference; Taught inGhostWire Ch.26
Month over month and annualized#: Ch. 1Market Structure and Order Flow; The change from the prior month, and that rate compounded over twelve months; RelatedAnnualized rate Spreading Short interest and days to cover; Taught inGhostWire Ch.16
Month over month (MoM)#: Ch. 6Rates, Fed, Macro and Forex; The percentage change from the previous month; RelatedContribution Year over year (YoY)Annualized rate; Taught inGhostWire Ch.6
Multiple testing (data snooping)#: Ch. 2Indicators and Valuation; Trying many strategies and reporting only the best; RelatedOverfitting and multiple testing Implied exit multiple Required recovery; Taught inAdvanced Ch.3

N0 terms

NDA and BLA#: Ch. 8Events, Forced Flows and Themes; The marketing application filed with the FDA: a New Drug Application for a conventional drug, a Biologics License Application for a biologic; Relatedp-value Advisory committee PDUFA goal date; Taught inGhostWire Ch.7
Net credit or debit#: Ch. 3Options Mechanics and the Greeks; Premium received less premium paid when all legs are opened; RelatedNet debit or credit Premium Credit; Taught inAdvanced Ch.7
Net debit or credit#: Ch. 3Options Mechanics and the Greeks; The cash paid or received when the legs are opened; RelatedNet credit or debit Credit Cumulative credit; Taught inAdvanced Ch.5
Net GEX#: Ch. 4Dealer Flow and Volatility; Dollar gamma per 1% move after counting calls as one sign and puts as the other, using an assumed ownership; RelatedGamma flip (zero-gamma level)Gamma flip and regime Gamma; Taught inGhostWire Ch.8
Net notional#: Ch. 7Disclosures, Insiders and Big Money; Dollars bought minus dollars sold across reported transactions; RelatedSecurities owned following Notional Notional and multiplier; Taught inGhostWire Ch.3
Net position and positioning index#: Ch. 1Market Structure and Order Flow; Long minus short, and where today’s net sits between its low and high over a look-back window; RelatedSpreading Settlement date Fail to deliver (FTD); Taught inGhostWire Ch.16
Net premium (tide)#: Ch. 1Market Structure and Order Flow; Bullish premium minus bearish premium over an interval; RelatedCap Maximum profit and loss Premium; Taught inGhostWire Ch.5
Network effect#: Ch. 1Market Structure and Order Flow; A service whose value rises with the number of others on it; RelatedEarly-termination penalty Seat Minimum term; Taught inGhostWire Ch.19
Neutral rate#: Ch. 6Rates, Fed, Macro and Forex; The policy rate that neither speeds up nor slows the economy; RelatedDelta-neutral position Dollar-neutral Summary of Economic Projections (dot plot); Taught inGhostWire Ch.4
New-issue concession and order book#: Ch. 6Rates, Fed, Macro and Forex; The discount a borrower offers to sell new bonds, and the orders collected, often quoted as a multiple of the bonds on offer; RelatedBid, ask and order book Order book imbalance CDS and CDX; Taught inGhostWire Ch.23
Nominal yield#: Ch. 6Rates, Fed, Macro and Forex; The quoted bond yield, with no adjustment for inflation; RelatedReal yield Breakeven inflation Yield to maturity (YTM); Taught inGhostWire Ch.28
Non-accrual and PIK#: Ch. 6Rates, Fed, Macro and Forex; A loan that has stopped paying interest in cash, and interest paid in added debt instead of cash; RelatedMaturity wall Interest coverage Credit spread; Taught inGhostWire Ch.23
Notification date#: Ch. 7Disclosures, Insiders and Big Money; The day the member (or the person managing the account) learned of the trade; RelatedTransaction date Owner code STOCK Act; Taught inGhostWire Ch.2 GhostWire Ch.12
Notional#: Ch. 7Disclosures, Insiders and Big Money; The reference dollar size on which all payments are computed; RelatedNotional and multiplier Initial margin Maintenance requirement and margin call; Taught inGhostWire Ch.13 Advanced Ch.12
Notional and multiplier#: Ch. 5Risk, Sizing and Hedging; Index level times dollars per point gives the notional of one contract; RelatedNotional Net notional Delta-adjusted notional; Taught inAdvanced Ch.4
Notional value#: Ch. 5Risk, Sizing and Hedging; The full contract value a futures position controls; RelatedLeverage ratio Delta-adjusted notional Headline and delta-adjusted notional; Taught inAdvanced Ch.2
Nowcast#: Ch. 1Market Structure and Order Flow; A model estimate of a number that has not been published yet, refreshed as inputs arrive; RelatedFail to deliver (FTD)Securities lending reporting (SLATE)RMSE; Taught inGhostWire Ch.16

O1 term

ON RRP and standing repo facility#: Ch. 6Rates, Fed, Macro and Forex; The central bank’s overnight cash-absorbing window, and its overnight cash-lending window; RelatedRepo and reverse repo Repo and haircut Primary dealer; Taught inGhostWire Ch.14
One-standard-deviation move#: Ch. 4Dealer Flow and Volatility; The price change a bell curve with this IV exceeds about one time in three; RelatedPopulation standard deviation Sample standard deviation Implied event move; Taught inAdvanced Ch.11
Open interest#: Ch. 1Market Structure and Order Flow; GhostWire Ch.16The number of contracts outstanding; each has one long and one short side; Advanced Ch.15The total notional of open contracts; RelatedOpen interest and volume Short interest and days to cover Funding rate and open interest; Taught inGhostWire Ch.16 GhostWire Ch.17 Advanced Ch.15
Open interest and volume#: Ch. 4Dealer Flow and Volatility; Open interest counts contracts outstanding at the last clearing; volume counts contracts traded today; RelatedOpen interest Funding rate and open interest Volume and open interest; Taught inGhostWire Ch.8
Opening and closing cross#: Ch. 1Market Structure and Order Flow; Single-price auctions near 09:30 ET (08:30 CT) and 16:00 ET (15:00 CT); RelatedClosing auction Opening auction Closing window; Taught inGhostWire Ch.1
Opening auction#: Ch. 1Market Structure and Order Flow; A single-price match of all queued orders that sets the official opening price at 09:30 ET (08:30 CT); RelatedClosing auction Opening range Opening and closing cross; Taught inGhostWire Ch.18
Opening range#: Ch. 1Market Structure and Order Flow; The high and low of the first few minutes of the regular session, often 15; RelatedOpening auction Minutes Extended hours; Taught inGhostWire Ch.18
Opening window#: Ch. 1Market Structure and Order Flow; The first 30 minutes of trading, 09:30 to 10:00 ET (08:30 to 09:00 CT), assumed to be driven by reaction to overnight news; RelatedMinutes Smart Money Index (SMI)Opening range; Taught inGhostWire Ch.20
Opex#: Ch. 4Dealer Flow and Volatility; Expiration day; monthly equity options expire on the third Friday; RelatedTriple witching and OPEX Pinning Market maker (dealer); Taught inGhostWire Ch.8
Opportunity cost#: Ch. 1Market Structure and Order Flow; What money tied up in an asset could have earned elsewhere; RelatedSeat Level 1 and depth Escalator; Taught inGhostWire Ch.19
Option-adjusted spread (OAS)#: Ch. 6Rates, Fed, Macro and Forex; The spread after the value of embedded options, such as a call right, is removed; RelatedAdjusted (non-GAAP) earnings Carry-adjusted theta Delta-adjusted notional; Taught inGhostWire Ch.23
Order book imbalance#: Ch. 1Market Structure and Order Flow; (bid size − ask size) / (bid size + ask size), from −1 to +1; RelatedImbalance Bid, ask and order book New-issue concession and order book; Taught inGhostWire Ch.5
OTC desk#: Ch. 10Crypto, DeFi and On-Chain; A desk that fills large orders privately and then settles on-chain; RelatedBridge and wrapped token Label and entity Inflow, outflow and netflow; Taught inGhostWire Ch.11
Out-of-sample test#: Ch. 2Indicators and Valuation; Evaluating a model on data not used to design or tune it; RelatedSample standard deviation Required recovery Target (minimum acceptable return); Taught inAdvanced Ch.3 Advanced Ch.14
Overfitting and multiple testing#: Ch. 8Events, Forced Flows and Themes; A strategy picked from many tries looks good by luck; RelatedMultiple testing (data snooping)Implied exit multiple Accelerator; Taught inGhostWire Ch.30
Over-hedge and under-hedge#: Ch. 5Risk, Sizing and Hedging; A ratio above or below the optimum; RelatedHedge effectiveness Hedge ratio (h)Residual risk; Taught inAdvanced Ch.4
Oversubscription (coverage)#: Ch. 7Disclosures, Insiders and Big Money; Shares demanded at a price divided by shares offered; RelatedDirect listing Greenshoe (overallotment option)Basic and fully diluted shares; Taught inGhostWire Ch.15
Owner code#: Ch. 7Disclosures, Insiders and Big Money; A tag on each row for whose account traded: the member, a spouse, a dependent child or a joint account; RelatedTransaction code Shelter and owners’ equivalent rent Notification date; Taught inGhostWire Ch.2 GhostWire Ch.12

P2 terms

Paper value and realizable value#: Ch. 10Crypto, DeFi and On-Chain; Paper value is tokens times the current price; realizable value is what selling them actually returns; RelatedLiquidity pool and depth Constant-product invariant Rug pull and honeypot; Taught inGhostWire Ch.21
Par, discount, premium#: Ch. 6Rates, Fed, Macro and Forex; Price at, below or above 100 per 100 of face value; RelatedPremium or discount Premium or discount to NAV Term premium; Taught inGhostWire Ch.22
Parallel shift#: Ch. 3Options Mechanics and the Greeks; Every expiry’s implied volatility moving by the same number of points; RelatedImplied volatility Implied volatility (IV)Event premium; Taught inAdvanced Ch.9
Parameter drift#: Ch. 9Quant, Backtesting and Automation; How far the best setting moves from one window to the next; RelatedPost-earnings drift Weight drift Trial or variant; Taught inAdvanced Ch.8
Participation rate#: Ch. 8Events, Forced Flows and Themes; The flow as a share of the available volume; RelatedRisk parity Lookback window Rebalancing; Taught inGhostWire Ch.24
Pass-through#: Ch. 6Rates, Fed, Macro and Forex; How much of a cost change reaches the price the consumer pays; RelatedGrowth and inflation quadrants Stagflation Risk-on and risk-off; Taught inGhostWire Ch.28
Payoff at expiration#: Ch. 3Options Mechanics and the Greeks; Profit or loss per share at each final price, found by adding the legs; RelatedPayoff ratio (b)Quarterly expiration Net credit or debit; Taught inAdvanced Ch.7
Payoff ratio (b)#: Ch. 6Rates, Fed, Macro and Forex; Average win divided by average loss; RelatedPayoff at expiration Log growth rate g(f)Expectancy; Taught inAdvanced Ch.16
PDUFA goal date#: Ch. 8Events, Forced Flows and Themes; The date by which the FDA aims to act on an application; RelatedClass 1 and Class 2 resubmission Complete Response Letter (CRL)NDA and BLA; Taught inGhostWire Ch.7
Percent b (%b)#: Ch. 2Indicators and Valuation; (close − lower band) / (upper band − lower band); RelatedBandwidth Histogram Signal line; Taught inAdvanced Ch.1
Periodic transaction report (PTR)#: Ch. 7Disclosures, Insiders and Big Money; The filing that lists individual trades above the reporting threshold, one row per transaction; RelatedTransaction date Transaction type Cluster; Taught inGhostWire Ch.2 GhostWire Ch.12
Per-leg cost#: Ch. 9Quant, Backtesting and Automation; Fee plus spread paid plus slippage on one trade; RelatedSlippage Leg risk Liquidation price; Taught inAdvanced Ch.12
Perpetual future#: Ch. 10Crypto, DeFi and On-Chain; A derivative that tracks an asset’s price and never expires; RelatedSynthetic or perpetual token 30-day fed funds futures VIX future; Taught inAdvanced Ch.15
Physical and logical qubit#: Ch. 8Events, Forced Flows and Themes; A physical qubit is a noisy hardware element. A logical qubit is a reliable one built from many physical qubits; RelatedQubit Error correction Measurement; Taught inGhostWire Ch.26
Pin#: Ch. 3Options Mechanics and the Greeks; GhostWire Ch.9Drift toward a heavy strike into expiration; Advanced Ch.9The underlying finishing at the strike on the front expiration day; RelatedDebit Decay differential Pinning; Taught inGhostWire Ch.9 Advanced Ch.9
Pin risk#: Ch. 3Options Mechanics and the Greeks; The stock closes within cents of a short strike at expiry; RelatedVertical spread Put-call parity Early assignment; Taught inAdvanced Ch.5
Pinning#: Ch. 4Dealer Flow and Volatility; The tendency of a stock to drift toward a heavily traded strike as expiration nears; RelatedOpen interest and volume Opex Feedback gain (k); Taught inGhostWire Ch.8
Pip value#: Ch. 6Rates, Fed, Macro and Forex; Currency value of one pip of movement per lot; RelatedRisk at the stop Expectancy Kelly fraction (f*); Taught inAdvanced Ch.16
Pivotal trial and primary endpoint#: Ch. 8Events, Forced Flows and Themes; The late-stage study meant to support approval, and the one prespecified measure that defines success in it; RelatedPrimary dealer Effective number of trials Trial or variant; Taught inGhostWire Ch.7
Pool spot price#: Ch. 10Crypto, DeFi and On-Chain; Y / X, the price of T in the stable token; RelatedPool turnover Liquidity pool and depth Spot crypto ETF; Taught inAdvanced Ch.14
Pool turnover#: Ch. 10Crypto, DeFi and On-Chain; Trading volume divided by the pool’s total value; RelatedPool spot price Implied turnover ATS or dark pool; Taught inAdvanced Ch.14
Population standard deviation#: Ch. 2Indicators and Valuation; √(Σ(x − mean)² / n) over the window; RelatedSample standard deviation One-standard-deviation move Downside deviation; Taught inAdvanced Ch.1
Portfolio volatility#: Ch. 10Crypto, DeFi and On-Chain; The square root of the weighted sum of every covariance; RelatedRisk contribution Covariance Mirror or copycat portfolio; Taught inAdvanced Ch.13
Position classification#: Ch. 7Disclosures, Insiders and Big Money; New, added, trimmed, exited or unchanged, read from share counts in two filings; Related13F-HR, 13F-NT and amendments Information table Implied turnover; Taught inGhostWire Ch.10
Post-earnings drift#: Ch. 8Events, Forced Flows and Themes; The tendency of prices to keep moving in the direction of a surprise; RelatedSurprise Adjusted (non-GAAP) earnings Post-quantum cryptography; Taught inGhostWire Ch.25
Post-quantum cryptography#: Ch. 8Events, Forced Flows and Themes; Encryption designed to resist attack by a future quantum computer; RelatedHybrid and quantum-inspired Quantum advantage Post-earnings drift; Taught inGhostWire Ch.26
Preferred and common stock#: Ch. 7Disclosures, Insiders and Big Money; Private investors usually hold preferred; the public trades common; RelatedCommon, breakaway, runaway and exhaustion gaps Liquidation preference Confidential submission and S-1; Taught inGhostWire Ch.15
Premium#: Ch. 1Market Structure and Order Flow; The price paid for an option, quoted per share and multiplied by 100 shares per contract; RelatedNet premium (tide)Put/call ratio Roll and premium drag; Taught inGhostWire Ch.5 Advanced Ch.2
Premium or discount#: Ch. 10Crypto, DeFi and On-Chain; Token price divided by the reference price, minus 1; RelatedPar, discount, premium Premium or discount to NAV Wrapped token; Taught inGhostWire Ch.29
Premium or discount to NAV#: Ch. 6Rates, Fed, Macro and Forex; The gap between a fund price and the value of its holdings; RelatedPar, discount, premium Premium or discount New-issue concession and order book; Taught inGhostWire Ch.23
Present value of the strike#: Ch. 3Options Mechanics and the Greeks; K×e^−rT, the strike discounted at the interest rate; RelatedPresent value (PV)Strike or exercise price Strike price; Taught inAdvanced Ch.5
Present value (PV)#: Ch. 5Risk, Sizing and Hedging; Today’s worth of a future amount: PV = amount / (1 + r)^t; RelatedYield to maturity (YTM)Present value of the strike Notional value; Taught inAdvanced Ch.2
Pre-trade limits and kill switch#: Ch. 8Events, Forced Flows and Themes; Caps on order size, position and order rate, enforced outside the strategy; RelatedCap Limit order and market order Loss limit; Taught inGhostWire Ch.30
Price discovery#: Ch. 1Market Structure and Order Flow; The process of finding the price that clears the market after news; RelatedVWAP and ADX LULD Funding rate and open interest; Taught inGhostWire Ch.18
Price impact#: Ch. 10Crypto, DeFi and On-Chain; How far the pool price moves because of a trade; RelatedPrice impact and slippage Sandwich order Liquidity provider (LP) share; Taught inAdvanced Ch.14
Price impact and slippage#: Ch. 10Crypto, DeFi and On-Chain; Price impact is how far a trade moves the price; slippage is the gap between the expected and the received price; RelatedPrice impact Slippage Slippage tolerance; Taught inGhostWire Ch.21
Price improvement#: Ch. 1Market Structure and Order Flow; An execution better than the quote, often by a fraction of a cent; RelatedMidpoint Lit market Aggressor and tick test; Taught inGhostWire Ch.1
Price range#: Ch. 7Disclosures, Insiders and Big Money; The band printed in the prospectus during the marketing period; RelatedGreenshoe (overallotment option)Oversubscription (coverage)Direct listing; Taught inGhostWire Ch.15
Priced in#: Ch. 8Events, Forced Flows and Themes; The share of an expected outcome already reflected in the stock; RelatedPriced move Implied move Base rate; Taught inGhostWire Ch.25
Priced move#: Ch. 3Options Mechanics and the Greeks; Stock price × implied volatility / √365, the one-day move the option assumes; RelatedImplied volatility Implied volatility (IV)Priced in; Taught inAdvanced Ch.6
Price-to-sales#: Ch. 8Events, Forced Flows and Themes; Market value divided by annualized revenue; RelatedTime and sales Baseline and ablation Superposition and amplitude; Taught inGhostWire Ch.26
Primary dealer#: Ch. 6Rates, Fed, Macro and Forex; A bank that trades directly with the central bank and is expected to bid at Treasury auctions; RelatedPivotal trial and primary endpoint Reserves and TGA ON RRP and standing repo facility; Taught inGhostWire Ch.14
Prime broker#: Ch. 7Disclosures, Insiders and Big Money; A bank that provides financing, custody and trading for a fund; RelatedFinancing leg Dealer or counterparty Total return swap; Taught inGhostWire Ch.13
Professional and non-professional#: Ch. 1Market Structure and Order Flow; Exchange categories that carry different fees; trading for an employer or a business generally means professional; RelatedCarry Carry (cash-and-carry)Terminal; Taught inGhostWire Ch.19
Profit target#: Ch. 3Options Mechanics and the Greeks; Pre-set share of the credit at which the spread is closed; RelatedCredit Federal funds target range Target (minimum acceptable return); Taught inAdvanced Ch.10
Profit zone#: Ch. 3Options Mechanics and the Greeks; The price band between the break-evens; RelatedChance of profit Breakeven win rate Profit target; Taught inAdvanced Ch.10
Protective put#: Ch. 5Risk, Sizing and Hedging; A put held alongside the shares it protects; RelatedGordon growth formula Terminal growth rate (g)Present value (PV); Taught inAdvanced Ch.2
Put wall#: Ch. 4Dealer Flow and Volatility; The strike with the largest put-side gamma; RelatedCall wall Call wall and put wall Gamma; Taught inGhostWire Ch.9
Put/call flag#: Ch. 7Disclosures, Insiders and Big Money; A marker on rows for listed options, reported against the underlying shares; Related13F-HR, 13F-NT and amendments Put-call parity Implied turnover; Taught inGhostWire Ch.10
Put-call parity#: Ch. 3Options Mechanics and the Greeks; C − P = S − K×e^−rT for European options at one strike and expiry; RelatedRisk parity Vertical spread Pin risk; Taught inAdvanced Ch.5
Put/call ratio#: Ch. 1Market Structure and Order Flow; Put volume divided by call volume, or put premium divided by call premium; RelatedPremium Net premium (tide)Dealer hedging; Taught inGhostWire Ch.5 GhostWire Ch.20
p-value#: Ch. 8Events, Forced Flows and Themes; The chance of a result at least this extreme if the drug did nothing; 0.05 is the usual cut-off; RelatedAdvisory committee NDA and BLA Topline data; Taught inGhostWire Ch.7

Q0 terms

Qualified blind trust#: Ch. 7Disclosures, Insiders and Big Money; A trust run by an independent trustee who reports no individual trades to the owner; RelatedBlind trust Periodic transaction report (PTR)Spot crypto ETF; Taught inGhostWire Ch.12
Quantitative tightening (QT)#: Ch. 6Rates, Fed, Macro and Forex; Shrinking the balance sheet by letting securities mature without replacement; RelatedSOFR IORB and ON RRP Basis point (bp); Taught inGhostWire Ch.4
Quantum advantage#: Ch. 8Events, Forced Flows and Themes; A task done better than the best classical method, in a way that can be verified; RelatedHybrid and quantum-inspired Post-quantum cryptography Baseline and ablation; Taught inGhostWire Ch.26
Quarterly expiration#: Ch. 8Events, Forced Flows and Themes; The day on which index futures and stock and index options expire together, typically the third Friday of March, June, September and December; RelatedPayoff at expiration Buyback blackout CTA, trend follower; Taught inGhostWire Ch.24
Qubit#: Ch. 8Events, Forced Flows and Themes; A two-state quantum system that can be prepared in a weighted combination of its two states; RelatedPhysical and logical qubit Error correction Measurement; Taught inGhostWire Ch.26
Quiet period#: Ch. 7Disclosures, Insiders and Big Money; A window after listing when the underwriters’ research is restricted; RelatedDirect listing Basic and fully diluted shares Allocation; Taught inGhostWire Ch.15

R1 term

Rate product#: Ch. 9Quant, Backtesting and Automation; The three exchange rates of a loop multiplied together; RelatedGross edge Break-even product Loop product; Taught inAdvanced Ch.12
Ratio#: Ch. 3Options Mechanics and the Greeks; More options sold than bought at the outer strike; RelatedBody Payoff at expiration Wing width; Taught inAdvanced Ch.7
Real policy rate#: Ch. 6Rates, Fed, Macro and Forex; The policy rate minus expected inflation; RelatedReal yield Real yield (TIPS)Summary of Economic Projections (dot plot); Taught inGhostWire Ch.4
Real yield#: Ch. 6Rates, Fed, Macro and Forex; The yield on inflation-protected Treasuries (TIPS), after expected inflation; RelatedReal yield (TIPS)Nominal yield Real policy rate; Taught inGhostWire Ch.28
Real yield (TIPS)#: Ch. 6Rates, Fed, Macro and Forex; The yield on an inflation-protected Treasury, whose principal is adjusted for inflation; RelatedReal yield Breakeven inflation Real policy rate; Taught inGhostWire Ch.22
Realized volatility#: Ch. 4Dealer Flow and Volatility; Annualized standard deviation of daily returns over a lookback window; RelatedVolatility targeting Volatility risk premium Lookback window; Taught inGhostWire Ch.24 GhostWire Ch.27 Advanced Ch.6 Advanced Ch.11
Rebalancing#: Ch. 8Events, Forced Flows and Themes; Selling what grew above target weight and buying what fell below it; RelatedRelative importance (weight)Target (minimum acceptable return)Rebalancing flow; Taught inGhostWire Ch.24
Rebalancing flow#: Ch. 1Market Structure and Order Flow; Index and fund trades executed at the close because a rule requires them; RelatedRebalancing Smart Money and Dumb Money Confidence Cumulative line; Taught inGhostWire Ch.20
Reconstitution#: Ch. 8Events, Forced Flows and Themes; A scheduled change in the members of an index; RelatedLeveraged ETF reset Rebalancing Buyback blackout; Taught inGhostWire Ch.24
Recovery gain#: Ch. 6Rates, Fed, Macro and Forex; The gain needed to return to the old peak, d / (1 − d); RelatedRequired recovery Recovery rate Risk of ruin; Taught inAdvanced Ch.16
Recovery rate#: Ch. 6Rates, Fed, Macro and Forex; The share of face value lenders get back after a default; RelatedRecovery gain Required recovery CDS and CDX; Taught inGhostWire Ch.23
Reference asset#: Ch. 7Disclosures, Insiders and Big Money; The stock or index whose return is swapped; RelatedNotional Close-out right Initial margin; Taught inGhostWire Ch.13
Reg SHO threshold list#: Ch. 1Market Structure and Order Flow; The daily list of stocks whose aggregate fail balance meets size tests for five consecutive settlement days; RelatedWhale threshold Fail to deliver (FTD)Short interest and days to cover; Taught inGhostWire Ch.16
Regime and dominant driver#: Ch. 6Rates, Fed, Macro and Forex; The force (growth, inflation, liquidity or fear) that is organizing prices right now; RelatedLiquidity Gamma flip and regime Stagflation; Taught inGhostWire Ch.28
Relative importance (weight)#: Ch. 1Market Structure and Order Flow; A component’s share of the whole index; RelatedContribution Risk contribution Constant maturity; Taught inGhostWire Ch.6 GhostWire Ch.16
Repo and haircut#: Ch. 6Rates, Fed, Macro and Forex; A short-term loan, often overnight, secured by bonds; the haircut is the slice of collateral value the lender will not lend against; RelatedHaircut Repo and reverse repo ON RRP and standing repo facility; Taught inGhostWire Ch.22
Repo and reverse repo#: Ch. 6Rates, Fed, Macro and Forex; Borrowing cash against collateral, and lending cash against it; RelatedON RRP and standing repo facility Repo and haircut Primary dealer; Taught inGhostWire Ch.14
Required recovery#: Ch. 2Indicators and Valuation; Gain needed to return to a prior peak: L / (1 − L) after a loss L; RelatedRecovery gain Recovery rate Sharpe ratio; Taught inAdvanced Ch.3
Reserve#: Ch. 10Crypto, DeFi and On-Chain; The amount of each token the pool currently holds; RelatedAutomated market maker (AMM)IORB and ON RRP SOFR and IORB; Taught inAdvanced Ch.14
Reserves and TGA#: Ch. 6Rates, Fed, Macro and Forex; Bank balances held at the central bank, and the Treasury’s cash account there; RelatedPrimary dealer ON RRP and standing repo facility Reserve; Taught inGhostWire Ch.14
Residual risk#: Ch. 5Risk, Sizing and Hedging; σ_P × √(1 − ρ²): the volatility left after the best hedge; RelatedHedge effectiveness Hedge Hedge ratio (h); Taught inAdvanced Ch.4
Resolution source#: Ch. 10Crypto, DeFi and On-Chain; The named data or authority that decides the outcome; RelatedFully collateralized contract Automated market maker (AMM)Yes and No; Taught inGhostWire Ch.29
Resting order#: Ch. 1Market Structure and Order Flow; A limit order that waits at its price; RelatedMarketable order Wholesaler or internalizer Time and sales; Taught inGhostWire Ch.1
Return on risk#: Ch. 3Options Mechanics and the Greeks; Maximum profit divided by maximum loss; RelatedMaximum profit Maximum loss Breakeven win rate; Taught inAdvanced Ch.5 Advanced Ch.10
Reward-to-risk#: Ch. 3Options Mechanics and the Greeks; Maximum profit divided by maximum loss; RelatedMaximum loss Maximum profit Net credit or debit; Taught inAdvanced Ch.7
Risk at the stop#: Ch. 6Rates, Fed, Macro and Forex; Account-currency loss if the stop is hit; RelatedStop-out Pip value Recovery gain; Taught inAdvanced Ch.16
Risk contribution#: Ch. 10Crypto, DeFi and On-Chain; Each holding’s weight times its covariance with the whole portfolio, divided by portfolio volatility; RelatedPortfolio volatility Risk share Risk parity; Taught inAdvanced Ch.13
Risk of ruin#: Ch. 6Rates, Fed, Macro and Forex; Probability of ever reaching a set loss, such as −50% or zero; RelatedWin probability (p)Recovery gain Expectancy; Taught inAdvanced Ch.16
Risk parity#: Ch. 8Events, Forced Flows and Themes; A portfolio that sizes each asset so risk contributions are equal, not by dollar weight; RelatedRisk contribution Relative importance (weight)Contribution; Taught inGhostWire Ch.24
Risk share#: Ch. 10Crypto, DeFi and On-Chain; A holding’s risk contribution as a percent of the total; RelatedRisk contribution Equal risk contribution Contribution; Taught inAdvanced Ch.13
Risk-on and risk-off#: Ch. 6Rates, Fed, Macro and Forex; Markets favoring risk assets, or retreating to cash, bonds and havens; RelatedSafe haven Nominal yield Headline and core inflation; Taught inGhostWire Ch.28
RMSE#: Ch. 1Market Structure and Order Flow; The typical size of a forecast error, in the units of the forecast; RelatedReg SHO threshold list Commitments of Traders (TFF)Short interest and days to cover; Taught inGhostWire Ch.16
Roadshow and bookbuilding#: Ch. 7Disclosures, Insiders and Big Money; Meetings with institutions, and the collection of their orders at different prices; RelatedUnderpricing Float Quiet period; Taught inGhostWire Ch.15
Roll#: Ch. 3Options Mechanics and the Greeks; Close a spread and open a similar one later or at new strikes; RelatedCumulative credit Roll and premium drag Roll and roll yield; Taught inAdvanced Ch.10
Roll and premium drag#: Ch. 5Risk, Sizing and Hedging; Replacing an expiring option with a new one; the premium recurs each time; RelatedVolatility drag Premium Roll and roll yield; Taught inAdvanced Ch.4
Roll and roll yield#: Ch. 4Dealer Flow and Volatility; Selling the expiring contract and buying the next one; the gain or loss from the price gap; RelatedRoll and premium drag Roll Roll-down; Taught inGhostWire Ch.27
Roll-down#: Ch. 3Options Mechanics and the Greeks; The change in the back leg’s value as time passes while the curve keeps its shape; RelatedRoll Roll and premium drag Roll and roll yield; Taught inAdvanced Ch.9
Rolling correlation#: Ch. 6Rates, Fed, Macro and Forex; The correlation measured over a moving window of recent days or months; RelatedCorrelation (ρ)Correlation breakdown Dollar index (DXY); Taught inGhostWire Ch.28
Round trip#: Ch. 9Quant, Backtesting and Automation; Opening a position and closing it again; Relatedt-statistic Fill assumption Walk-forward efficiency; Taught inAdvanced Ch.8
Rug pull and honeypot#: Ch. 10Crypto, DeFi and On-Chain; A rug pull drains the pool; a honeypot lets buyers in but blocks selling; RelatedBlock Exit liquidity Paper value and realizable value; Taught inGhostWire Ch.21
Rule 10b5-1 plan box#: Ch. 7Disclosures, Insiders and Big Money; A checkbox that marks a trade as made under a pre-arranged written plan; RelatedSecurities owned following Strike or exercise price Transaction code; Taught inGhostWire Ch.3
Rule bot, ML model, LLM agent#: Ch. 8Events, Forced Flows and Themes; Does exactly what you wrote; scores inputs; reads text and can place orders; RelatedCapex Run-rate revenue Pre-trade limits and kill switch; Taught inGhostWire Ch.30
Run-rate revenue#: Ch. 8Events, Forced Flows and Themes; A recent period annualized, such as one month times 12; RelatedBacklog or remaining performance obligations Gross margin Foundry and packaging; Taught inGhostWire Ch.30
Run-up and sell the news#: Ch. 8Events, Forced Flows and Themes; Buying ahead of the date and selling into the announcement; RelatedPDUFA goal date Cash runway and dilution Clinical hold; Taught inGhostWire Ch.7

S7 terms

Safe haven#: Ch. 6Rates, Fed, Macro and Forex; An asset expected to hold value when risk assets fall; RelatedRisk-on and risk-off Real yield Regime and dominant driver; Taught inGhostWire Ch.28
Sample standard deviation#: Ch. 2Indicators and Valuation; √(Σ(x − mean)² / (n − 1)); RelatedOut-of-sample test Population standard deviation One-standard-deviation move; Taught inAdvanced Ch.3
Sandwich attack and MEV#: Ch. 10Crypto, DeFi and On-Chain; A bot buys before and sells after a trade it can see, and MEV is value captured by ordering transactions; RelatedSandwich order Sniper Exit liquidity; Taught inGhostWire Ch.21
Sandwich order#: Ch. 10Crypto, DeFi and On-Chain; An attacker orders trades before and after a victim’s swap to profit from its price impact; RelatedPrice impact Sandwich attack and MEV Swap fee; Taught inAdvanced Ch.14
Schedule 13D and 13G#: Ch. 7Disclosures, Insiders and Big Money; Ownership reports for holders above 5%: 13D for an active holder, 13G for a passive one; RelatedBeneficial ownership Form 3, Form 4, Form 5 Strike or exercise price; Taught inGhostWire Ch.3
Seasonal-factor revision#: Ch. 6Rates, Fed, Macro and Forex; The yearly recalculation of seasonal factors, which changes the seasonally adjusted history; RelatedSmoothing factor (α)Seasonally adjusted (SA) and not adjusted (NSA)Consensus; Taught inGhostWire Ch.6
Seasonally adjusted (SA) and not adjusted (NSA)#: Ch. 6Rates, Fed, Macro and Forex; SA removes predictable calendar patterns; NSA is the raw index; RelatedAdjusted (non-GAAP) earnings Carry-adjusted theta Delta-adjusted notional; Taught inGhostWire Ch.6
Seat#: Ch. 1Market Structure and Order Flow; One licensed user of a terminal, or historically one membership in an exchange; RelatedTerminal Professional and non-professional Opportunity cost; Taught inGhostWire Ch.19
Section 13(f) securities#: Ch. 7Disclosures, Insiders and Big Money; The official list of securities a 13F may include; RelatedSection 16 insider Securities lending reporting (SLATE)Securities owned following; Taught inGhostWire Ch.10
Section 16 insider#: Ch. 7Disclosures, Insiders and Big Money; An officer, a director or a beneficial owner of more than 10% of a company’s registered shares; RelatedSection 13(f) securities Short-swing rule (Section 16(b))Acquired or disposed (A or D); Taught inGhostWire Ch.3
Securities lending reporting (SLATE)#: Ch. 1Market Structure and Order Flow; The new FINRA (USA) reporting of loan transactions; RelatedSecurities owned following Section 13(f) securities Borrow fee and utilization; Taught inGhostWire Ch.16
Securities owned following#: Ch. 7Disclosures, Insiders and Big Money; The insider’s total holding of that class after the reported transaction; RelatedSecurities lending reporting (SLATE)Net notional Form 3, Form 4, Form 5; Taught inGhostWire Ch.3
Seed and warm-up#: Ch. 2Indicators and Valuation; The starting value of the recursion and the early bars that still depend on it; RelatedHalf-life Zero-line cross Population standard deviation; Taught inAdvanced Ch.1
Sensitivity table#: Ch. 5Risk, Sizing and Hedging; The same model re-run across a grid of assumptions; RelatedInformation table Table I and Table II Implied exit multiple; Taught inAdvanced Ch.2
Settlement date#: Ch. 1Market Structure and Order Flow; The day a trade is due to deliver; US equities settle one business day after the trade (T+1) since 28 May 2024; RelatedFail to deliver (FTD)AM and PM settlement Reg SHO threshold list; Taught inGhostWire Ch.16
Shares versus principal (SH and PRN)#: Ch. 7Disclosures, Insiders and Big Money; Shares for stock, principal amount for debt convertibles; RelatedBasic and fully diluted shares CUSIP Section 13(f) securities; Taught inGhostWire Ch.10
Sharpe ratio#: Ch. 2Indicators and Valuation; Mean excess return / standard deviation, annualized; RelatedExcess return Standard error of a Sharpe ratio Sortino ratio; Taught inAdvanced Ch.3 Advanced Ch.7
Shelter and owners’ equivalent rent#: Ch. 6Rates, Fed, Macro and Forex; The housing component, largely an estimate of what owners would pay in rent; RelatedOwner code Core and supercore Contribution; Taught inGhostWire Ch.6
Short interest and days to cover#: Ch. 1Market Structure and Order Flow; Shares sold short, and that number divided by average daily volume; RelatedBid-to-cover, tail, dealer takedown Open interest Coin days destroyed; Taught inGhostWire Ch.16
Short-swing rule (Section 16(b))#: Ch. 7Disclosures, Insiders and Big Money; A rule that makes an insider return to the company any profit from a purchase and a sale within less than six months; RelatedSection 16 insider Securities owned following Direct or indirect (D or I); Taught inGhostWire Ch.3
Signal line#: Ch. 2Indicators and Valuation; A 9-bar EMA of the MACD line; RelatedMACD line Histogram EMA; Taught inAdvanced Ch.1
Significance level#: Ch. 9Quant, Backtesting and Automation; The chance of a false pass that one test is allowed, commonly 5 percent; RelatedFamily-wise error Trial or variant Walk-forward efficiency; Taught inAdvanced Ch.8
Skew#: Ch. 4Dealer Flow and Volatility; Differences in implied volatility across strikes; in equities, usually higher on downside strikes; RelatedImplied volatility Implied volatility (IV)VVIX; Taught inGhostWire Ch.27
Slippage#: Ch. 6Rates, Fed, Macro and Forex; The gap between the expected price and the price actually obtained; RelatedPrice impact and slippage Per-leg cost Slippage tolerance; Taught inAdvanced Ch.14 Advanced Ch.17
Slippage tolerance#: Ch. 10Crypto, DeFi and On-Chain; The setting that caps how much worse than the quote a fill may be before it fails; RelatedPrice impact and slippage Slippage Cap; Taught inGhostWire Ch.21 Advanced Ch.14
Smart Money and Dumb Money Confidence#: Ch. 1Market Structure and Order Flow; Two 0 to 100 indexes whose inputs are labelled by their historical record at extremes, not by who trades; RelatedSmart Money Flow Index (SMFI)Smart Money Index (SMI)Contrarian reading; Taught inGhostWire Ch.20
Smart Money Flow Index (SMFI)#: Ch. 1Market Structure and Order Flow; A Dow-based variant that uses 30 to 60-minute windows and accumulates the result; RelatedSmart Money Index (SMI)Smart Money and Dumb Money Confidence Minutes; Taught inGhostWire Ch.20
Smart Money Index (SMI)#: Ch. 1Market Structure and Order Flow; A running total: yesterday’s value, minus the first-30-minute move, plus the last-hour move; RelatedSmart Money Flow Index (SMFI)Smart Money and Dumb Money Confidence Minutes; Taught inGhostWire Ch.20
Smoothing factor (α)#: Ch. 2Indicators and Valuation; The weight an EMA gives to the newest close: α = 2 / (n + 1); RelatedRelative importance (weight)EMA Seasonal-factor revision; Taught inAdvanced Ch.1
Snapshot date and filing date#: Ch. 7Disclosures, Insiders and Big Money; The last day of the quarter and the day the report is filed; RelatedFiling date Filing date and publication date 13F-HR, 13F-NT and amendments; Taught inGhostWire Ch.10
Sniper#: Ch. 10Crypto, DeFi and On-Chain; A bot that buys in the first moments after launch; RelatedBundle and cluster Sandwich attack and MEV Supply concentration; Taught inGhostWire Ch.21
SOFR#: Ch. 6Rates, Fed, Macro and Forex; The overnight rate on loans collateralized by Treasury securities; RelatedSOFR and IORB Discount rate Quantitative tightening (QT); Taught inGhostWire Ch.4
SOFR and IORB#: Ch. 6Rates, Fed, Macro and Forex; The overnight repo benchmark rate, and the rate the Fed pays banks on reserves; RelatedIORB and ON RRP SOFR Reserve; Taught inGhostWire Ch.22
Sortino ratio#: Ch. 2Indicators and Valuation; Mean excess return / downside deviation, annualized; RelatedDownside deviation Excess return Sharpe ratio; Taught inAdvanced Ch.3 Advanced Ch.7
Special Opening Quotation#: Ch. 4Dealer Flow and Volatility; The VIX expiry settlement value, computed from SPX option prices at the open on expiry morning; RelatedVIX future Triple witching and OPEX Opening and closing cross; Taught inGhostWire Ch.17
Spoofing#: Ch. 1Market Structure and Order Flow; Placing orders with no intent to trade them to create a false impression; RelatedSweep, block and complex order Depth Intrinsic and extrinsic value; Taught inGhostWire Ch.5
Spot crypto ETF#: Ch. 7Disclosures, Insiders and Big Money; A fund that holds the coin and trades like a stock; RelatedPool spot price Spot VIX Direct token; Taught inGhostWire Ch.12
Spot VIX#: Ch. 4Dealer Flow and Volatility; The calculated index value right now; RelatedPool spot price Spot crypto ETF Roll and roll yield; Taught inGhostWire Ch.27
Spread#: Ch. 6Rates, Fed, Macro and Forex; Ask minus bid, in pips or basis points; RelatedBasis point (bp)Spread (pair)Effective leverage; Taught inAdvanced Ch.17
Spread and depth#: Ch. 1Market Structure and Order Flow; Spread is the gap between best bid and best ask; depth is the number of shares waiting at each price; RelatedOpening auction Gap ECN; Taught inGhostWire Ch.18
Spread duration#: Ch. 6Rates, Fed, Macro and Forex; The percentage price change per 1.00 point change in the spread; RelatedModified duration Long-duration asset Recovery rate; Taught inGhostWire Ch.23
Spread (pair)#: Ch. 9Quant, Backtesting and Automation; Log of one price less beta times the log of another; RelatedHedge ratio (beta)Spread Cross rate; Taught inAdvanced Ch.12
Spread width#: Ch. 3Options Mechanics and the Greeks; Distance between the short and long strike of one vertical; RelatedRoll Credit Profit target; Taught inAdvanced Ch.10
Spreading#: Ch. 1Market Structure and Order Flow; Offsetting long and short positions held by the same trader, often in different contract months; RelatedError correction Commitments of Traders (TFF)Month over month and annualized; Taught inGhostWire Ch.16
Square-root-of-time rule#: Ch. 4Dealer Flow and Volatility; Volatility over a period scales with the square root of the time, not with time; RelatedPortfolio volatility Vega At-the-money straddle; Taught inAdvanced Ch.11 Advanced Ch.13
Stabilization#: Ch. 7Disclosures, Insiders and Big Money; Underwriter buying to support the price if it trades below the offer; RelatedAllocation Gross spread Quiet period; Taught inGhostWire Ch.15
Stablecoin mint and burn#: Ch. 10Crypto, DeFi and On-Chain; The issuer creating or destroying tokens as customers add or remove dollars; RelatedMint and freeze authority Stablecoin trade Deposit address and sweep; Taught inGhostWire Ch.11
Stablecoin trade#: Ch. 7Disclosures, Insiders and Big Money; A trade in a token pegged to a currency; RelatedStablecoin mint and burn Direct token Amendment; Taught inGhostWire Ch.12
Stagflation#: Ch. 6Rates, Fed, Macro and Forex; Weak growth with high or rising inflation; RelatedGrowth and inflation quadrants Regime and dominant driver Real yield; Taught inGhostWire Ch.28
Stake units (N)#: Ch. 6Rates, Fed, Macro and Forex; Account size divided by the amount risked per trade; RelatedCreation unit Expectancy Kelly fraction (f*); Taught inAdvanced Ch.16
Stale quote#: Ch. 6Rates, Fed, Macro and Forex; A price that no longer matches the live market; RelatedTriangular arbitrage Bid and ask Equity; Taught inAdvanced Ch.17
Standard error of a Sharpe ratio#: Ch. 2Indicators and Valuation; Approximately √((1 + SR²/2) / T) for an annual ratio SR over T years; RelatedStandard error of Sharpe Sharpe ratio Sample standard deviation; Taught inAdvanced Ch.3
Standard error of Sharpe#: Ch. 9Quant, Backtesting and Automation; How much a measured Sharpe wobbles from sample to sample; RelatedStandard error of a Sharpe ratio Family-wise error Sharpe ratio; Taught inAdvanced Ch.8
Static and dynamic margining#: Ch. 7Disclosures, Insiders and Big Money; A margin rate fixed at inception, or one revised as the risk of the position changes; RelatedInitial margin Maintenance requirement and margin call Variation margin; Taught inGhostWire Ch.13
STOCK Act#: Ch. 7Disclosures, Insiders and Big Money; The 2012 federal law that requires members of Congress and senior officials to report securities transactions soon after they happen; RelatedNotification date Owner code Transaction date; Taught inGhostWire Ch.2 GhostWire Ch.12
Stop-out#: Ch. 6Rates, Fed, Macro and Forex; Automatic closing of positions at a lower margin level; RelatedMargin level Risk at the stop Used margin; Taught inAdvanced Ch.17
Straddle#: Ch. 8Events, Forced Flows and Themes; A call and put, usually at the money, on the same strike and expiry, bought or sold together; RelatedImplied move At-the-money straddle ATM straddle and implied move; Taught inGhostWire Ch.25
Strike or exercise price#: Ch. 7Disclosures, Insiders and Big Money; The fixed price at which an option holder can buy the share; RelatedCashless exercise Strike price Tax withholding (code F); Taught inGhostWire Ch.3
Strike price#: Ch. 5Risk, Sizing and Hedging; The price at which the option holder may sell (put) or buy (call); RelatedStrike or exercise price Present value of the strike Discount rate (r); Taught inAdvanced Ch.2
Summary of Economic Projections (dot plot)#: Ch. 6Rates, Fed, Macro and Forex; Each participant’s own projection for growth, inflation, unemployment and the policy rate, released quarterly; RelatedReal policy rate Minutes Neutral rate; Taught inGhostWire Ch.4
Superposition and amplitude#: Ch. 8Events, Forced Flows and Themes; A state described by amplitudes, one for each outcome. The probability of an outcome is the squared magnitude of its amplitude; RelatedAmplitude estimation Qubit Interference; Taught inGhostWire Ch.26
Supply concentration#: Ch. 10Crypto, DeFi and On-Chain; The share of supply held by the largest wallets, such as the top 10; RelatedConcentration Bundle and cluster Sniper; Taught inGhostWire Ch.21
Surprise#: Ch. 6Rates, Fed, Macro and Forex; Actual minus a benchmark, often scaled by the typical size of surprises; RelatedPost-earnings drift Index level and base period Whisper number; Taught inGhostWire Ch.6 GhostWire Ch.25
Swap fee#: Ch. 10Crypto, DeFi and On-Chain; A percentage of the input kept by the pool (0.30% in the examples); RelatedTotal return swap Sandwich order Reserve; Taught inAdvanced Ch.14
Sweep, block and complex order#: Ch. 1Market Structure and Order Flow; A sweep hits several exchanges at once, a block is a large negotiated trade, a complex order trades several legs together; RelatedBlock Deposit address and sweep Leg; Taught inGhostWire Ch.5
Synthetic or perpetual token#: Ch. 10Crypto, DeFi and On-Chain; A contract that tracks a stock price with no shares behind it; RelatedPerpetual future Synthetic stock Issuer-native token; Taught inGhostWire Ch.29
Synthetic stock#: Ch. 3Options Mechanics and the Greeks; A long call plus a short put at one strike; RelatedSynthetic or perpetual token Put-call parity Pin risk; Taught inAdvanced Ch.5

T2 terms

Table I and Table II#: Ch. 7Disclosures, Insiders and Big Money; Table I lists non-derivative securities such as common stock; Table II lists derivatives such as options and restricted stock units; RelatedInformation table Sensitivity table Form 144; Taught inGhostWire Ch.3
Target (minimum acceptable return)#: Ch. 2Indicators and Valuation; The return below which a result counts as a shortfall; RelatedRebalancing Bonferroni cutoff Effective fed funds rate; Taught inAdvanced Ch.3
Tax withholding (code F)#: Ch. 7Disclosures, Insiders and Big Money; Shares withheld by the company to cover tax or an exercise price (USA); RelatedTransaction code Strike or exercise price Cashless exercise; Taught inGhostWire Ch.3
Term premium#: Ch. 6Rates, Fed, Macro and Forex; Extra yield demanded for holding a long bond instead of rolling short-term paper; RelatedPar, discount, premium Yield to maturity (YTM)Repo and haircut; Taught inGhostWire Ch.22
Term structure#: Ch. 4Dealer Flow and Volatility; GhostWire Ch.27VIX futures (or VIX9D, VIX, VIX3M) laid out by maturity; Advanced Ch.9Implied volatility of the same strike plotted against expiration; RelatedVIX future Implied volatility Implied volatility (IV); Taught inGhostWire Ch.27 Advanced Ch.9 Advanced Ch.11
Terminal#: Ch. 1Market Structure and Order Flow; A subscription workstation that bundles data, analytics and messaging for professionals; RelatedSeat Terminal growth rate (g)Terminal value (TV); Taught inGhostWire Ch.19
Terminal growth rate (g)#: Ch. 5Risk, Sizing and Hedging; The steady growth assumed after the forecast ends; RelatedTerminal value (TV)Gordon growth formula Terminal; Taught inAdvanced Ch.2
Terminal value (TV)#: Ch. 5Risk, Sizing and Hedging; The value at the end of the forecast of all later cash flows; RelatedTerminal growth rate (g)Terminal Discount rate (r); Taught inAdvanced Ch.2
Theta (Θ)#: Ch. 3Options Mechanics and the Greeks; The change in option value from one day passing; RelatedCarry-adjusted theta Break-even move Long and short gamma; Taught inAdvanced Ch.6
Time and sales#: Ch. 1Market Structure and Order Flow; The running list of trades with time, price and size; RelatedPrice-to-sales Consolidated tape and SIP TRF; Taught inGhostWire Ch.1
Topline data#: Ch. 8Events, Forced Flows and Themes; The first headline result a company releases, before the full analysis; Relatedp-value Binary event and single-asset company ATM straddle and implied move; Taught inGhostWire Ch.7
Total return leg#: Ch. 7Disclosures, Insiders and Big Money; The payment of price change plus dividends from the dealer to the holder of the exposure; RelatedHedge Market maker (dealer)Total return swap; Taught inGhostWire Ch.13
Total return swap#: Ch. 4Dealer Flow and Volatility; A contract in which one side pays the other the total return of an asset (price change plus dividends) in exchange for a financing payment; RelatedHedge Total return leg Swap fee; Taught inGhostWire Ch.13 GhostWire Ch.17
Total variance#: Ch. 3Options Mechanics and the Greeks; Volatility squared times time, σ² × t; RelatedEvent variance Variance Minimum-variance ratio (h*); Taught inAdvanced Ch.9 Advanced Ch.11
Touch, poke and close beyond#: Ch. 4Dealer Flow and Volatility; Touch: price reaches the level. Poke: it trades through but the bar closes back inside. Close beyond: the bar settles on the far side; RelatedTouch probability Acceptance and retest AM and PM settlement; Taught inGhostWire Ch.9
Touch probability#: Ch. 9Quant, Backtesting and Automation; Chance that the price reaches a level at any time before a date; RelatedTouch, poke and close beyond Implied probability Model probability; Taught inAdvanced Ch.12
Trade side or aggressor#: Ch. 1Market Structure and Order Flow; Whether the buyer or the seller crossed the spread, inferred from the price against the bid and ask; RelatedBid and ask Aggressor and tick test Order book imbalance; Taught inGhostWire Ch.5
Transaction code#: Ch. 7Disclosures, Insiders and Big Money; A one-letter code for what kind of transaction it was, such as P, S, A, M, F or G; RelatedOwner code Tax withholding (code F)Periodic transaction report (PTR); Taught inGhostWire Ch.3
Transaction date#: Ch. 7Disclosures, Insiders and Big Money; The day the trade executed; RelatedLag Periodic transaction report (PTR)Transaction type; Taught inGhostWire Ch.2 GhostWire Ch.12
Transaction type#: Ch. 7Disclosures, Insiders and Big Money; Purchase, full sale, partial sale or exchange; RelatedTransaction date Periodic transaction report (PTR)STOCK Act; Taught inGhostWire Ch.2 GhostWire Ch.12
TRF#: Ch. 1Market Structure and Order Flow; A FINRA (USA) trade reporting facility where off-exchange trades are reported for the tape; RelatedConsolidated tape and SIP Lit market Time and sales; Taught inGhostWire Ch.1
Trial or variant#: Ch. 9Quant, Backtesting and Automation; One distinct combination of rules and settings run against the data; RelatedEffective number of trials Pivotal trial and primary endpoint Parameter drift; Taught inAdvanced Ch.8
Triangular arbitrage#: Ch. 6Rates, Fed, Macro and Forex; A loop of three trades that returns to the starting currency; RelatedArbitrage re-pricing Leg Loop product; Taught inAdvanced Ch.17
Triple witching and OPEX#: Ch. 4Dealer Flow and Volatility; The third-Friday expiry of stock options, index options and index futures each March, June, September and December; monthly OPEX is every third Friday; RelatedOpex Special Opening Quotation Delta hedge; Taught inGhostWire Ch.17
True range (TR)#: Ch. 2Indicators and Valuation; The largest of H − L, |H − prior close| and |L − prior close|; RelatedPopulation standard deviation EMA Signal line; Taught inAdvanced Ch.1
t-statistic#: Ch. 9Quant, Backtesting and Automation; An estimate divided by its standard error; RelatedStandard error of Sharpe Bonferroni cutoff Family-wise error; Taught inAdvanced Ch.8

U0 terms

Underpricing#: Ch. 7Disclosures, Insiders and Big Money; Pricing below where the shares first trade; RelatedLiquidation preference Stabilization Basic and fully diluted shares; Taught inGhostWire Ch.15
Upward curve#: Ch. 3Options Mechanics and the Greeks; Longer-dated implied volatility above shorter-dated; RelatedImplied volatility Implied volatility (IV)Inverted curve; Taught inAdvanced Ch.9
Used margin#: Ch. 6Rates, Fed, Macro and Forex; Collateral locked by open positions, notional times the margin rate; RelatedMargin level Free margin Stop-out; Taught inAdvanced Ch.17
Useful life and depreciation#: Ch. 8Events, Forced Flows and Themes; Years over which an asset’s cost is expensed; straight-line is cost divided by years; RelatedHalf-life Hyperscaler Overfitting and multiple testing; Taught inGhostWire Ch.30

V0 terms

Value at Risk (VaR)#: Ch. 3Options Mechanics and the Greeks; The loss that is exceeded in no more than the chosen share of periods; RelatedExpected shortfall Equal risk contribution Downside deviation; Taught inAdvanced Ch.7 Advanced Ch.13
Vanna#: Ch. 4Dealer Flow and Volatility; The change in delta caused by a change in implied volatility; RelatedImplied volatility Implied volatility (IV)Delta; Taught inGhostWire Ch.8 GhostWire Ch.17 Advanced Ch.6
Variance#: Ch. 4Dealer Flow and Volatility; Volatility squared; (VIX / 100)² is annualized variance; RelatedEvent variance Hedge effectiveness Total variance; Taught inGhostWire Ch.27 Advanced Ch.13
Variation margin#: Ch. 7Disclosures, Insiders and Big Money; Cash that moves with the daily mark-to-market; RelatedInitial margin Maintenance requirement and margin call Static and dynamic margining; Taught inGhostWire Ch.13
Vega#: Ch. 4Dealer Flow and Volatility; Option price change for one point of IV; RelatedVega weighting Vomma (volga)Implied volatility (IV); Taught inAdvanced Ch.11
Vega weighting#: Ch. 3Options Mechanics and the Greeks; Comparing legs by vega, since at-the-money vega grows with the square root of time; RelatedVega Leg Upward curve; Taught inAdvanced Ch.9
Vertical spread#: Ch. 3Options Mechanics and the Greeks; Two options of one type and one expiry at different strikes, one bought and one sold; RelatedPut-call parity Early assignment Pin risk; Taught inAdvanced Ch.5
Virtual reserves#: Ch. 10Crypto, DeFi and On-Chain; The SOL and token amounts the pricing formula treats as being in the pool; RelatedReserve Bonding curve Constant-product invariant; Taught inGhostWire Ch.21
VIX future#: Ch. 4Dealer Flow and Volatility; A contract that settles to a special opening quotation of the VIX on a fixed expiry date; RelatedTerm structure Special Opening Quotation 30-day fed funds futures; Taught inGhostWire Ch.27
VIX9D and VIX3M#: Ch. 4Dealer Flow and Volatility; The same Cboe method over 9 days and over 3 months; RelatedTerm structure Constant maturity Mean reversion; Taught inGhostWire Ch.27
Vol point#: Ch. 4Dealer Flow and Volatility; One unit of the quote: a move from 20 to 21 is one point; RelatedBasis point (bp)Implied volatility and a volatility point Implied volatility; Taught inGhostWire Ch.27
Volatility drag#: Ch. 6Rates, Fed, Macro and Forex; The gap between arithmetic and geometric growth caused by swings; RelatedRoll and premium drag Log growth rate g(f)Kelly fraction (f*); Taught inAdvanced Ch.16
Volatility risk premium#: Ch. 4Dealer Flow and Volatility; The typical excess of implied over realized volatility; RelatedRealized volatility Implied volatility Volatility targeting; Taught inGhostWire Ch.27
Volatility targeting#: Ch. 4Dealer Flow and Volatility; Sizing exposure as target volatility divided by realized volatility, often with a cap of 100%; RelatedRealized volatility Target (minimum acceptable return)Cap; Taught inGhostWire Ch.24 GhostWire Ch.27
Volatility (σ)#: Ch. 10Crypto, DeFi and On-Chain; The standard deviation of returns over a stated period, usually annualized; RelatedZ-score Covariance Fat tails; Taught inAdvanced Ch.13
Volume and open interest#: Ch. 1Market Structure and Order Flow; Contracts traded today, and contracts outstanding at the previous close; RelatedFunding rate and open interest Open interest Open interest and volume; Taught inGhostWire Ch.5
Vomma (volga)#: Ch. 3Options Mechanics and the Greeks; How vega changes when implied volatility changes; RelatedImplied volatility Implied volatility (IV)Vega; Taught inAdvanced Ch.6
VVIX#: Ch. 4Dealer Flow and Volatility; An index of the implied volatility of VIX options, the volatility of volatility; RelatedImplied volatility Implied volatility (IV)Contango and backwardation; Taught inGhostWire Ch.27
VWAP and ADX#: Ch. 1Market Structure and Order Flow; VWAP is the volume-weighted average price of the session; ADX measures trend strength on a 0 to 100 scale; RelatedExtended hours Opening range LULD; Taught inGhostWire Ch.18

W0 terms

Walk-forward efficiency#: Ch. 9Quant, Backtesting and Automation; Mean out-of-sample return divided by mean in-sample return; RelatedForward guidance Forward volatility Standard error of Sharpe; Taught inAdvanced Ch.8
Weight drift#: Ch. 7Disclosures, Insiders and Big Money; A position’s weight changing because prices or other holdings changed; RelatedRelative importance (weight)Best-idea weight and crowding Weight (w); Taught inGhostWire Ch.10
Weight (w)#: Ch. 10Crypto, DeFi and On-Chain; The fraction of portfolio value held in one asset; RelatedInverse-volatility weights Risk contribution Weight drift; Taught inAdvanced Ch.13
Whale threshold#: Ch. 10Crypto, DeFi and On-Chain; The size above which a feed raises an alert, often set in dollars; RelatedReg SHO threshold list Stablecoin mint and burn Hot and cold wallet; Taught inGhostWire Ch.11
Whisper number#: Ch. 6Rates, Fed, Macro and Forex; An unofficial estimate that traders position around, often different from consensus; RelatedConsensus Surprise Shelter and owners’ equivalent rent; Taught inGhostWire Ch.6 GhostWire Ch.25
Wholesaler or internalizer#: Ch. 1Market Structure and Order Flow; A market maker that buys retail order flow and fills it against its own inventory; RelatedMarket maker (dealer)Resting order ADV; Taught inGhostWire Ch.1
Width#: Ch. 3Options Mechanics and the Greeks; The distance between the two strikes; RelatedReturn on risk Breakeven win rate Net debit or credit; Taught inAdvanced Ch.5
Win probability (p)#: Ch. 6Rates, Fed, Macro and Forex; The share of trades that finish as winners; RelatedImplied probability Model probability Touch probability; Taught inAdvanced Ch.16
Wing width#: Ch. 3Options Mechanics and the Greeks; Distance between a short strike and the long strike that protects it; RelatedBroken wing Value at Risk (VaR)Payoff at expiration; Taught inAdvanced Ch.7
Wrapped token#: Ch. 10Crypto, DeFi and On-Chain; A token backed by an asset, here shares, that an issuer holds; a claim on the issuer; RelatedBridge and wrapped token Issuer-native token Synthetic or perpetual token; Taught inGhostWire Ch.29

Y0 terms

Year over year (YoY)#: Ch. 6Rates, Fed, Macro and Forex; The percentage change from the same month a year earlier; RelatedBase effect Contribution Month over month (MoM); Taught inGhostWire Ch.6
Yes and No#: Ch. 10Crypto, DeFi and On-Chain; The two sides of one contract; a Yes price plus the matching No price equals $1.00; RelatedEvent contract Synthetic or perpetual token Fully collateralized contract; Taught inGhostWire Ch.29
Yield to maturity (YTM)#: Ch. 6Rates, Fed, Macro and Forex; The single discount rate that makes the present value of every promised payment equal the bond price; RelatedPresent value (PV)Discount rate Discount rate (r); Taught inGhostWire Ch.22

Z1 term

Zero-cost collar#: Ch. 5Risk, Sizing and Hedging; A collar whose call credit equals the put debit; RelatedCollar Debit Zero-line cross; Taught inAdvanced Ch.4
Zero-line cross#: Ch. 2Indicators and Valuation; The MACD line changing sign; RelatedMACD line Zero-cost collar Cross margin; Taught inAdvanced Ch.1
Z-score#: Ch. 9Quant, Backtesting and Automation; Distance from the average in units of standard deviation; RelatedVolatility (σ)Rate product Spread (pair); Taught inAdvanced Ch.12 Advanced Ch.13

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