Welcome to the RJO Futures trading terms glossary. Within this glossary, you will find an expansive list of trading terms covering commodity, option, and futures trading terminology. Bookmark this section as a quick reference for definitions of trading terms as you browse the Internet and our site for more information on futures and options trading within the financial and commodities markets.



An option contract that gives the owner the right (but not the obligation) to buy a security or commodity at a predetermined price within a given time period. Also, an exchange-designated buying and selling period, during which trading is conducted to establish a price range for a particular time.