Futures Trading Terms Glossary


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.


Round Turn per Million

Round turn per million represents the number of trades (in and out) that a CTA program trades on an annual basis, based on a $1 million account. Round turn per million is a statistic often used by managed futures advisors. A round turn accounts for one single completed trade, which includes a buy and sell. Once you have your round turn per million number (number of round turns completed per million dollars) you can multiply that by two to achieve the total number of contracts trader per million dollars. Remember, a round turn is both a buy and sell counted as one, so to get the total number of contracts traded you have to count a buy or sell as its own entity.