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.



A position consisting of a long (short) call and a long (short) put, where both options have the same underlying and expiration date, but different strike prices. Typically, both options are out-of-the-money.