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The Rules and of th._, Chicago Board ofTradc don't require hand signals during open outcry trading. But. In most acti c markets. Hand signals arc in ing crbal bids and offers. Hand signals indicate price and quantity as hcther a trader is buying or selling.
The Rules and of th._, Chicago Board ofTradc don't require hand signals during open outcry trading. But. In most acti c markets. Hand signals arc in ing crbal bids and offers. Hand signals indicate price and quantity as hcther a trader is buying or selling.
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The Rules and of th._, Chicago Board ofTradc don't require hand signals during open outcry trading. But. In most acti c markets. Hand signals arc in ing crbal bids and offers. Hand signals indicate price and quantity as hcther a trader is buying or selling.
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Attribution Non-Commercial (BY-NC)
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Скачайте в формате PDF, TXT или читайте онлайн в Scribd
trading that has ah\ays f<Iscinatcd the public. Surprisingly. the Rules and of th._, Chicago Board ofTradc don't require hand signals during open outcry trading. But. in most acti\ c markets. hand signals arc in ing \crbal bids and offers. '\nt using h<llld signals or using them can lead to mistakes. Hand signals indicate price and quantity as \\hcther a trader is buying or selling .. \ trader has the palm of his hand LlL'ing i1mard if he is bu) ing and nllt\\;ml if he is selling. BUY T l SEll \ I
rJ ,J I ; c i _'::J Jt _;::,_, I 7 fc: cj J .. Lj. v I : i \ I l : t l (. I Designating Quantity in Financial Futures & Options Traders in financial futures and options call out quantity during open outcry trading to indicate the number of contracts they \\ant to buy or sell. To ensure accuracy. they abo c:qwcss quantity through hand signals. as i llustratcd bdm\. 1 CONTRACT 2 CONTRACTS
3 CONTRACTS 4 CONTRACTS 2 5 CONTRACTS
' - . . ---: -::::;i. 7 CONTRACTS
I 9 CONTRACTS 3 6 CONTRACTS
8 CONTRACTS
I \ I I \. \. i 10 CONTRACTS Cli!lfillliL'tf Oil j)(('.!,L' .f 20 CONTRACTS
i I 40 CONTRACTS
60 CONTRACTS 30 CONTRACTS
50 CONTRACTS
\ 70 CONTRACTS 80 CONTRACTS 90 CONTRACTS
I 100 CONTRACTS I 1,000 CONTRACTS Combining Quantities in Financial Futures & Options I u l'lllllj1Ullllll I (1 coll- ur tl'cidl'l'' cl comhlllcltll111 ui' ''t'll:tk hn L'\Cllllj1k. 11hen ](1 the 111de\ linger held tll till' tu llldil'ctlL' I() ctlld thL'Il the li11gl'l' j1Lteed tu till' chill tl1 hl'lllltrach l\11 tlltctlul' I (1 eolltrctch. LikL'\\ ti11 l'lllllrclch. t\\ll tingeh uie hl'id to till' liHehectd to JJHiicalL' cllld the11 .\ ilL'Id tu tile chin ttl i11dicalL' X eulltrctl'h t\11 ui' etllltl'cll'h. 10 CONTRACTS 20 CONTRACTS 6 CONTRACTS 10+6=16 \ I 8 CONTRACTS 20 + 8 = 28 i ' I Indicating Price in Financial Futures & Options Futures Pncing in bumb and in pninh and Lach puint at S 1.000 and each _>2d at S_> 1.2). lkcause each llltenal bet\\een I J2 I 32 needs tube 1i1any uf the hand signab at\ ariuus price in ten Olicntimes. traders alternate \crtical and hori;on- gestures tu clearly prices. i.e .. I is indicated by the imlc\ finger held \Crtically. but (J .12 is shl1\\ n hy the indc\ linger held .\ \ cr: common price in ten al is the mm e bel\ wen -'I 3.2 and I 3.2. It may be traced and retraced numerous times in a single day. To minimi;c con- fusion. it is customary that 31 32 is signaled\\ ith the pinky linger and that I 32 is signaled\\ ith the indc\ tingcr. \\hen the market is at e\cn. e.g .. 97-00. the clenched list is held \Crtically and mo\cd from side to side \\ith the thumb e\tcmkd to clearly indicate a price of e\ en. It is critical that traders and brokers follow the market carefully and be \ery clear with their hand signals and open outcry. 1/32,11/32,21/32 2/32, 12/32, 22/32 8 3/32, 13/32, 23/32 4/32, 14/32, 24/32
5/32,15/32,25/32 6/32, 16/32, 26/32
7/32, 17/32, 27/32 8/32, 18/32, 28/32 continued on JWge I li 9 9/32, 19/32, 29/32
30/32
<E------ 32/32 (EVEN) 10 I I I I 10/32, 20/32
31/32
Options lkcausc options arc priced in ttcb one hal I' the ui' tilL' underlying futures, optiutb un bond and nolL' l'uturL'S priced in h-+tlh. rhc signals !'or bund 11lllc: uptiuns l'ullo\\ the sctmc patlL'rn as the ing futures. The require that he carcl'ttl tu dii'fcrcntiatc the prices\ the s;unc signals. For c'\ctmpk: 2/64, 12/64, 22/64, 32/64, 42/64, 52/64, 62/64
11 9/64,19/64,29/64,39/64, 49/64, 59/64
Combining Price and Quantity in Financial Futures & Options 13u)crs indicate price first and then quantity. Sellers du _just the oppusitc: indiGllc qw1ntit) first and then price. Traders so usc an important \ crbal distinction that if the\ to bll\ nr sell. Buvcrs bid . . . price FOR quantity. Sellers otTer quantity .\T pncc. Buyers Bid Price "for" Quantity FOR 9/32
1. .:n ' f 1 11 r ! \ l u ry
( \ I v _I I\\ \ I / / I 20 CONTRACTS The outcry \\ould be "9 for 20." Sellers Offer Quantity "at" Price AT em; ____ _.
\ I I I I / 20 CONTRACTS The outcry \\ould be "20 at 9." 12 9/32 Designating Quantity in Grain Futures & Options In grain futures. each tingcr represents nne nf 5.000 bushels. Traders call out the numbL'r tlf bushels rather than the number nf contrach For C'\ampk. traders refer tn one uf 5.000 bushels ti\ c" than "tlnc." In grain uptinns. traders call nut the number nf contracts traded rather than the number nf bushck (]rain nptinn hand signab for quantity arc simii<Ir to those used in the financial markets. In grain futures. quantity is generally indicated b) the fingers held in a\ crtical ( Uj)\\ard) position. Fur quantities bct\\Ccn 50.000 and I 00.000 bushels, sometimes no specific hand signal is \\'hi\c a trader may hold up both hands. he ottcn relics on open outcry to identitY quantities bct\\Ccn 5lUHHl and I lHUlOO bushels. 5 (5,000 bushels/ 1 contract) 13 F 1' i
Indicating Price in Grain Futures & Options Generally traders signal only the last fraction of the \\hole price. Grain futures are traded in ticks of l/4 cent per bushel. Options on grain futures use ticks that are half those of the underlying futures. This means ticks in options on soybeans, corn, wheat, and oats are 1/8 cent. In the grain markets, the price at which a trader is making his bid or offer is usually shO\vn by the fingers held in a horizontal (sideways) position. Futures J 1/4 1/2
3/4 full cent 16 Options 1/8 2/.8 or 1/4
. ----- 3/8 4/8 or 1/2
. ----- 1 5/8 6/8 or 3/4
----- 7/8 I full cent Combining Price and Quantity in Grain Futures & Options Traders and brokers use combinations of hand sig- nals for price and quantity to indicate the transac- tion they wish to make. As previously mentioneLl grain prices are usually signaled with horizontal gestures, while quantities are usually shmvn with vertical gestures. Buyers Bid Price "for" Quantity A trader vvho is buying would first signal the price and then the quantity. 1/2 CENT 15 (15,000 bushels/ 3 contracts) The outcry would be "A halffor 15 ." e Sellers Offer Quantity "at" Price A trader who is selling would first signal quantity and then price. 15 (15,000 bushels/ 3 contracts) AT The outcry would be "15 at a half." 1/2 CENT This presentation is not all-inclusive. These are the most commonly used hand signals in the financial and grain markets. Variations on these signals are used in other Chicago Board ofTrade futures and options markets. EM91-4 ~ 1995, Board of Trade of the City of Chicago The information in this publication is taken from sources believed to be reliable. but it is not guaranteed by the Chicago Board of Trade as to accuracy or completeness, nor any trading result. and is intended for purposes of information and education only. Nothing herein should be considered as a trading recommendation of the Chicago Board of Trade. The Rules and Regulations of the Chicago Board of Trade should be consulted as the authoritative source on all current contract specifications and regulations. 2.95.1 0000