# HPT TRADING CHEAT SHEETS 329 terms / 9 sections Updated October 26, 2026 Use the same symbol, session and timezone as the stream. Definitions are educational chart references, not trade instructions. ## Stream levels & sessions PML — Premarket low Lowest price in the selected premarket window; match chart session settings. PMH — Premarket high Highest price in the selected premarket window. PDH — Previous-day high Prior trading day's high; specify regular or full session. PDL — Previous-day low Prior trading day's low; specify regular or full session. 4DL — Four-day low HPT screenshot meaning: four-day low. Confirm whether the indicator includes today's developing session. 4DH — Four-day high High across a four-day lookback; confirm inclusion of today's session. PDC — Previous-day close Prior session's closing price; distinct from futures settlement. PDO — Previous-day open Prior session's opening price. HOD — High of day Highest traded price so far in the selected day/session. LOD — Low of day Lowest traded price so far in the selected day/session. ONH — Overnight high High during the configured overnight window. ONL — Overnight low Low during the configured overnight window. PWH — Previous-week high Highest price in the prior completed trading week. PWL — Previous-week low Lowest price in the prior completed trading week. PWC — Previous-week close Closing price of the prior completed trading week. PMoH — Previous-month high Prior calendar month's high; spelling varies by indicator. PMoL — Previous-month low Prior calendar month's low; distinguish from premarket low. ATH — All-time high Highest price in the available comparable history; adjustments matter. ATL — All-time low Lowest price in the available comparable history. 52-week high — Rolling yearly high Highest price over the last 52 weeks. 52-week low — Rolling yearly low Lowest price over the last 52 weeks. RTH — Regular trading hours Product-specific regular session; US cash equities generally 9:30 a.m.–4 p.m. Eastern. ETH — Extended trading hours Trading outside regular hours; may also mean Ether in crypto. Premarket — Before cash open Equity trading before the regular cash session. After-hours — After cash close Equity trading after the regular cash session. Opening range — Initial session range High and low over a defined opening interval, such as five or fifteen minutes. ORH — Opening-range high High of the chosen opening interval. ORL — Opening-range low Low of the chosen opening interval. ORB — Opening-range breakout Move beyond that interval's boundary; a break can fail. IB — Initial balance Often the first hour's range in market-profile work; confirm methodology. Cash open — Regular-session start Opening of the underlying cash market. Globex — CME electronic venue Electronic futures marketplace; trading hours depend on the contract. Settlement — Official daily reference Exchange-calculated daily value used for marking futures positions. Session VWAP — Session volume-weighted average Average trade price weighted by volume since the session anchor. Anchored VWAP — Event-anchored average Volume-weighted average starting from a chosen time or event. Gap up — Higher opening Opening above the chosen prior reference, often the previous close. Gap down — Lower opening Opening below the chosen prior reference. Gap fill — Return through a gap Price revisits a defined gap reference; not an inevitable event. ## Price action & structure Support — Potential buying area Area where buying previously slowed a decline; it can break. Resistance — Potential selling area Area where selling previously slowed a rise; it can break. Supply zone — Selling-interest area Chart area interpreted as potential selling interest, not proof of resting orders. Demand zone — Buying-interest area Chart area interpreted as potential buying interest. Trend — Directional structure Persistent price direction over a stated timeframe. Uptrend — Rising structure A sequence commonly described by higher highs and higher lows. Downtrend — Falling structure A sequence commonly described by lower highs and lower lows. HH — Higher high Swing high above the prior comparable swing high. HL — Higher low Swing low above the prior comparable swing low. LH — Lower high Swing high below the prior comparable swing high. LL — Lower low Swing low below the prior comparable swing low. Swing high — Local peak A high surrounded by lower highs under a defined swing rule. Swing low — Local trough A low surrounded by higher lows under a defined swing rule. Range — Bounded trading Price moving between identifiable upper and lower boundaries. Consolidation — Price compression Sideways or narrowing movement following or between directional moves. Breakout — Move above a boundary Price trades above a defined resistance or range. Breakdown — Move below a boundary Price trades below a defined support or range. Retest — Return to a level Price revisits an area after moving away or breaking through it. Reclaim — Regain a level Price returns above a previously lost reference; define acceptance criteria. Rejection — Failure to sustain Price tests an area and moves away without sustained acceptance. Acceptance — Sustained trading Time or volume building near or beyond a level under a stated rule. False breakout — Failed upside break Price breaks upward and returns inside the prior structure. False breakdown — Failed downside break Price breaks downward and returns inside the prior structure. Bull trap — Failed bullish move An upside move reverses and leaves late buyers under pressure. Bear trap — Failed bearish move A downside move reverses and leaves late sellers under pressure. Pullback — Countertrend pause A temporary move against the observed trend. Retracement — Partial reversal Price gives back part of a prior move. Reversal — Direction change A change in the prevailing directional structure. Continuation — Trend resumption Movement in the prior trend's direction after a pause. Impulse — Strong directional leg A relatively forceful move over the chosen timeframe. Chop — Overlapping movement Frequent reversals and limited follow-through. Whipsaw — Rapid reversal A move that triggers participation and quickly reverses. Mean reversion — Return toward an average A tendency or trade thesis involving return toward a reference mean. Extension — Distance from reference A move stretched from an average, level, or prior range. Confluence — Overlapping evidence Several independent observations point to the same area or scenario. BOS — Break of structure Break of a defined swing point; rules differ across methods. CHOCH — Change of character Method-specific early shift in directional structure. MSS — Market structure shift A method-defined change in the prevailing swing structure. FVG — Fair value gap In common three-candle usage, non-overlap between the first and third candle extremes; not an exchange pricing guarantee. Order block — Method-defined chart zone A candle or zone interpreted as preceding displacement; does not prove institutional orders. Liquidity sweep — Trade beyond a reference Price crosses a visible high or low, often followed by a reversal; intent is not directly observable. Displacement — Rapid directional expansion A forceful move with relatively little overlap. Equal highs — Similar swing peaks Highs clustered near the same price within a chosen tolerance. Equal lows — Similar swing troughs Lows clustered near the same price within a chosen tolerance. ## Chart patterns & candles OHLC — Open high low close Four prices describing a bar over its interval. Candle body — Open-to-close area Distance between a candle's opening and closing prices. Wick — Intrabar extension Line showing movement beyond the candle body. Doji — Similar open and close Candle with a small body relative to its range. Hammer — Long lower wick Small body near the top of a candle after a decline; context matters. Shooting star — Long upper wick Small body near the bottom after an advance; context matters. Bullish engulfing — Upward body overlap An up candle's body envelops the prior down candle's body. Bearish engulfing — Downward body overlap A down candle's body envelops the prior up candle's body. Inside bar — Contained range Bar high and low sit within the preceding bar's range. Outside bar — Expanded range Bar high exceeds and low falls below the preceding bar's extremes. Marubozu — Little-wick candle Candle whose body occupies nearly its entire range. Head and shoulders — Three-peak structure Middle peak is highest; shoulders are lower peaks around it. A neckline break is commonly used for confirmation. Inverse head and shoulders — Three-trough structure Middle trough is lowest; shoulders are shallower troughs. The shoulders need not point in opposite directions. Neckline — Pattern reference line Line connecting reaction lows in a head-and-shoulders top, or highs in its inverse. Double top — Two-peak pattern Two similar highs separated by a decline; confirmation rules vary. Double bottom — Two-trough pattern Two similar lows separated by a rally. Triple top — Three-peak pattern Three tests of a similar resistance area. Triple bottom — Three-trough pattern Three tests of a similar support area. Bull flag — Pause after a rally Tight sideways or downward consolidation after an upward impulse. Bear flag — Pause after a decline Tight sideways or upward consolidation after a downward impulse. Pennant — Small converging pause Brief converging range following an impulse. Ascending triangle — Flat highs rising lows Compression between horizontal resistance and rising support. Descending triangle — Flat lows falling highs Compression between horizontal support and falling resistance. Symmetrical triangle — Converging boundaries Falling swing highs and rising swing lows. Rising wedge — Rising converging lines Both boundaries rise and narrow; directional outcome requires confirmation. Falling wedge — Falling converging lines Both boundaries fall and narrow. Cup and handle — Rounded base and pause Rounded recovery followed by a smaller consolidation. Rounded bottom — Gradual base A broad transition from decline to recovery. Channel — Parallel boundaries Price structure bounded by roughly parallel trend lines. Trendline — Swing reference line Line connecting selected highs or lows; selection is discretionary. Measured move — Projection method Estimate based on the size of a preceding leg or pattern; not a promised target. ## Indicators & volume SMA — Simple moving average Arithmetic average over a chosen number of observations. EMA — Exponential moving average Average that weights recent observations more heavily. WMA — Weighted moving average Average using specified unequal observation weights. RSI — Relative strength index Momentum oscillator based on average gains and losses over a lookback. MACD — Moving average convergence divergence Difference between two exponential averages, commonly paired with a signal average. MACD histogram — MACD minus signal Difference between the MACD line and its signal line. ATR — Average true range Smoothed measure of price range including gaps; measures movement, not direction. Bollinger Bands — Deviation bands Bands usually drawn a set number of standard deviations from a moving average. Keltner Channels — Range-based bands Bands commonly placed around an EMA using ATR. Stochastic oscillator — Close within recent range Momentum measure comparing the close with a recent high-low range. ADX — Average directional index Indicator of trend strength rather than trend direction. ROC — Rate of change Percentage price change over a chosen lookback. CCI — Commodity channel index Oscillator measuring deviation from a statistical price reference. OBV — On-balance volume Running volume measure adding on up closes and subtracting on down closes. MFI — Money flow index Volume-weighted oscillator based on price and volume. RVOL — Relative volume Volume compared with a baseline; time-of-day alignment matters. Volume — Quantity traded Shares or contracts exchanged over an interval. Volume profile — Volume by price Distribution of traded volume across price levels. POC — Point of control Price with the highest volume in the selected volume profile. VAH — Value-area high Upper edge of a chosen profile value-area percentage. VAL — Value-area low Lower edge of the selected profile value area. HVN — High-volume node A local concentration of volume in a profile. LVN — Low-volume node A local valley of volume in a profile. TPO — Time price opportunity Market-profile unit recording a price's presence within a time bracket. Divergence — Indicator disagreement Price makes a new extreme while a chosen indicator does not. Overbought — Elevated oscillator reading Indicator at a high threshold; does not mean price must fall. Oversold — Depressed oscillator reading Indicator at a low threshold; does not mean price must rise. Breadth — Participation measure How broadly securities participate in a market move. Advance-decline line — Cumulative net advances Running total of advancing issues minus declining issues. TICK — Uptick-downtick measure Exchange-specific count difference between stocks last trading on upticks and downticks. Relative strength — Comparative performance Performance of one asset against another; different from RSI. Sector rotation — Leadership changes Capital or performance leadership shifting among sectors. ## Orders & execution Bid — Displayed buying price Highest displayed price buyers currently offer in the chosen feed. Ask — Displayed selling price Lowest displayed price sellers currently request; also called offer. Spread — Bid-ask difference Gap between best bid and ask; elsewhere can mean a multi-leg position. Midpoint — Quote average Arithmetic midpoint of best bid and ask; execution there is not assured. Market order — Immediate execution request Order seeking execution at available prices; final price is not guaranteed. Limit order — Price-bounded order Buy at the limit or lower, or sell at the limit or higher; may remain unfilled. Stop order — Triggered market order Becomes a market order when its trigger condition is met; execution may differ from stop price. Stop-limit order — Triggered limit order Becomes a limit order at its trigger; may not execute. Trailing stop — Moving stop trigger Stop reference moves with favorable price movement under the broker's rules. Bracket order — Linked entry and exits Entry paired with protective and target orders; linkage and behavior depend on the platform. OCO — One cancels the other Linked orders where execution of one cancels the other under supported rules. DAY — Day order duration Order expires at the end of its applicable trading session if unfilled. GTC — Good till canceled Order remains active until canceled or broker expiration rules apply. IOC — Immediate or cancel Executes available quantity immediately and cancels the rest. FOK — Fill or kill Must execute the entire requested quantity immediately or cancel. Partial fill — Incomplete execution Only part of an order's quantity executes. Slippage — Expected versus actual fill Difference between intended or reference price and executed price. Liquidity — Ability to transact Ability to trade size with limited price impact; varies by price and time. Market depth — Resting orders by level Displayed order quantities at multiple bid and ask prices. DOM — Depth of market Ladder interface showing prices and available order-book depth. Level II — Depth quote display Multiple quote levels or participants; coverage depends on feed. Time and sales — Trade tape Sequence of reported executions with price, size, and time. Aggressive order — Liquidity-taking order Order that executes against available resting liquidity. Passive order — Liquidity-providing order Order resting rather than immediately crossing the spread. Absorption — Trading without much progress Repeated executions absorbed near a price; inferred from order-flow data. Iceberg order — Partially displayed size Order displaying only a portion of its total size. Order-flow delta — Buy minus sell volume estimate Aggressive buy volume minus aggressive sell volume under the feed's classification. CVD — Cumulative volume delta Running sum of classified order-flow delta; not options delta. Footprint chart — Volume within each bar Displays traded volume at price levels, often split by bid and ask classification. Imbalance — Unequal buying and selling Large relative difference in defined order-flow quantities; methodology matters. Queue position — Place among resting orders Execution priority at a price under venue rules. Short sale — Sale of borrowed shares Selling borrowed stock with an obligation to return it; losses can exceed proceeds. Short covering — Buying back a short Purchase that reduces or closes a short position. Short squeeze — Forced buying pressure Sharp rise amplified by shorts buying to reduce exposure. ## Options essentials Call — Right to buy Option granting its holder the right to buy the underlying at the strike under contract terms. Put — Right to sell Option granting its holder the right to sell the underlying at the strike under contract terms. Strike — Exercise price Contract price used when an option is exercised. Expiration — Contract end date Date an option expires; trading and exercise deadlines can differ. DTE — Days to expiration Time remaining until expiration; counting conventions vary. 0DTE — Expires today An option with expiration on the current trading date. Premium — Option price Price paid by buyer and received by seller, before costs. Underlying — Referenced asset Security, index, or futures contract an option is based on. Contract multiplier — Value scaling factor Converts quoted premium into contract value; standard US equity options commonly use 100, but adjusted contracts differ. ITM — In the money Call strike below underlying price, or put strike above it. ATM — At the money Strike near the current underlying price. OTM — Out of the money Call strike above underlying price, or put strike below it. Intrinsic value — Immediate exercise value Nonnegative difference favorable to exercise, before costs and contract nuances. Extrinsic value — Premium beyond intrinsic Option premium minus intrinsic value. Time decay — Loss of time value Effect of time passing on an option, holding other pricing inputs constant. IV — Implied volatility Volatility input inferred from market option prices through a pricing model. HV — Historical volatility Volatility measured from past price changes. IV crush — Drop in implied volatility Rapid IV decline that can reduce option value even after a correct directional view. IV rank — IV within a range Current IV's position between a lookback high and low; provider formulas vary. IV percentile — Historical IV comparison Percentage of lookback observations with IV below the current reading. Volatility skew — IV differences by strike Pattern of implied volatility across strikes for a given expiration. Term structure — IV across maturities Pattern of implied volatility by expiration. Open interest — Outstanding contracts Number of open contracts, distinct from daily trading volume; often updated daily. Exercise — Use contractual right Holder invokes the option's buy or sell right under its terms. Assignment — Seller obligation activated Short option holder is required to perform under contract terms. Early assignment — Assignment before expiry Possible for American-style short options before expiration. American style — Exercise before expiry allowed Exercise can occur before expiration under the contract's rules. European style — Exercise at expiry only Exercise is restricted to expiration under contract rules. Cash settlement — Cash obligation Settlement uses cash rather than delivery of the referenced asset. Physical settlement — Asset delivery Exercise or assignment produces delivery of the underlying asset. BTO — Buy to open Purchase establishing or increasing a long option position. STC — Sell to close Sale reducing or closing a long option position. STO — Sell to open Sale establishing or increasing a short option position. BTC — Buy to close Purchase reducing or closing a short option position; BTC also means Bitcoin in crypto. Debit spread — Net-premium-paid spread Multi-leg options position opened for a net payment. Credit spread — Net-premium-received spread Multi-leg options position opened for a net receipt, with remaining obligations. Vertical spread — Same expiry different strikes Options of the same type at different strikes and the same expiration. Calendar spread — Different expirations Options at different expirations, commonly with the same strike. Diagonal spread — Different strikes and expirations Spread combining different strikes and maturities. Straddle — Call and put same strike Call and put with the same strike and expiration; can be bought or sold. Strangle — Call and put different strikes Call and put at different strikes with the same expiration. Iron condor — Paired credit spreads Commonly an out-of-the-money put credit spread plus call credit spread in one expiration. Butterfly — Three-strike spread Commonly a 1:-2:1 option structure with equally spaced strikes; variants exist. Covered call — Stock plus short call Long underlying shares with a corresponding short call; upside is capped and downside remains. Cash-secured put — Cash-backed short put Short put backed by sufficient cash for potential share assignment. Naked option — Uncovered short option Short option without the corresponding covering asset or hedge; substantial loss exposure. Roll — Close and reopen Close an option and open another strike or expiry; does not erase the closed result. Breakeven — Zero-result reference Price where the position's modeled result is zero under stated timing and cost assumptions. Pin risk — Near-strike expiration uncertainty Uncertainty about exercise or assignment and resulting exposure near a strike. ## Greeks & gamma context Delta — Underlying-price sensitivity Modeled change in option price for a one-unit underlying move, with other inputs held constant. Gamma — Delta sensitivity Modeled change in delta for a one-unit underlying move. Theta — Time sensitivity Modeled effect of time passing; convention and units depend on the platform. Vega — Volatility sensitivity Modeled premium change for an IV change, commonly one percentage point. Rho — Interest-rate sensitivity Modeled premium change as interest rates change. Vanna — Delta-volatility sensitivity Change in delta with IV, equivalently change in vega with underlying price under smooth models. Charm — Delta-time sensitivity Change in delta as time passes; sign conventions differ. Vomma — Vega-volatility sensitivity Change in vega as implied volatility changes. Speed — Gamma-price sensitivity Change in gamma as underlying price changes. GEX — Gamma exposure estimate Model-based aggregate gamma measure; assumptions about positions, units, and signs differ by provider. DEX — Delta exposure estimate Aggregate modeled delta exposure under a provider's positioning assumptions. Positive gamma — Long-gamma exposure For a long-gamma hedger maintaining delta neutrality, rising prices can prompt selling and falling prices buying. Negative gamma — Short-gamma exposure For a short-gamma hedger maintaining delta neutrality, rising prices can prompt buying and falling prices selling. Gamma flip — Estimated sign-change level Modeled underlying level where net gamma changes sign; not a guaranteed pivot. Call wall — Provider-defined call concentration A strike identified by a provider's call-positioning metric; not guaranteed resistance. Put wall — Provider-defined put concentration A strike identified by a provider's put-positioning metric; not guaranteed support. Zero gamma — Estimated neutral-gamma level Level where the provider's net modeled gamma is approximately zero. Dealer hedging — Inventory-risk adjustment Transactions used by dealers to manage exposure; actual inventory is usually not directly observable. Delta neutral — Near-zero net delta Position with approximately zero modeled first-order directional exposure at that moment. Gamma scalping — Dynamic delta hedging Adjusting the underlying against option gamma; costs and time decay affect results. Max pain — Expiry payout estimate Strike minimizing a simplified payout calculation based on open interest; not a reliable price magnet. Expected move — Model-based range estimate Magnitude implied by an option-based or statistical method; not a price boundary. ## Futures & instruments Futures contract — Standardized forward obligation Exchange-traded agreement to buy or sell a specified underlying under contract terms. Tick size — Smallest price increment Minimum permitted price change for an instrument. Tick value — Value of one tick Dollar change per contract for one minimum price increment. Point value — Value per price point Contract's dollar profit or loss for a one-point price move. Notional value — Underlying economic exposure Contract price multiplied by its applicable multiplier or size. Initial margin — Opening performance bond Required collateral to establish futures exposure; not maximum possible loss. Maintenance margin — Ongoing collateral minimum Minimum account equity required to maintain positions under applicable rules. Margin call — Additional collateral demand Request to restore required equity; positions may be liquidated under broker rules. Mark to market — Revalue at market Recognizing position gains and losses against market or settlement references. Front month — Nearest relevant expiry Nearest listed expiration generally used for active trading; rollover conventions vary. Rollover — Switch contract months Close exposure in one expiration and establish it in another. Continuous contract — Stitched futures history Chart combining contract months; adjustments and roll rules can change levels. Basis — Cash-futures difference Difference between spot and futures prices under the stated sign convention. Contango — Higher deferred futures Futures curve with later contracts priced above nearer contracts. Backwardation — Lower deferred futures Futures curve with later contracts priced below nearer contracts. ES — E-mini S&P 500 futures CME equity-index futures tracking S&P 500 exposure; consult current contract specifications. MES — Micro E-mini S&P 500 futures Smaller-sized S&P 500 futures contract. NQ — E-mini Nasdaq-100 futures CME futures providing Nasdaq-100 index exposure. MNQ — Micro E-mini Nasdaq-100 futures Smaller-sized Nasdaq-100 futures contract. YM — E-mini Dow futures Futures providing Dow Jones Industrial Average exposure. RTY — E-mini Russell 2000 futures Futures providing Russell 2000 index exposure. CL — WTI crude oil futures NYMEX futures referencing West Texas Intermediate crude oil. GC — Gold futures COMEX futures referencing gold under exchange contract terms. SPX — S&P 500 index Index value; distinct from SPY shares and ES futures. NDX — Nasdaq-100 index Index tracking a defined portfolio of major Nasdaq-listed nonfinancial companies. SPY — S&P 500 ETF Exchange-traded fund seeking to track the S&P 500. QQQ — Nasdaq-100 ETF Exchange-traded fund seeking to track the Nasdaq-100. IWM — Russell 2000 ETF Exchange-traded fund seeking small-cap Russell 2000 exposure. ETF — Exchange-traded fund Pooled investment vehicle traded on an exchange. Index — Market benchmark Calculated measure of a defined basket of securities or other assets. ## Risk, process & macro Long — Positive asset exposure Position generally benefiting when the asset rises, subject to instrument structure. Short — Negative asset exposure Position generally benefiting when the asset falls, subject to instrument structure. Flat — No open exposure No position in the referenced instrument or strategy. Entry — Position initiation Execution establishing or adding exposure. Exit — Position reduction Execution reducing or closing exposure. Stop loss — Planned loss control Order or rule intended to limit losses; actual loss can exceed the planned amount. Take profit — Planned profit exit Order or rule to reduce exposure at a favorable objective. Invalidation — Thesis failure condition Observation that makes the original trade reasoning no longer applicable. Position sizing — Exposure selection Choosing quantity based on risk budget, instrument behavior, and execution constraints. R — Initial risk unit Planned initial risk for a trade; actual outcomes may exceed it. R multiple — Result relative to risk Trade result divided by its defined initial risk. Risk reward — Risk versus objective Comparison of planned loss and profit distances or amounts; specify ordering. Drawdown — Peak-to-trough decline Loss from an account or strategy equity peak to a subsequent trough. Maximum drawdown — Largest observed decline Greatest peak-to-trough loss over the stated sample. Realized P&L — Closed-position result Profit or loss recognized on closed exposure, with cost treatment stated. Unrealized P&L — Open-position result Marked profit or loss on positions still open; can change before exit. Gross P&L — Result before costs Profit or loss before the stated fees and other deductions. Net P&L — Result after costs Profit or loss after the included costs; state which costs are included. Win rate — Winning-trade proportion Winning closed trades divided by the chosen closed-trade sample. Expectancy — Average expected result Win probability times average win minus loss probability times average loss, with costs handled consistently. Profit factor — Gross profits divided by losses Sum of winning trade profits divided by absolute losing trade losses under stated cost treatment. Scale in — Build exposure gradually Add position size across multiple entries. Scale out — Reduce exposure gradually Close portions of a position across multiple exits. Runner — Remaining position portion Size left open after partial exits, still carrying market risk. Averaging down — Adding below cost Adding to a long position at lower prices, increasing total exposure. Hedge — Offsetting exposure Position intended to reduce a defined risk; may introduce other risks. Correlation — Co-movement statistic Measure of association between returns; changes across samples and regimes. Leverage — Exposure relative to equity Controlling market exposure larger than committed equity; magnifies gains and losses. Buying power — Available trade capacity Broker-calculated capacity under account and margin rules. FOMO — Fear of missing out Pressure to enter because a move is already happening. Revenge trading — Emotion-driven recovery attempt Taking trades mainly to win back a prior loss. Overtrading — Excess activity Trading beyond the strategy's valid opportunities or risk limits. Trading journal — Decision and outcome record Record of setup, execution, risk, behavior, and results for review. Backtest — Historical rule evaluation Test of specified rules on past data; results depend on assumptions and costs. Forward test — Prospective rule evaluation Observe a strategy on newly arriving data, often in simulation. Paper trading — Simulated execution Practice trades without live capital; fills and behavior may differ from live trading. Sample size — Observation count Number of trades or events supporting an estimate. CPI — Consumer price index Measure of changes in prices paid by consumers for a defined basket. PCE — Personal consumption expenditures Spending measure; its price indexes are widely watched inflation measures. NFP — Nonfarm payrolls US payroll employment measure excluding specified categories, released in the jobs report. FOMC — Federal Open Market Committee Federal Reserve committee responsible for US monetary-policy decisions. GDP — Gross domestic product Measure of economic output over a period. Yield — Income or return measure For bonds, a return measure tied to price and cash flows; specify the yield convention. DXY — US Dollar Index Benchmark measuring the dollar against a defined currency basket. VIX — Cboe Volatility Index Options-implied measure of expected S&P 500 volatility over roughly 30 days; not market direction. Catalyst — Potential repricing event News or event that may alter expectations and market prices. Earnings — Company results event Corporate financial report that can change price and implied volatility. Halt — Trading pause Temporary suspension under exchange or regulatory rules. Circuit breaker — Rule-based market pause Trading interruption triggered by specified market thresholds. Sources for further study: https://www.investor.gov/introduction-investing/investing-basics/how-stock-markets-work/types-orders https://www.optionseducation.org/advancedconcepts/understanding-options-greeks https://www.cmegroup.com/education/glossary HPT stream abbreviations: user-supplied October 26, 2026 clarification.