IOC orders need not be filled in their entirety. Implied Volatility A measurement of the market's expected price range of the underlying commodity futures based on market-traded options premiums. An option that can be exercised and immediately closed out against the underlying market for a cash credit. For calls, intrinsic value equals the difference between the underlying futures price and the option's strike price. For puts, intrinsic value equals the option's strike price minus the underlying futures price.
Intrinsic value is never less than zero.
A firm engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery.