The maximum daily price change above or below the previous close in a specific futures market. Trading limits may be changed during periods of unusually high market activity. An order given to a broker by a customer which has some restrictions upon its execution. such as price or time. A transaction made in reducing or closing out a long or short position, but more often used by the trade to mean a reduction or closing out of a long position.
Some locals act as brokers as well, but are subject to certain rules that protect customer orders.
Demand for additional funds or equivalent because of adverse price movements or some other contingency. The practice of crediting or debiting a trader's account based on the daily closing prices of the futures contracts he is long or short. An order for immediate execution at the best available price. The difference between the open contracts long and the open contracts short held in any one commodity by any individual or group. It refers to unliquidated purchases or sales and never to their combined total.