Close: Close is the exchange-designated period at the end of the trading session during which all transactions are considered made "at the close."
Contract: Contract is a term of reference describing a unit of trading for a commodity future or option. At the same time contract is an agreement to buy or sell a specified commodity, detailing the amount and grade of the product and the date on which the contract will mature and become deliverable.
Range: Range is the difference between the high and low price of a commodity, futures, or option contract during a given period (trading session, week, month, year, etc).
Ring: Ring is a circular area on the trading floor of an exchange where traders and brokers stand while executing futures trades. Some exchanges use pits rather than rings.
Settlement: Settlement is the act of fulfilling the delivery requirements of the futures contract.
Settlement Price: Settlement Price (also referred to as Closing Price) is the last price paid for a futures contract on any trading day. Settlement prices are used to determine open trade equity, margin calls and invoice prices for deliveries. Settlement price at which the clearing organization clears all trades and settles all accounts between clearing members of each contract month. The term also refers to a price established by the exchange to even up positions which may not be able to be liquidated in regular trading.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.