Low: Low is the lowest price of the day for a particular futures or options on futures contract.
Market Order: Market Order is an order to buy or sell a futures or options contract at whatever price (in opposite to Limit order where price is specified) is obtainable when the order reaches the trading floor.
Par: Par refers to the standard delivery point(s) and/or quality of a commodity that is deliverable on a futures contract at contract price. Serves as a benchmark upon which to base discounts or premiums for varying quality and delivery locations. Par in bond markets refers to an index (usually 100) representing the face value of a bond.
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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.