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Glossary - G, H



The degree by which the delta changes with respect to changes in the underlying instrument's price.


A period (usually a day) in which the daily range is completely above or below the previous period’s trading range. It is said that the “market abhors a vacuum”. Consequently it is normal for gaps to be “filled” reasonably soon after they have been “opened”.  


Jargon; a loose term encapsulating a set of risk variables used by options traders.

Gross Domestic Product

The value of all final goods and services produced by an economy over a particular time period, usually one year.

Gross National Product

Gross Domestic Product + the income accruing to domestic residents resulting from investments abroad less income earned in domestic markets accruing to foreigners abroad.




Is a Japanese candlestick pattern. It develops after a persistent trend and consists of a small real body (the second candle) being totally encased by its predecessor.

Head and Shoulder Bottoms

Consist of a final decline ( the head) separated by two smaller declines ( the left and right shoulders). When the price rallies above a line joining the two shoulder rally highs the pattern is completed. It is important for the breakout to be accompanied by relatively heavy volume.

Head and Shoulders Tops

Are price patterns that consist of a final rally(the head) separated by two smaller rallies (the left and right shoulders). When the price breaks below the reaction levels flagged by the two shoulders the pattern is completed. Head and shoulders usually offer reliable signals.


To take risks that are offsetting.

High Yield Bond

A bond that pays a higher yield due to higher credit risk.

Hook Day

A trading day in which the open is above/below the previous day's high/low and the close is below/above the previous day's close with narrow range.

Horizontal Spread

The purchase of either a put or call option and the simultaneous sale of the same type of option with typically the same strike price but having a different expiration month. This is also referred to as a calendar spread.


Posting collateral.

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