📖 Szótár — kereskedési szógyűjtemény

A 8

Share Buyback

A company's repurchase of its own shares. Reduces the number of outstanding shares, increases EPS and the ownership stake of remaining shareholders. Signals management confidence.

Alpha

Excess return of an investment compared to the market. Positive alpha means the trader beats the index on a risk-adjusted basis. Counterpart: Beta.

Arbitrage

Profit from price differences between two markets or instruments. Classic arbitrage is risk-free but rarely perfectly exploitable in practice.

Ask

The price at which you can buy immediately (offer price). Lies above the Bid. The difference between Bid and Ask is the Spread.

Assignment

Forced exercise of an option. As a seller (short option), you must deliver the stock (short call) or take it (short put). See Chap. 9.

ATM (At the Money)

An option whose strike is close to the current price of the underlying. ATM options have the highest time value component. See Chap. 9.

ATR (Average True Range)

Indicator for the average daily range of a price. Often used for stop placement (e.g. 2×ATR below entry). See Chap. 3 Chart Analysis.

Distributing (ETF)

An ETF variant in which dividends are paid directly to holders (as opposed to accumulating, where they are reinvested within the fund). See Chap. 2.5.

B 11

Backtesting

Simulation of a trading strategy on historical price data. Allows performance assessment before live deployment — with caution (overfitting risk!).

Strike Price (Basispreis)

The price fixed in the option contract at which the underlying can be bought (call) or sold (put). See Chap. 9.

Beta

Measure of a stock's volatility relative to the overall market. Beta = 1 moves like the market, Beta > 1 swings more strongly, Beta < 1 more quietly.

Bid

The price at which you can sell immediately (bid price). Lies below the Ask.

Blue Chip

Stock of an established, market-leading company with high market capitalisation and a stable dividend history (e.g. Apple, Coca-Cola, Siemens).

Bollinger Bands

Volatility indicator: a moving average plus/minus two standard deviations. If the price touches the upper band it is considered overbought. See Chap. 3.

Break-Even

The price at which a trade makes neither profit nor loss. For options: Strike ± premium paid/received.

Breakout

Price breaking out of an established pattern (range, trend channel, resistance). Often a trend signal with volume confirmation. See Chap. 3 Chart Analysis.

Broker

Financial service provider through which you trade securities and derivatives. See Chap. Broker Selection.

Bullish / Bearish

Bullish = expectation of rising prices (📈). Bearish = expectation of falling prices (📉). Neutral = sideways movement (↔️).

Buy-and-Hold

Investment strategy in which securities are held for the long term. Counterpart to active trading.

C 9

Call

Call option: the right to buy an underlying at the strike price. The buyer profits from rising prices. See Chap. 9.

Candlestick

Japanese candlestick representation in a chart. Shows open, high, low and close of a period. See Chap. 3 Chart Analysis.

Cash-Secured Put

Selling a put option with enough cash in the account to buy the stock upon assignment. Bullish strategy. See Chap. 9.

CFD (Contract for Difference)

A derivative that mirrors the price movement of an underlying — often leveraged. Heavily regulated in Germany, risky for retail investors.

Clearing

Settlement and processing of securities transactions through a central clearing house. Ensures fulfilment even if one counterparty defaults.

Commodity

Raw material traded on futures exchanges (oil, gold, grain, coffee). See Chap. 10 Futures.

Consolidation

Sideways phase after a trend, in which the price oscillates within a narrow band. Often a build-up for the next impulse move.

Covered Call

Selling a call option on shares already held in the portfolio. Mildly bearish/neutral strategy for additional income. See Chap. 9.

Credit Spread

Options combination in which you receive a net premium (credit). Loss is capped by the strike width. See Chap. Options Strategies.

D 10

DAX

German stock index of the 40 largest companies listed on the Frankfurt Stock Exchange. The most important indicator for the German equity market. See Chap. Stock Market.

Day Trading

Trading style in which all positions are closed on the same day. Requires discipline, time and appropriate broker conditions.

DCA (Dollar-Cost Averaging)

Investing fixed amounts at regular intervals, regardless of the current price. Smooths the average entry price. See Chap. 2.5 Savings Plan vs. Lump Sum.

Debit Spread

Options combination for which you pay a net premium (debit). Profit is capped by the strike width. See Chap. Options Strategies.

Delta

Options Greek: indicates how much the option price changes when the underlying rises by $1. Calls: 0 to 1, Puts: 0 to −1. See Chap. 9.

Portfolio / Account (Depot)

The account in which your securities are held. Often used synonymously with "securities portfolio".

Diversification

Spreading capital across multiple positions, sectors or asset classes to reduce risk. See Chap. 6 Trading Practice.

Dividend

Distribution by a company to its shareholders from profits. Subject to withholding tax in Germany.

Drawdown

Interim capital decline from peak to subsequent trough. A 50% drawdown requires +100% to recover. See Chap. 6.0 Risk Basics.

Dow Theory

Classic chart analysis doctrine by Charles Dow: trends continue until clear reversal signals appear. Foundation of modern technical analysis. See Chap. 3.

E 8

Earnings

A company's quarterly report. Earnings surprises often cause strong price reactions. See Chap. 4 Market Analysis.

EBITDA

"Earnings Before Interest, Taxes, Depreciation and Amortization." Profit before deductions — an indicator of operational profitability.

Deposit Protection

Legal protection of your bank deposits (typically €100,000 per bank in the EU). Securities are not affected — they belong to you directly.

Equity Curve

Time-series chart of portfolio or strategy value. The most important tool for assessing long-term stability.

ETF (Exchange Traded Fund)

Exchange-traded index fund. Passively tracks an index (e.g. MSCI World). Low-cost, transparent, ideal for beginners. See Chap. Stock Market.

Exercise

Exercise of an option by the buyer. With US options possible at any time, with European options only on the expiry date. See Chap. 9.

Ex-Dividend Date

The day from which a stock trades "without dividend". Whoever holds the stock the day before receives the next distribution. The price falls on the ex-date by the dividend amount.

ECB (European Central Bank)

Headquartered in Frankfurt, sets monetary policy interest rates for the euro area; rate decisions move markets significantly. See Chap. 4.

F 10

Fair Value

The theoretically "fair" price of an asset based on fundamental valuation. Compared with the market price to identify over- or undervaluation.

Fakeout

False breakout — the price appears to break out of a pattern but then falls back. A common trap for impatient traders.

Fed

Federal Reserve — the central bank of the USA. Its rate decisions move global markets and are one of the most important macro events.

FIFO (First In, First Out)

Tax allocation rule in Germany: shares purchased first are treated as sold first. Relevant for withholding tax calculation. See Chap. 6 Practice.

Fill

The (partial or complete) execution of an order. "Partial Fill" = order was only partially executed.

Flex Query

Configurable report export at Interactive Brokers. Basis for trade import into sTraderZ.com. See Chap. 2.1 IBKR Setup.

FOMO (Fear of Missing Out)

Psychological trap: the urge to enter a trend to avoid missing a gain. Usually leads to entries at highs. See Chap. 7 Mindset.

Forex (FX)

Foreign exchange market — trading with currency pairs (e.g. EUR/USD). The world's largest financial market, tradeable 24/5.

Fundamental Analysis

Valuation of a stock based on company figures (balance sheet, earnings, cash flow). Opposite of technical analysis. See Chap. 4.

Future

Standardised, exchange-traded forward contract — obligates to buy/sell an underlying at a fixed price on the expiry date. See Chap. 10 Futures.

G 3

Gamma

Options Greek: measures how strongly Delta changes when the underlying rises by $1. High Gamma for ATM options near expiry. See Chap. 9.

Gap

Price gap between the previous close and the next day's open. A problem for stops: the sell occurs at the opening price, not at the stop level.

Greeks

Collective term for option sensitivities: Delta, Gamma, Theta, Vega, Rho. Describe how option prices react to market changes. See Chap. 9.

H 4

Hammer Candle

Candlestick pattern with a small body and long lower wick. Interpreted as a potential reversal signal at the end of a downtrend. See Chap. 3.

Hedging

Protecting an existing position with a counter-position — often using options or futures. Reduces risk and upside simultaneously.

HFT (High-Frequency Trading)

Algorithmic high-frequency trading with holding periods in the millisecond range. Not accessible to retail traders but shapes the microstructure of many markets.

High

The highest price of a period (day, week, month). Part of the candlestick representation, often the starting point for resistance levels. See Chap. 3.

I 6

Implied Volatility (IV)

The future price fluctuation of the underlying expected by the options market — derived from current option prices. High IV = expensive premiums. See Chap. 9.0.

Index

A basket of stocks that reflects the performance of a market segment (e.g. DAX, S&P 500). Basis for ETFs and index futures. See Chap. Stock Market.

IPO (Initial Public Offering)

Stock market listing: a company places shares on the capital market for the first time. High volatility in the first trading days is the rule.

ISIN

"International Securities Identification Number" — a 12-digit globally unique identifier for a security (starts with country code, e.g. DE000…, US…).

Iron Condor

Neutral options strategy with four legs: short call spread plus short put spread. Profits from quiet sideways markets. See Chap. Options Strategies.

ITM (In the Money)

An option with intrinsic value. Call: price > strike. Put: price < strike. See Chap. 9.

J 1

Journal

Trading diary in which you record entry, exit, rationale and emotion. An essential tool for sustained learning. See Chap. 4 Mindset.

K 5

Capital Gains Tax (KESt)

In Germany a flat rate of 25% on capital gains (plus solidarity surcharge, possibly church tax). Withheld directly by German brokers. See Chap. 6 Practice.

Candle (Kerze)

See Candlestick. The individual bar in a candlestick chart.

Contract

Standardised unit for options and futures. One US options contract typically covers 100 shares of the underlying. See Chap. 9.

Correlation

Statistical measure of how strongly two assets move together (values from −1 to +1). Important for genuine diversification. See Chap. 6.

Price (Kurs)

The current trading price of a security. Emerges from supply and demand in the order book.

L 7

Short Selling (Leerverkauf)

Selling borrowed shares in the hope of buying them back at a lower price later. High risk (theoretically unlimited loss).

Leverage

Ratio of capital employed to the position controlled. A leverage of 10:1 multiplies both gain and loss tenfold.

Limit Order

Buy/sell order with a price limit. Executed only at the limit price or better — execution is not guaranteed.

Limit-Up / Limit-Down

Daily price limits set at some exchanges, at which trading is halted or restricted — protects against flash crashes.

Liquidity

How easily a security can be traded without large price changes. High liquidity = tight spread, many counterparties.

Long

Buy position — you profit from rising prices. Opposite: Short.

Loss Aversion

Psychological effect: losses hurt about twice as much as equal-sized gains are pleasurable. Leads to typical trading mistakes. See Chap. 4 Mindset.

M 6

MACD (Moving Average Convergence Divergence)

Trend-following indicator based on two exponential moving averages. Signals momentum changes. See Chap. 3.

Margin

Collateral reserved by the broker for leveraged products (futures, short options, CFDs). Not to be confused with buying power.

Market Order

Immediate execution at the next available market price. Fast, but price-uncertain order type.

Mean Reversion

Trading assumption that prices return to the mean after exaggerated moves. Opposite of trend following.

Momentum

Speed and strength of a price move. Momentum strategies bet on the continuation of existing trends.

MSCI World

Global equity index with around 1,500 stocks from developed markets. Standard basis for globally diversified ETF savings plans. See Chap. Stock Market.

N 4

NAV (Net Asset Value)

Net asset value of a fund or portfolio = sum of all assets minus liabilities. Basis for performance measurement.

After-Hours Trading

Trading hours outside the regular session. Usually lower liquidity and wider spreads — not recommended for beginners.

Nikkei

Nikkei 225 — Japanese benchmark index of 225 large companies listed on the Tokyo Stock Exchange.

NYSE

New York Stock Exchange — the world's largest stock exchange by market capitalisation. Trading home of many blue chips.

O 4

Open Interest

Number of open contracts for options and futures. High open interest = high liquidity and tighter spreads.

Option

Derivative that gives the buyer the right to buy (call) or sell (put) an underlying at the strike. See Chap. 9.

Order Book

Electronic list of all open buy and sell orders for a security. Bid, Ask and Spread emerge from it.

OTM (Out of the Money)

An option with no intrinsic value. Call: price < strike. Put: price > strike. Consists entirely of time value. See Chap. 9.

P 7

P&L (Profit & Loss)

Profit and loss statement for a position or the total portfolio. Divided into realised (closed) and unrealised (open).

Payoff

The profit/loss profile of a position at various underlying prices on the expiry date. Typical display: payoff diagram. See Chap. Options Strategies.

Pivot Point

Chart reference price (usually previous day's close or average of High/Low/Close). Used as support/resistance orientation for the following day.

Position Sizing

The question: "How many shares do I buy?" — calculated from 1R and stop distance. See Chap. 6.0 Risk Basics.

Premium

Price of an option. Consists of intrinsic value (if ITM) and time value. The buyer pays, the seller (writer) receives it. See Chap. 9.

Pullback

Small counter-move against the main trend. Often used as an entry opportunity into running trends.

Put

Put option: the right to sell an underlying at the strike. The buyer profits from falling prices. See Chap. 9.

Q 2

QQQ

Ticker of the Invesco QQQ Trust — ETF tracking the Nasdaq-100 index. Popular as a technology investment and options underlying.

Quote

Price quote from a market maker: current bid and ask plus the available size on each side.

R 8

R (1R / 2R)

Unit for risk per trade. 1R = the maximum loss, 2R = double the gain from it. Foundation of all risk planning. See Chap. 6.0 Risk Basics.

Rally

Strong, sustained upward move of a price or market. Opposite: sell-off or correction.

Realized P&L

Already realised profit or loss from closed positions — tax-relevant.

REIT (Real Estate Investment Trust)

Exchange-traded real estate fund that must distribute the majority of its earnings. Popular for dividend strategies. See Chap. Stock Market.

Resistance

Price zone where a rising price typically stops or reverses. Opposite: Support. See Chap. 3.

Risk/Reward Ratio (R:R)

Ratio of potential loss to potential gain. An R:R of 1:2 means you risk $1 to win $2. See Chap. 6.

RSI (Relative Strength Index)

Oscillator between 0 and 100. Values > 70 are considered overbought, < 30 oversold. See Chap. 3 Chart Analysis.

Rollover

"Rolling" a position: the expiring contract position is closed and a new one with a later expiry is opened. See Chap. 10 Futures.

S 13

S&P 500

Index of the 500 largest US companies. The most important benchmark for US equity markets. See Chap. Stock Market.

Scalping

Very short-term trading style with holding periods of seconds to minutes. Lives from small, frequent gains and low costs.

Settlement

Processing of a trade: booking of securities and cash between the parties. For stocks usually T+2 (two business days after the trade).

Short

Sell position — you profit from falling prices. Requires borrowing shares (short sale) or derivatives. Opposite: Long.

Short Squeeze

Strong price surge in which short sellers are forced to cover — which drives the price higher. Spectacular examples: GameStop 2021.

Slippage

Difference between expected and actual execution price. Occurs especially with market orders in volatile phases.

SMA (Simple Moving Average)

Simple moving average over N periods. Common lengths: 20, 50, 200 days. See Chap. 3.

Spread

Difference between Bid and Ask. For options also: combination of two options (e.g. Bull Call Spread).

Savings Plan (Sparplan)

Regular, automated purchase (monthly/quarterly) of a fixed amount in stocks or ETFs. Dollar-cost averaging effect.

Stop Hunt

Market move in which prices are deliberately pushed past known stop-loss levels to trigger them. Common in volatile phases.

Stop-Loss

Automatic sell order triggered when a stop price is reached. Protects against excessive losses. See Chap. 6.0 Risk Basics.

Strike

See Strike Price. The fixed price at which an option can be exercised.

Support

Price zone where a falling price typically stops or reverses. Opposite: Resistance. See Chap. 3.

T 9

T+2

Standard settlement cycle for stocks: booking occurs two business days after the trade date. For US stocks sometimes already T+1.

Theta

Options Greek: daily time value loss of an option. Writers benefit from Theta, buyers "pay" it daily. See Chap. 9.

Ticker

Exchange symbol of a security, e.g. AAPL for Apple or SAP for SAP SE. Shortest unique identifier for trading.

TIF (Time in Force)

Order validity period. Types: DAY (day order), GTC (Good till Cancelled), IOC (Immediate or Cancel), FOK (Fill or Kill).

Trade Log

Automated list of all executed trades — often generated by the broker. Difference from journal: the log is factual, the journal contains rationale and emotion.

Trailing Stop

Automatically trailing stop-loss that moves with rising prices but stays fixed when prices fall. Locks in gains without manual adjustment.

Trend

Sustained directional move of a price. Uptrend (higher highs and lows), downtrend or sideways. See Chap. 3.

TER (Total Expense Ratio)

Annual total cost ratio of a fund or ETF as a percentage. Target for ETFs: < 0.30% p.a.

Accumulating ETF (Thesaurierend)

ETF variant that automatically reinvests earnings instead of distributing them. Opposite: distributing.

U 3

Underlying

The base value of a derivative (option, future, CFD) — typically a stock, index, commodity or currency.

UCITS

EU directive for public investment funds ("Undertakings for Collective Investment in Transferable Securities"). UCITS funds are considered particularly regulated and risk-diversified.

Unrealized P&L

Paper gain or paper loss from open positions. Only becomes realised — and tax-relevant — when the position is closed.

V 5

Vega

Options Greek: sensitivity of the option price to a 1-percentage-point rise in implied volatility. See Chap. 9.

Expiration Date (Verfallstag)

The day on which an option or future expires. For US options typically the 3rd Friday of the month. See Chap. 9.0.

VIX

"Volatility Index" — volatility expectation for the next 30 days in the S&P 500. Peak values > 30 signal panic ("fear gauge").

Volatility

Intensity of price fluctuations. Distinguished between historical (measured) and implied (expected by the options market) volatility.

Volume

Number of units traded in a period. High volume confirms trend moves. See Chap. 3.

W 3

Wheel

Options strategy: rolling cash-secured puts — upon assignment you hold the stock and then sell covered calls. See Chap. 9.

Resistance (Widerstand)

German term for Resistance — price zone where a rising price typically stops. See Chap. 3.

WKN (German Securities Number)

Six-digit German security identifier. Used alongside the ISIN and gradually being replaced by it internationally.

X 1

Xetra

Electronic trading system of Deutsche Börse. The most liquid trading venue for German stocks and many ETFs.

Y 2

Yield

Return as a percentage — for bonds the current interest rate, for stocks usually the dividend yield (dividend ÷ price).

Yield Curve

Graphical display of bond yields across different maturities. An inverted yield curve is considered a recession indicator.

Z 2

Time Value (Zeitwert)

The portion of an option premium that does not consist of intrinsic value. Melts to zero by expiry (time decay, see Theta). See Chap. 9.

Interest Rates (Zinsen)

Price for borrowed money. Key rates set by central banks (ECB, Fed) influence almost all asset classes and are a constant topic in trading.