| Rally |
A market advance following a period of declining prices. |
| Range |
The difference between the highest and lowest prices recorded for a contract during a specific period of time. See opening range and closing range. |
| Ration Spread |
The buying and selling of options (either puts or calls) at one strike price, in greater numbers than those bought or sold at another strike price. |
| Refinery |
A plant used to separate the various components of crude petroleum and converting them to end-use products or feedstocks for other manufacturing processes. |
| Residual Fuel Oil |
Heavy (low API/high specific gravity) fuel oil produced from the residue of the distillation process used in a refinery. |
| Resting Order |
A day or GTC order being held by a broker that is not “on the market;” i.e., a sell order higher than the current offer or a buy order lower than the current bid. |
| Ring |
Pit. |
| Rollover |
(1/) A trading procedure involving the shift of one month of a spread (straddle) into another future month while holding the other futures month. (2.) The lifting of a nearby futures position and re-establishment of the position in a back (deferred) month. Rollovers (in second sense) are used to stay in a position while avoiding higher spot month margins; the original meaning of the term “switch.” |
| Round Turn |
A completed transaction in the futures market normally including a purchase and a sale (offset) of a contract. A round turn may also be accomplished by either making or taking delivery on a previously established futures position. |
