Glossary of terms

Plain-English definitions for the terms used across the briefs, alerts and Portfolio 360.

Term	Meaning
Unusual options activity (UOA)	Options orders that are far larger or more urgent than normal for that contract, suggesting informed positioning.
Sweep	An options order split across multiple exchanges to fill immediately. Signals urgency.
Block	A single large, often negotiated options print, typically institutional.
Open interest	The number of contracts currently outstanding in a given option.
Implied volatility	The market's expectation of future movement, priced into an option.
Greeks	Delta, gamma, theta and vega — how an option's price reacts to price, time and volatility.
Cost basis	What you originally paid for a position, used to calculate gain or loss.
TWR	Time-weighted return — strategy performance, ignoring the timing of deposits.
IRR	Money-weighted return — performance of your actual dollars, including timing.
Drawdown	The peak-to-trough decline in your portfolio value.
Correlation	How closely two holdings move together. High correlation means less real diversification.
Tax-loss harvesting	Realising a loss to offset gains, subject to wash-sale rules.
Wash sale	Repurchasing a substantially identical security within 30 days, which disallows the loss for tax purposes.
Time in force	How long an order stays live — for example day, or good-till-cancelled.
Paper trading	Simulated trading with no real money at risk.

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