Spread

The spread is the gap between bid and ask prices of a stock, option, or other security. This term is also used to generally describe a number of strategies that make use of different spreads between calls, puts and the underlying stock, e.g., Bull Spread with Calls, Bull Spread with Puts, Bear Spread with Puts, Bear Spread with Calls, Butterfly Spread, Calendar Spread, Ratio Call Spread.

Speculator

Someone prepared to accept calculated risks in the marketplace for attractive potential returns.

Special Terms

Orders which must trade under special conditions. For example, a cash order will be settled sooner than the usual three-day settlement period.