Glossary
Trading and Pro terms used in the lessons, in plain words.
A
- Ask
- A resting order to sell. The best ask is the lowest price any seller will accept right now.
B
- Bid
- A resting order to buy. The best bid is the highest price any buyer is offering right now.
- Bracket
- One range of values in a market with many options, like "24–25°C" in a city's temperature market. Each bracket trades as its own Yes/No market.
C
- Colour group
- A colour that links widgets: every widget in the same colour shows the same market.
- Combo
- One bet built from several markets, called legs. Its YES pays only if every leg wins; its NO pays if any leg loses.
- Crossing the spread
- Placing an order at or beyond the price on the other side of the touch. It fills straight away and takes liquidity.
D
- Depth
- How many shares rest at each price. A deep book takes large orders without the price moving much.
E
- Edge
- How much cheaper a side trades than its fair price, in cents. A positive edge means the price looks too low for what the outcome is worth.
F
- Fill
- An order, or part of one, that has been executed.
- Folder
- A group of wallets you put together by hand, such as your NBA sharps. Lists can filter to a folder, and Live Trades can show only its trades.
G
- GTC
- Good 'til cancelled: a limit order that stays in the book until it fills or you cancel it.
L
- Leg
- One market inside a combo, with the outcome it backs.
- Limit order
- An order to buy or sell at your price or better. Whatever doesn't fill right away waits in the book.
- Liquidity
- Orders resting in the book that others can trade against right away.
M
- Maker
- The side of a trade whose order was already resting in the book and got filled.
- Market
- A question you can trade, such as "Will X win?", with its outcomes. An event can hold several markets.
- Market order
- An order that buys or sells right away at the best prices available.
- Merge
- Turning one Yes share and one No share of the same market back into $1 of cash, without trading in the book.
- Mid
- The price halfway between the best bid and the best ask.
N
- Nickname
- Your own name for a wallet, in a colour you pick. Pro shows it in place of the wallet's name everywhere.
- Notional
- An order's total value: shares × price.
O
- Outcome
- One side of a market you can trade, such as Yes or No, or one of two teams.
P
- Preset
- A saved set of settings for one widget type, available in every workspace.
- Price to beat
- The price an Up/Down window opened at. Up wins if the window settles above it, Down if below.
- Profit factor
- A wallet's total profit divided by its total loss on closed positions. Above 1 means it has made more than it lost.
R
- Redeem
- Collecting the payout of a resolved market: each winning share pays $1.
- RFQ
- A request for quote: a trader asks market makers for a price on a combo, and can take one of the quotes that come back.
S
- Spread
- The gap between the best bid and the best ask. A narrow spread means a liquid market.
- Stop-loss
- An exit rule that sells your position when the price falls to a level you set, to cap the loss.
- Sweep
- Taking every resting order from the best price through a chosen level in one go. Whatever doesn't fill is cancelled.
T
- Tag
- A label a market carries for its category, sport or league, such as nba or counter-strike-2. Combo strategies pick what to quote by these labels.
- Take-profit
- An exit rule that sells your position when the price rises to a level you set, to lock in the gain.
- Taker
- The side of a trade that crossed the spread and took an order already in the book.
- Template
- A saved board: its widgets, layout, colours and settings, without markets. Start one from Preddy's, your own or the community's.
- Tick size
- The smallest price step a market allows, usually 1¢. Some markets trade in 0.1¢ steps.
- Touch
- The best bid and best ask together: the prices at the front of the book.
- Trader tag
- A label you put on a wallet to say what kind of trader it is, such as Copy or Avoid. A wallet can have several, and lists can filter by them.
W
- Widget
- One panel on a Pro board, such as a chart, an orderbook or a scanner.
- Workspace
- One Pro board with its own widgets and layout. Keep several, one per job.