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Sangu (three gaps) A reversal candlestick signal applicable in either

a steeply rising or falling market, when the daily limits will break the

trading. The theory holds that after the third gap, the market will

reverse at least to the second gap.

Sanpei (three parallel bars) A reversal candlestick combination. It

refers to the similarity in direction and velocity of three consecutive

bars, as otherwise all the entries are parallel. They generate a

reversal formation after an extended rally. When bullish, the

formation is known as the three soldiers. When bearish, the name is

the three crows.

Sanpo (three methods) A candlestick combination that advises that

retracements are in order before the market will reach new highs

and new lows.

Sansen (three rivers) method A reversal candlestick combination. It

consists of three daily entries. The first day is a long blank bar (a

bullish move), followed by a bullish but short-range one-day island.

The third entry is a bearish long black line.

Sanzan (three mountains) A reversal candlestick combination. It

consists of a triple-top formation.

Sashikomi A bearish two-day candlestick combination. It consists of a

modified irikubi bar. The difference is that the opening of the second

day's blank bar is much lower than that of the irikubi bars. Despite

the wider gap thus formed, the blank candlestick closes only slightly

above the previous day's low.

Settlement risk A form of credit risk that may occur due to the time

zones separating the nations. Payment may be made to a party who

will declare insolvency (or be declared insolvent) immediately after

receipt, but prior to executing its own payments.

Shitakage Lower shadow of the candlestick. (See Candlestick chart.)

Short straddle A compound option that consists of a short call and a

short put on the same currency, at the same strike price, and with

the same expiration dates. The maximum profit consists of the

combined premium of the two individual options. The loss occurs

when the level of the premium is overpassed by the currency swing,

and the loss is unlimited.

Short strangle A compound option that consists of a short call and a

short put on the same currency, with the same expiration dates, but

with different strike prices. The maximum profit consists of the

combined premium of the two individual options. The loss is

unlimited.

Simple moving average or arithmetic mean An average of a

predetermined number of prices over a number of days, divided by

the number of entries.

Slow stochastics A version of the original stochastic oscillator. The new,

slow %K line consists of the original %D line. The new, slow %D line

formula is calculated from the new %K line.

Snake The nickname of the European Joint Float Agreement's 2.25

percent fluctuation band for the European currencies against each

other, derived from its curvaceous movement.

Speedlines Support or resistance lines that divide the range of the trend

into thirds on a vertical line. The two resulting speedlines are plotted

by using as coordinates the origin and the 1/3 and 2/3 prices

respectively.

Spot deal A foreign exchange deal that consists of a bilateral contract

between a party delivering a certain amount of a currency against

receiving a certain amount of another currency from a second

counterparty, based on an agreed exchange rate, within two

business days of the deal date. The exception is the Canadian dollar,

in which the spot delivery is executed within one business day.

Spot next (S/N) A foreign exchange deal that matures one business

day past the spot date, or three business days.

Sterilized intervention A central bank intervention in the foreign

exchange market that consists of a sale of government securities

that offsets the reserve injection which occurs due to the foreign

exchange intervention. The money market activity sterilizes the

impact of the foreign exchange intervention on the money supply.

Sterilized interventions have a short- to medium-term effect.

Stochastics Oscillators that consist of two lines called %K and %D.

Visualize %K as the plotted instrument and %D as its moving

average. The resulting lines are plotted on a 1 to 100 scale. Just as

in the case of the RSI, the 70 percent and 30 percent values are

used as warning signals. The buying (bullish reversal) signals occur

at under 10 percent and the selling (bearish reversal) signals come

into play at above 90 percent.

Strike price See Exercise price.

Support level The troughs representing the level at which demand

exceeds supply.

Swap deal A foreign exchange deal that consists of a spot deal and a

forward outright deal. A party simultaneously buys and sells (or sells

and buys) the same amount of a currency with another counterparty;

the two legs of the transaction mature on different dates (one of the

dates being the spot date) and are traded at different exchange rates

(one of the exchange rates being the spot rate). Exceptions may be

made with regard to the value dates (forward-forward) and amount

(different amounts).

SWIFT (Society of Worldwide Interbank Financial Telecommunications)

An automated system set up to send standardized payment

instructions for foreign currencies among international banks.

Swing Index (SI) A momentum oscillator that is plotted on a scale

of -100 to +100. The spikes reaching the extremes suggest reversal.

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Symmetrical triangle A triangle continuation formation in which the

support and resistance lines are symmetrical. (See Triangle.)

Synthetic call option A combination of a long currency and a long

currency put. Synthetic put option A combination of a short currency

and a long currency call.

Sangu (three gaps) A reversal candlestick signal applicable in either

a steeply rising or falling market, when the daily limits will break the

trading. The theory holds that after the third gap, the market will

reverse at least to the second gap.

Sanpei (three parallel bars) A reversal candlestick combination. It

refers to the similarity in direction and velocity of three consecutive

bars, as otherwise all the entries are parallel. They generate a

reversal formation after an extended rally. When bullish, the

formation is known as the three soldiers. When bearish, the name is

the three crows.

Sanpo (three methods) A candlestick combination that advises that

retracements are in order before the market will reach new highs

and new lows.

Sansen (three rivers) method A reversal candlestick combination. It

consists of three daily entries. The first day is a long blank bar (a

bullish move), followed by a bullish but short-range one-day island.

The third entry is a bearish long black line.

Sanzan (three mountains) A reversal candlestick combination. It

consists of a triple-top formation.

Sashikomi A bearish two-day candlestick combination. It consists of a

modified irikubi bar. The difference is that the opening of the second

day's blank bar is much lower than that of the irikubi bars. Despite

the wider gap thus formed, the blank candlestick closes only slightly

above the previous day's low.

Settlement risk A form of credit risk that may occur due to the time

zones separating the nations. Payment may be made to a party who

will declare insolvency (or be declared insolvent) immediately after

receipt, but prior to executing its own payments.

Shitakage Lower shadow of the candlestick. (See Candlestick chart.)

Short straddle A compound option that consists of a short call and a

short put on the same currency, at the same strike price, and with

the same expiration dates. The maximum profit consists of the

combined premium of the two individual options. The loss occurs

when the level of the premium is overpassed by the currency swing,

and the loss is unlimited.

Short strangle A compound option that consists of a short call and a

short put on the same currency, with the same expiration dates, but

with different strike prices. The maximum profit consists of the

combined premium of the two individual options. The loss is

unlimited.

Simple moving average or arithmetic mean An average of a

predetermined number of prices over a number of days, divided by

the number of entries.

Slow stochastics A version of the original stochastic oscillator. The new,

slow %K line consists of the original %D line. The new, slow %D line

formula is calculated from the new %K line.

Snake The nickname of the European Joint Float Agreement's 2.25

percent fluctuation band for the European currencies against each

other, derived from its curvaceous movement.

Speedlines Support or resistance lines that divide the range of the trend

into thirds on a vertical line. The two resulting speedlines are plotted

by using as coordinates the origin and the 1/3 and 2/3 prices

respectively.

Spot deal A foreign exchange deal that consists of a bilateral contract

between a party delivering a certain amount of a currency against

receiving a certain amount of another currency from a second

counterparty, based on an agreed exchange rate, within two

business days of the deal date. The exception is the Canadian dollar,

in which the spot delivery is executed within one business day.

Spot next (S/N) A foreign exchange deal that matures one business

day past the spot date, or three business days.

Sterilized intervention A central bank intervention in the foreign

exchange market that consists of a sale of government securities

that offsets the reserve injection which occurs due to the foreign

exchange intervention. The money market activity sterilizes the

impact of the foreign exchange intervention on the money supply.

Sterilized interventions have a short- to medium-term effect.

Stochastics Oscillators that consist of two lines called %K and %D.

Visualize %K as the plotted instrument and %D as its moving

average. The resulting lines are plotted on a 1 to 100 scale. Just as

in the case of the RSI, the 70 percent and 30 percent values are

used as warning signals. The buying (bullish reversal) signals occur

at under 10 percent and the selling (bearish reversal) signals come

into play at above 90 percent.

Strike price See Exercise price.

Support level The troughs representing the level at which demand

exceeds supply.

Swap deal A foreign exchange deal that consists of a spot deal and a

forward outright deal. A party simultaneously buys and sells (or sells

and buys) the same amount of a currency with another counterparty;

the two legs of the transaction mature on different dates (one of the

dates being the spot date) and are traded at different exchange rates

(one of the exchange rates being the spot rate). Exceptions may be

made with regard to the value dates (forward-forward) and amount

(different amounts).

SWIFT (Society of Worldwide Interbank Financial Telecommunications)

An automated system set up to send standardized payment

instructions for foreign currencies among international banks.

Swing Index (SI) A momentum oscillator that is plotted on a scale

of -100 to +100. The spikes reaching the extremes suggest reversal.

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Symmetrical triangle A triangle continuation formation in which the

support and resistance lines are symmetrical. (See Triangle.)

Synthetic call option A combination of a long currency and a long

currency put. Synthetic put option A combination of a short currency

and a long currency call.