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Value at risk The expected loss from an adverse market movement, with
a specified probability over a particular period of time.
Variation (maintenance) margin Margin paid by the trading party in
order to fully cover any unrealized loss. Any trader holding an
overnight position with a negative P&L must post it in cash. It must
be kept on deposit at all times.
Vega The sensitivity of the theoretical value of an option to a change in
volatility.
Velocity of money The rate at which money is turning over on an annual
basis to facilitate income transactions.
Vertical bear call spread A compound option strategy of buying two
options with a common expiration date; one option is a short call
with a lower strike price and the other is a long call with a higher
strike price. The seller's maximum profit is limited to the premium
paid for the two options. The break-even point is calculated as the
sum of the lower strike price and the total premium. The maximum
loss consists of the dollar difference between the two strike prices,
minus the total premium received.
Vertical bear put spread A compound option strategy of buying two
options with a common expiration date; one option is a long put with
a higher strike price and the other is a short put with a lower strike
price. The buyer's maximum profit consists of the dollar difference
between the two strike prices, minus the total premium paid. The
break-even point is calculated as the difference between the higher
strike price and the total premium. The maximum loss is limited to
the premium paid for the two options.
Vertical bear spread An option combination whose theoretical value
will decline to a predetermined maximum profit if the price of the
underlying currency declines and whose maximum loss is also
predetermined.
Vertical bull call spread A compound option strategy of buying two
options with a common expiration date; one option is a long call with
a lower strike price and the other is a short call with a higher strike
price. The buyer's maximum profit consists of the dollar difference
between the two strike prices, minus the total premium paid. The
break-even point is calculated as the sum of the lower strike price
and the total premium. The maximum loss is limited to the premium
paid for the two options.
Vertical bull put spread A compound option strategy of buying two
options with a common expiration date; one option is a long put with
a lower strike price and the other is a short put with a higher strike
price. The buyer's maximum profit consists of the net premium paid
for the two options (one paid, the other received). The break-even
point is calculated as the difference between the higher strike price
and the total premium received. The maximum loss is limited to the
dollar difference between the two strike prices, minus the total
premium received.
Vertical bull spread An option combination whose theoretical value
will rise to a predetermined maximum profit if the price of underlying
currency rises, and whose maximum loss is also predetermined.
Vertical spread A compound option that consists of two similar options
(i.e., calls or puts), one being bought and the other sold, on the
same currency and with the same expiration date, but with different
strike prices.
V-formation (spike) Reversal formation that shows sudden trend
changes and is accompanied by heavy trading volume. This pattern
may include a key reversal day, or an island reversal and an
exhaustion gap.
Volatility The degree to which the price of currency tends to fluctuate
within a certain period of time.
Volume The total amount of currency traded within a period of time,
usually one day.
Vostro account A vostro account from the point of view of the
counterparty.
Value at risk The expected loss from an adverse market movement, with
a specified probability over a particular period of time.
Variation (maintenance) margin Margin paid by the trading party in
order to fully cover any unrealized loss. Any trader holding an
overnight position with a negative P&L must post it in cash. It must
be kept on deposit at all times.
Vega The sensitivity of the theoretical value of an option to a change in
volatility.
Velocity of money The rate at which money is turning over on an annual
basis to facilitate income transactions.
Vertical bear call spread A compound option strategy of buying two
options with a common expiration date; one option is a short call
with a lower strike price and the other is a long call with a higher
strike price. The seller's maximum profit is limited to the premium
paid for the two options. The break-even point is calculated as the
sum of the lower strike price and the total premium. The maximum
loss consists of the dollar difference between the two strike prices,
minus the total premium received.
Vertical bear put spread A compound option strategy of buying two
options with a common expiration date; one option is a long put with
a higher strike price and the other is a short put with a lower strike
price. The buyer's maximum profit consists of the dollar difference
between the two strike prices, minus the total premium paid. The
break-even point is calculated as the difference between the higher
strike price and the total premium. The maximum loss is limited to
the premium paid for the two options.
Vertical bear spread An option combination whose theoretical value
will decline to a predetermined maximum profit if the price of the
underlying currency declines and whose maximum loss is also
predetermined.
Vertical bull call spread A compound option strategy of buying two
options with a common expiration date; one option is a long call with
a lower strike price and the other is a short call with a higher strike
price. The buyer's maximum profit consists of the dollar difference
between the two strike prices, minus the total premium paid. The
break-even point is calculated as the sum of the lower strike price
and the total premium. The maximum loss is limited to the premium
paid for the two options.
Vertical bull put spread A compound option strategy of buying two
options with a common expiration date; one option is a long put with
a lower strike price and the other is a short put with a higher strike
price. The buyer's maximum profit consists of the net premium paid
for the two options (one paid, the other received). The break-even
point is calculated as the difference between the higher strike price
and the total premium received. The maximum loss is limited to the
dollar difference between the two strike prices, minus the total
premium received.
Vertical bull spread An option combination whose theoretical value
will rise to a predetermined maximum profit if the price of underlying
currency rises, and whose maximum loss is also predetermined.
Vertical spread A compound option that consists of two similar options
(i.e., calls or puts), one being bought and the other sold, on the
same currency and with the same expiration date, but with different
strike prices.
V-formation (spike) Reversal formation that shows sudden trend
changes and is accompanied by heavy trading volume. This pattern
may include a key reversal day, or an island reversal and an
exhaustion gap.
Volatility The degree to which the price of currency tends to fluctuate
within a certain period of time.
Volume The total amount of currency traded within a period of time,
usually one day.
Vostro account A vostro account from the point of view of the
counterparty.