Help translating trader language

Discussion in 'Options' started by sadpet, Mar 14, 2009.

  1. sadpet


    Hi! Can anyone help me translating an english sentence?

    The sentence is part of a telephone conversation (in a documentary between a trader in the pit and one investor.
    The sentence is:

    "It's 6 even. I want to try 7 even. 6 even is last."

    What is the trader saying? I can't understand the EVEN part...
    They are probably talking about a (selling) price. But what is the "even"... thing?

  2. 1) "Even" probably has to do with the part of the market price that is to the right of the decimal point.
    2) If the "big" S&P-500 has a bid price of 795.90 and an offer price of 796.00, the verbal quote is "90 bid, at even", not "90 bid, at 100".
    3) The "handle", i.e. the part of the price to the left of the decimal point, is known to be 795.
    4) The "last trade" price was probably 796.00
    5) The customer is probably working a limit-order to sell at 797.00 :cool:
  3. sadpet


    Thanks a lot for your help!