OFFER/ASK PRICE: The price at which the market is prepared to sell a product. Prices are quoted two-way as Bid/Offer. The Offer price is also known as the Ask. The Ask represents the price at which a trader can buy the base currency, which is shown to the right in a currency pair. For example, in the quote USD/CHF 1.4527/32, the base currency is USD, and the ask price is 1.4532, meaning you can buy one US dollar for 1.4532 Swiss francs. 

In CFD trading, the Ask represents the price a trader can buy the product. For example, in the quote for UK OIL 111.13/111.16, the product quoted is UK OIL and the ask price is £111.16 for one unit of the underlying market.*

OFFERED: If a market is said to be trading offered, it means a pair is attracting heavy selling interest, or offers.

OFFSETTING TRANSACTION: A trade that cancels or offsets some or all of the market risk of an open position.

ON TOP: Attempting to sell at the current market order price.

ONE CANCELS THE OTHER ORDER (OCO): A designation for two orders whereby if one part of the two orders is executed, then the other is automatically cancelled.

ONE TOUCH: An option that pays a fixed amount to the holder if the market touches the predetermined Barrier Level.

OPEN ORDER: An order that will be executed when a market moves to its designated price. Normally associated with good ’til cancelled orders.

OPEN POSITION: An active trade with corresponding unrealized P&L, which has not been offset by an equal and opposite deal.

OPTION: A derivative which gives the right, but not the obligation, to buy or sell a product at a specific price before a specified date.

ORDER: An instruction to execute a trade.

ORDER BOOK: A system used to show the market depth of traders willing to buy and sell at prices beyond the best available.

OVER THE COUNTER (OTC): Used to describe any transaction that is not conducted via an exchange.

OVERNIGHT POSITION: A trade that remains open until the next business day.