Glossary
Istilah trading, dijelaskan ringkas.
Istilah yang muncul di kalender, impact feed, dan modul-modul terminal. Definisi pendek. Diupdate setiap ada kosakata baru di produk.
ASK BID BPS (Basis Points) CFD CONSENSUS CURVE DOT PLOT DXY FOMC HAWKISH / DOVISH LEVERAGE LOT MARGIN OHLCV OIS PIP SEP SLIPPAGE SPREAD SURPRISE TERMINAL RATE TICK TIER 1 / 2 / 3 YIELD
- ASK The lowest price a seller will accept right now.
- Also called OFFER. If you want to buy at market, you buy at the ASK. Always higher than the BID. Quotes display as BID / ASK (e.g. 1.0850 / 1.0852).
- BID The highest price a buyer will pay right now.
- If you want to sell a symbol at market, you sell at the BID. It's always lower than the ASK; the gap between them is the spread and is the cost of an instant fill.
- BPS (Basis Points) One-hundredth of a percent. 100 bps = 1%.
- Used for rate changes and yield moves. A 25 bps Fed hike is 0.25%. A 'bps' pronunciation: 'beeps' or spelled out. Used because small decimal percentages are error-prone when spoken.
- CFD Contract for Difference: a derivative that mirrors the price of an underlying asset.
- Popular retail instrument for trading stocks, indices, and commodities without owning the underlying. Broker pays/receives the price difference between open and close. Leveraged. Not available to US retail.
- CONSENSUS The median or mean forecast of surveyed economists for an upcoming data release.
- Major financial newswires publish consensus forecasts for every major release. Market reaction on release depends on the actual print relative to consensus, not the absolute level. The most-cited benchmark across desks is the global newswire consensus.
- CURVE The yield curve: yields across bond maturities plotted as a line.
- Normal curve: short yields < long yields (upward sloping). Flat: short ≈ long. Inverted: short > long, historically a recession indicator. Steepening: long rising faster than short. Flattening: opposite.
- DOT PLOT The FOMC's anonymous chart of each member's rate projection.
- Each committee member marks their end-of-year federal funds rate forecast on a chart; the market watches the median. A dot plot shift of 25bp is meaningful; 50bp is a regime change. Published in the SEP.
- DXY US Dollar Index: a weighted measure of USD against six major currencies.
- Basket weights: EUR 57.6%, JPY 13.6%, GBP 11.9%, CAD 9.1%, SEK 4.2%, CHF 3.6%. DXY going up = USD strengthening broadly. A broader alternative index includes EM currencies for wider USD coverage.
- FOMC Federal Open Market Committee: the Fed's monetary policy committee.
- Meets eight times a year, decides the federal funds rate target, publishes the Summary of Economic Projections (SEP) quarterly. The single most market-moving committee meeting in the global calendar.
- HAWKISH / DOVISH Central bank posture toward higher or lower interest rates.
- Hawkish = leaning toward tighter policy (higher rates, slower QE, faster QT). Dovish = leaning toward looser policy (lower rates, slower QT, dovish forward guidance). A 'hawkish hold' is a no-rate-change decision with hawkish statement language.
- LEVERAGE The ratio of position size to required margin.
- 50:1 leverage means 1 USD of margin supports 50 USD of position. Amplifies both gains and losses. Retail FX brokers in Indonesia commonly offer up to 500:1; regulated US brokers cap at 50:1. Lihat juga MARGIN
- LOT A standardised trade size. Varies by asset class.
- In FX: 1 standard lot = 100,000 units of the base currency. 0.1 = mini lot (10,000). 0.01 = micro lot (1,000). In equities: typically 100 shares = 1 lot. In futures: contract-defined.
- MARGIN The collateral a broker holds against your open positions.
- Leveraged trading uses margin: you put up a fraction of a position's notional value as collateral. Required margin = notional ÷ leverage. A margin call triggers when unrealised loss eats into your free margin buffer.
- OHLCV Open, High, Low, Close, Volume: the five numbers that define a candle or bar.
- Every chart aggregates tick data into OHLCV bars at a chosen interval (1m, 5m, 1h, 1d). Volume is trades executed in that interval. Trading Hub Terminal uses OHLCV for all candlestick and area charts in the Live Quote widget.
- OIS Overnight Indexed Swap: a derivative that prices expected future central bank rates.
- Traders read market-implied rate probabilities off the OIS curve. Example: the 1-month OIS rate for next month's ECB meeting tells you the consensus-implied rate decision. For the FOMC, fed funds futures get translated into the same shape via rate-expectation tools. Lihat juga FOMC
- PIP Price Interest Point: the smallest standard price increment for a currency pair.
- For most pairs, a pip is the fourth decimal place (0.0001). For JPY pairs, a pip is the second decimal place (0.01). Brokers also quote pipettes (1/10 of a pip) for tighter pricing.
- SEP Summary of Economic Projections: the Fed's quarterly forecast document.
- Published at four of eight FOMC meetings (March, June, September, December). Includes the 'dot plot' of rate forecasts, GDP growth, unemployment, inflation projections. The median end-of-year dot is the most-watched number.
- SLIPPAGE The difference between the expected fill price and the actual fill price.
- Happens in fast markets and on news releases. Market orders are subject to slippage; limit orders are not (but may not fill). Wide-spread volatile instruments slip more. Lihat juga SPREAD
- SPREAD The gap between BID and ASK, expressed in ticks or pips.
- The spread is the round-trip cost of an instant position. EURUSD with a 0.2 pip spread costs 0.2 pips to open and close on market orders. Majors trade tighter spreads than exotics; news events widen spreads.
- SURPRISE The delta between actual and consensus on a data release.
- A 'positive surprise' means actual beat consensus; negative surprise means it missed. Magnitude of surprise drives the size of the initial market reaction. Large surprises (>1 standard deviation) tend to extend for 30-60 minutes; small surprises fade within 10. Lihat juga CONSENSUS
- TERMINAL RATE The final interest rate level at which a central bank stops hiking or cutting.
- Market-implied terminal rate is derived from the fed funds futures strip. Moves in the terminal rate reprice the entire yield curve, especially the 2-year. Often more impactful than the next meeting's decision. Lihat juga FOMC
- TICK The smallest possible price movement of an instrument.
- A tick is the minimum price increment defined by the exchange or broker. ES futures tick is 0.25 index points = USD 12.50 per contract. A pip in FX is a specific type of tick for currency pairs. Lihat juga PIP
- TIER 1 / 2 / 3 Trading Hub Terminal's impact score for economic events and news.
- Tier 1 = market-moving: CPI, NFP, FOMC rate decisions, major central bank meetings. Tier 2 = notable: regional PMIs, second-tier inflation prints, scheduled speeches by FOMC voters. Tier 3 = context: routine data, non-voting speakers, ancillary releases. Terminal filters default to Tier 1+2.
- YIELD The interest rate a bond pays relative to its current market price.
- Price and yield move inversely. A 10-year Treasury yielding 4.5% trades near par; a drop in price lifts yield above 4.5% and vice versa. Short-end yields (2Y) reflect Fed policy expectations; long-end (10Y, 30Y) reflect term premium and inflation expectations.