Technical Analysis: Anticipating future price movement using historical prices, trading volume, open interest, and other trading data to study price patterns.

Tick: The smallest allowable increment of price movement for a contract. Also referred to as minimum price fluctuation.

Time Limit Order: A customer order that designates the time during which it can be executed.

Time and Sales Ticker: Part of the Chicago Board of Trade Market Profile system consisting of an on-line graphic service that transmits price and time information throughout the day.

Time-Stamped: Part of the order-routing process in which the time of day is stamped on an order. An order is time-stamped when it is (1) received on the trading floor, and (2) completed.

Time Value: The amount of money option buyers are willing to pay for an option in the anticipation that, over time, a change in the underlying futures price will cause the option to increase in value. In general, an option premium is the sum of time value and intrinsic value. Any amount by which an option premium exceeds the option's intrinsic value can be considered time value. Also referred to as extrinsic value.

Trade Balance: The difference between a nation's imports and exports of merchandise.

Trading Limit: See Position Limit.

Treasury Bill: See U.S. Treasury Bill.

Treasury Bond: See U.S. Treasury Bond.

Treasury Note: See U.S. Treasury Note.