Variable Limit: According to the Chicago Board of Trade rules, an expanded allowable price range set during volatile markets.

Variation Margin: During periods of great market volatility or in the case of high-risk accounts,
additional margin deposited by a clearing member firm to an exchange clearinghouse.

Versus Cash: See Exchange For Physicals.

Vertical Spread: Buying and selling puts or calls of the same expiration month but different strike prices.

Volatility: A measurement of the change in price over a given time period. It is often expressed as a percentage and computed as the annualized standard deviation of percentage change in daily price.

Volume: The number of purchases or sales of a commodity futures contract made during a specified period of time, often the total transactions for one trading day.