إخلاء المسؤولية: تُعد عقود الفروقات أدوات مالية معقدة تنطوي على مخاطر عالية قد تؤدي إلى خسارة أموالك بسرعة بسبب استخدام الرافعة المالية. قبل البدء بالتداول،
عليك التأكد من فهمك الكامل لكيفية عمل عقود الفروقات، وتقييم ما إذا كنت قادرًا على تحمّل مخاطر الخسارة العالية.
منصة الويب MT5
الكل
Central Counterparty Clearing House (CCP)
An entity that is an intermediary between a buyer and seller, becoming the buyer to every seller and the seller to every buyer in a financial transaction. The CCP guarantees settlement in case of default of one party, thus eliminating bilateral counterparty risk from the entire market.
Without CCPs, a default by a major dealer could cascade simultaneously on every trade the dealer had with every counterparty. CCPs interrupt that chain. In case of a member defaulting, the CCP first draws on the defaulter’s posted margin and then a shared default fund to which all members contribute, and then its own capital, absorbing the impact before it spreads.
Margining is the way we manage risk. Initial margin covers expected losses on a position. Variation margin is paid or received daily, sometimes intra-day, as mark-to-market moves crystallize. This ensures losses are not hidden. The main CCPs are LCH, CME Clearing, Eurex Clearing, and India’s NSCCL. Post-2008 regulation has driven a large proportion of OTC derivatives into mandatory central clearing.
Example: Two banks agree to swap interest rates for 5 years. The trade is novated to a central clearing house (CCP). Now, both banks are facing the CCP, not each other. If one of the banks goes down, then the swap does not become a bilateral dispute. The CCP takes the exposure and manages it, and the surviving party is made whole.
Central Limit Order Book (CLOB)
A transparent centralized system that matches buy and sell orders according to a price-time priority. All bids and offers are visible to everyone. The best bid and best offer are at the top, with the further away from the market queue orders below. When a new order comes in it matches against the best price on the other side.
Most exchange-traded markets, such as equities, futures, or options, are based on the CLOB. It is now being adopted for some OTC instruments, including FX on certain electronic platforms, and replaced older specialist and market-maker systems on most major exchanges.
Price-time priority means that, for two orders at the same price, the order that arrived first will be filled first. That is a huge incentive to be early, which is why high-frequency trading firms spend so much money on reducing latency. If it’s microseconds faster, it gets priority in the queue at the same price level.
Or, there is the request-for-quote (RFQ) model that is prevalent in the bond and over-the-counter (OTC) derivatives trading world. Instead of a centralized public book, the buyer requests prices from multiple dealers.
Example: A trader places a limit buy order for 500 shares at $50.00. The order is on the CLOB and visible to all. When a seller enters a market order, it “sweeps” the book from best bid down to $50.00, hitting the waiting order, first in, first served at that price.
Chaikin Oscillator
A momentum indicator created by Marc Chaikin that quantifies the momentum of the Accumulation/Distribution (A/D) line by finding the difference between the 3-period and 10-period exponential moving averages. A member of the volume-weighted oscillators.
The rationale behind it: the A/D line measures the flow of money into and out of an asset on a volume basis, and where the close was in relation to the daily range of the asset. Heavy volume and closing near the high is an accumulation. Near the low is the distribution. The Chaikin Oscillator is a MACD-style divergence study of the underlying signal.
It is mostly used by traders to identify divergences. If a stock is making new price highs but the oscillator is falling, the advance in question is not being supported by real buying volume, that’s a warning sign. When price is at new lows, and the oscillator is rising, there may be underlying accumulation building ahead of a reversal.
It is best used on higher timeframes as a confirmation tool along with price action, not as a stand-alone entry signal.
Example: A stock is at a new 52-week high, but the Chaikin Oscillator has been falling for weeks. This divergence is flagged by a technically oriented trader. He tightens his stop and refuses to add to the position because the price advance has out-run the actual buying interest that can be seen in the volume data.
Chart Pattern
A shape recognized from price action and used by technical analysts to predict probable future price movement. The premise being that market psychology is cyclical, and since it’s cyclical, prices tend to form similar structures at similar inflection points across different assets, timeframes, and eras.
There are 2 families of chart patterns. Continuation patterns show the trend will continue after a pause. These patterns include flags, pennants, triangles, and rectangles. Reversal patterns include the head and shoulders, double tops and bottoms, evening stars, and broadening wedges. They show the trend is ending.
Valid patterns have certain structural criteria, like proportions, volume behavior, and a clear breakout level. Without those, every price squiggle is a pattern, and the discipline degenerates into post-hoc rationalization. That’s the most common misuse.
The statistical evidence is divided. Head and shoulders at major highs and cup-and-handle in growth stocks have academic backing. Most don’t pattern. The right way to use chart patterns is as a way to set risk, get in near the breakout, and stop out on failure, not as a perfect way to tell direction.
Example: A stock pulls back after a sharp move higher, forming a symmetrical triangle with highs and lows converging. The trader waits for a breakout over the upper trendline. High volume precedes entry. The structure of the triangle is used to define a logical stop just below the breakout level.
Chicago PMI
The Chicago Purchasing Managers’ Index, a monthly survey that gauges business conditions in the Chicago region, heavily weighted to manufacturing. It is expected to be a closely watched preview of the print, as it is published on the final business day of each month, a day before the national ISM Manufacturing PMI is released.
If the reading is higher than 50, it indicates expansion; if the reading is lower than 50, it indicates contraction. Each sub-component (new orders, production, employment, supplier deliveries, inventories) is individually scored and aggregated. The most attention is always focused on new orders, as this is the forward-looking part.
The Chicago PMI has a very erratic month-to-month pattern. Because of the 10-point or more fluctuations in going from release to release, single-month readings are not meaningful. The data is usually smoothed over three months to remove any noise. Reactions to markets are based on the spread with consensus, not the absolute level. A 5-point miss below a low-bar consensus puts markets into motion more than a beat higher above a high-bar consensus.
Example: Chicago PMI prints at 38 vs 47 consensus, which is well into contraction and well under expectations. S&P futures decline right away, and the dollar weakens against safe-haven currencies. The national ISM print the next day confirms the weakness, confirming the early signal the Chicago data had given.
Chilean Peso (CLP)
The official currency of Chile, issued by the Banco Central de Chile. Follows a floating exchange-rate system but intervenes occasionally when the rates become disorderly. While the centavo is no longer used in transactions, the smallest denomination in common use is the 1 peso coin.
Chile is the world’s biggest copper producer with about 25% of the world’s copper production. This makes the peso one of the world’s most copper-sensitive currencies: a rise in copper prices tends to cause the CLP to strengthen, while a decline in copper prices tends to cause the CLP to weaken. The correlation is indeed strong that sometimes traders use CLP as a proxy for copper when the FX market offers better access to trading the commodity.
The Banco Central has the task of keeping inflation within 1 percentage point of its 3% target rate. It acts as a benchmark for central bank behaviour in emerging markets in fixed income.
Example: A major mine experiences a disruption in supply and electric-vehicle demand surges, causing copper prices to rise. USD/CLP declines on a higher repricing of export revenues. A trader who is long on CLP and short on the dollar is better off due to the appreciation of the spot, usually, as the underlying commodity trades sharply, so do commodity-sensitive FX.
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