Glossary

The blended annual return a company's investors require, weighting the cost of equity and the after-tax cost of debt by how much of the capital each provides. Used as the discount rate for future cash flows: a higher WACC makes the same cash flows worth less today.

The slope of a regression of the stock's daily returns on a benchmark's daily returns over the chosen window. A beta of 1.3 means the stock has historically moved 1.3% for each 1% of benchmark move — a description of the past window, not a forecast.

The raw regression beta shrunk toward the market: 0.67 × raw beta + 0.33 × 1.0. A convention that assumes betas drift toward 1 over time, not something measured.

The intercept of the same regression: the average daily return left over once the benchmark's move is accounted for. On this screen it is a DAILY figure shown as a percentage, and it is not annualised.

The share of the stock's return variation the benchmark explains, from 0 to 1. Low R-squared means the beta beside it is a slope through a diffuse cloud and should carry little weight.

Risk-free rate + beta × market risk premium. The return an equity investor is assumed to require for bearing this stock's market risk. This product uses the RAW beta here, not the adjusted one.

The extra annual return equities are expected to deliver over the risk-free rate. This product does not use a published or surveyed premium: it measures the benchmark's own annualised return over the available history and subtracts the risk-free rate.

The yield on government debt, used as the return available without credit risk. Valuation screens here read the 10-year Treasury; option pricing reads a shorter tenor matched to the contract's days to expiry.

The interest rate a company pays on its borrowings. Taken from traded bond yields where TRACE has them, otherwise implied as interest expense divided by total debt, otherwise the risk-free rate as an explicit lower bound. After-tax cost of debt multiplies it by (1 − tax rate).

Income tax expense divided by pre-tax income, as reported. It is the rate actually borne, which differs from the statutory rate because of credits, foreign mix and timing differences.

Market capitalisation ÷ (market capitalisation + total debt), and its complement. Note the asymmetry: equity is at market value, debt is at book value from the filings.

Share price × shares outstanding: what the equity is worth at today's price. Not the price of the whole business — that is enterprise value.

The share count the issuer reports on its filing cover page. Preferred here over a provider's figure because it is the number the company itself certified.

The portion of shares outstanding available to trade, excluding closely held and restricted stock. A low float amplifies price moves for a given amount of buying.

Market capitalisation + total debt − cash: what it would cost to acquire the whole business, net of the cash that comes with it. Comparable across companies with different leverage in a way market capitalisation is not.

Enterprise value over earnings before interest, tax, depreciation and amortisation. Withheld rather than shown negative when EBITDA is not positive. EBITDA here is derived as operating income plus depreciation and amortisation.

Enterprise value over trailing revenue. The multiple of last resort for a company with no positive earnings, and the least discriminating of the set.

On this product's comparables screen, market capitalisation ÷ net income — arithmetically the same as price ÷ EPS but computed from the aggregates, and shown only when net income is positive.

The closing price restated for splits and dividends so that a return computed across the series is a total return. Raw close is what printed on the day; adjusted close is what makes two dates comparable.

The volatility that makes an option pricing model reproduce the option's market price — the market's expectation of future movement, expressed annualised. This product solves for it from the quoted mid rather than trusting the provider's field.

How fast an option's delta changes as the underlying moves. High gamma means a hedger must re-trade the underlying frequently to stay hedged, which is why gamma concentrations move spot.

How an option's delta changes when implied volatility changes. It links the volatility surface to hedging flow in the underlying: a volatility move alone can force a hedger to buy or sell stock.

How an option's delta changes purely with the passage of time. It is why hedging flow clusters into expiry even when the price has not moved.

Open interest × gamma × 100 × spot, summed across the chain with calls positive and puts negative. Read as dollars of dealer delta per one-point move in spot. The sign is a CONVENTION about who is on which side, not an observation — see the OCHAIN manual entry.

The strike where cumulative gamma exposure crosses zero. Above it, hedging is commonly assumed to dampen moves; below it, to amplify them. It follows from the same sign convention as GEX.

The number of option contracts at a strike that are still open. A stock of positions, updated once a day — not a flow, and not today's volume.

The share of a stock's volume that printed away from a lit exchange. Two different ratios are published: off-exchange volume as a share of consolidated volume, and ATS volume as a share of all off-exchange volume. They answer different questions and should not be quoted interchangeably.

Shares matched inside an Alternative Trading System — a registered venue that does not display quotes. The remainder of off-exchange volume is wholesaler and internaliser flow, mostly retail-originated.

Today's volume against the normal volume for the same point in the session. Above 1 means more participation than usual by this time of day, which is why it is comparable intraday in a way raw volume is not.

Contango is a futures curve where deferred contracts cost more than the front — the normal state when carry is positive. Backwardation is the inverse, and usually signals scarcity of the physical commodity now.

The fixed rate exchanged for floating at each maturity. On this product the curve is a MODEL: a tenor premium is added to the observed Treasury curve, so the spread shown is that modelled premium and not an observed swap spread.

The extra yield a government pays over a risk-free benchmark, as compensation for default and currency risk. Model-implied here from inflation and real rates unless a dealer CDS feed is configured, and it carries no term structure.

The no-arbitrage relation that ties the forward exchange rate to spot and the two currencies' interest rates. The forward matrix is built from it directly: spot × exp((foreign rate − domestic rate) × years).

Despite its name, the FXIP screen shows a macro indicator matrix rather than a parity calculation.

The central bank balance sheet less the Treasury's cash balance and reverse repo — an estimate of reserves actually available to the financial system. Weekly, because its inputs are weekly.

Circulating supply measured against total or maximum supply: how much of a token has yet to reach the market. The screen's name says unlock, but it is a supply ratio, not a dated vesting calendar.

SEC EDGAR's machine-readable feed of every numeric fact a company has tagged in its filings, keyed by accounting concept and period. It is what makes a financial statement queryable instead of a PDF.

The Central Index Key: the SEC's permanent identifier for a filer. Stable across name changes and ticker changes, which is why every filing lookup here resolves to a CIK first.

The exhibit attached to an 8-K Item 2.02 filing that carries the earnings release and prepared remarks. It is NOT a call transcript: the analyst question-and-answer session is not in it, and this product does not have it.