LEG - Term describing one side of a spread position.LEGGING

LEVERAGE - A means of increasing return or worth without increasing investment. Using borrowed funds to increase one’s investment return, for example buying stocks on margin. Option contracts are leveraged as they provide the prospect of a high return with little investment. The % Double parameter for each option in the Matrix is a measure of leverage.
LIMIT ORDER - An order placed with a brokerage to buy or sell a predetermined number of contracts (or shares of stock) at a specified price, or better than the specified price. Limit orders also allow an investor to limit the length of time an order can be outstanding before canceled. It can be placed as a day or GTC order. Limit orders typically cost slightly more than market orders but are often better to use, especially with options, because you will always purchase or sell securities at that price or better.
LIQUID - A liquid market is one in which large deals can be easily traded without the price moving substantially. This is usually due to the involvement of many participants and/or a high volume of transactions.
LONG - You are long if you have bought more than you have sold in any particular market, commodity, instrument, or contract. Also known as having along position, you are purchasing a financial asset with the intention of selling it at sometime in the future. An asset is purchased long with the expectation of an increase in its price.

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