MID IMPLIED VOLATILITY (MIV) - Implied volatility computed based on the midpoint between the Bid and Ask prices. See IMPLIED VOLATILITY.
NAKED - An investment in which options sold short are not matched with along position in either the underlying or another option of the same type that expires at the same time or later than the options sold. The loss potential of naked strategies can be virtually unlimited.
NEAR TERM - See FRONT MONTH.
NORMAL DISTRIBUTION - A statistical distribution where observations are evenly distributed around the mean. Studies have shown that stock prices are very close to being log normally distributed overtime. When you choose bell curve as a price target in the program, a lognormal distribution based on price, volatility, and time until valuation date is constructed.
NOT-HELD ORDER - An order that gives a broker discretion as to the price and timing in executing the best possible trade. By placing this order, a customer agrees to not hold the broker responsible if the best deal is not obtained.
OFFER - See ASK.
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