Trading Pit History Navigation
  • About
  • History
  • Blog
  • Book
  • Hand Signals
  • Further Resources
  • About
  • History
  • Blog
  • Book
  • Hand Signals
  • Further Resources

Order Executions

Technique

Both hands up in the air conveying that a larger quantity is being bid on (quantity varies by pit).

Origin

Greater emphasis with two hands. CME version.

  • Functions ↓
  • Options
  • Order Executions
  • Contracts
  • Overview
  • Basics
  • Prices & Qty
  • Months
  • Years
  • Participants
  • Functions

Buying - larger size

Functions Order Executions Buying - larger size
1 of 32
Functions Order Executions Buying - larger size
Both hands up in the air conveying that a larger quantity is being bid on (quantity varies by pit).
Greater emphasis with two hands. CME version.
Functions Order Executions Buying - smaller size
One hand up in the air conveying that a smaller quantity is being bid on (quantity varies by pit).
Less emphasis with one hand. CME version.
Functions Order Executions Price Traded (i.e.
Hand is moved side-to-side displaying price trading.
Motion indicates action. CME version.
Functions Order Executions Thin Size (CME)
Thumb and index finger move close with about an inch of empty space in between.
Fingers indicate small amount. CME version.
Functions Order Executions Market Size
Hand is held with fingers extended and moved up and down above head.
Size is indicated at head. CME version.
Functions Order Executions Market Order (CME)
Hand is held with fingers extended and moved outward.
Hand moves to indicate let go. CME version.
Functions Order Executions Market Order (SIMEX)
Index and middle fingers are crossed with other fingers curled.
Unknown. SIMEX version.
Functions Order Executions Order Filled (CME)
Thumb is extended upward from fist.
Thumbs up is universal for good or accomplished. CME version.
Functions Order Executions Order Filled (CBOT, LIFFE, NYMEX)
Hand is held with fingers extended outward and elbow at 90 degree angle. Arm is extended forward until straight.
Trades originally were sealed w/a handshake and this is a handshake motion. CBOT, LIFFE, NYMEX version.
Functions Order Executions Order Working
Index finger is extended outward and rotated in circles.
Gears moving. CME version.
Functions Order Executions Checking
Index finger is extended and forms a "check mark."
Check mark. CME version.
Functions Order Executions Quantity Total
Hand is held with fingers extended and held to cheek.
90 degree angle like a T. CME version.
Functions Order Executions Quantity Total (version 2)
Both hands are held with fingers extended and crossed to form a letter "T."
"T" for total. CME version.
Functions Order Executions Quantity Total (MATIF)
Hand is held with fingers extended and touching chin.
"T" for total. MATIF version.
Functions Order Executions Price Discretion
Thumb and index finger tug earlobe.
Unknown. CME version.
Functions Order Executions Price Limit
Thumb and index finger are held to form the letter "L."
"L" for limit. CME version.
Functions Order Executions Stop Order
Fist is pressed into palm of other hand.
Hand stops fist. CME version.
Functions Order Executions Stop Order (version 2)
Fist makes banging motion.
Hand stops mid-motion. CME version.
Functions Order Executions Fill or Kill Order
Index finger and thumb are extended and held to side of head.
Kill with gun. CME version.
Functions Order Executions Paper Orders
Thumb and index finger are rubbed together.
Touching paper in fingers. CME version.
Functions Order Executions Above Market
Hand is held with fingers extended outward and moved in a 180-degree arc that opens downward.
Motion indicates higher. CME version.
Functions Order Executions Below Market
Hand is held with fingers extended outward and moved in a 180-degree arc that opens upward.
Motion indicates lower. CME version.
Functions Order Executions Move Price Up
Hand is formed into closed fist with thumb pointed upward and moved upward.
Thumb points higher. CME version.
Functions Order Executions Mover Price Down
Hand is formed into closed fist with thumb pointed downward and moved downward.
Thumb points lower. CME version.
Functions Order Executions Do It Again
With index finger extended outward, hand is moved in a 180 degree arc outward from body.
Continual motion. CME version.
Functions Order Executions Reload
One hand is held stationary while other hand is pumped up and down.
Reloading a shotgun. CME version.
Functions Order Executions Scratch The Trade
Fingers scratching a cheek.
Fingers scratching. CME version.
Functions Order Executions Spread (CME)
Index and middle fingers are extended outward from fist.
Fingers spreading. CME version.
Functions Order Executions Spread (LIFFE)
Hand moves back and forth in swimming motion.
Hand moves side to side indicating spread. LIFFE version.
Functions Order Executions Spread (SIMEX)
Thumb and index finger are extended upward, then brought together and apart.
Fingers spread. SIMEX version.
Functions Order Executions Butterfly
Fingers are held at downward 45 degree angle, then flapped up and down.
Hand flies like a butterfly. CME version.
Functions Order Executions Cancel
Hand makes slicing motion at neck level.
Cut throat. CME version.
Functions Order Executions Trading Card
Thumb and index finger are held to form a 90 degree angle.
90 degree angle represents edge of trading card. CME version.
Functions Order Executions Carnet Overt
Hands are held together with palms open upward.
Open book. MATIF version.
Functions Order Executions Hung Order
Hand grips necktie and pulls upward.
Tie represents noose. CME version.
Functions Order Executions Hung Order (version 2)
Index finger pointed to the throat.
Point to where noose would hang. MATIF version.

Functions

Many different functional hand signals were developed to facilitate new contracts, the options markets and to be more specific in order execution. Generally, such functional signals were highly localized and their use confined to one exchange or even one pit.

Hand Signals Gallery

  • Overview
  • Basics
  • Prices & Qty
  • Months
  • Years
  • Participants
  • Functions

Get Our Book

TRADING PIT HAND SIGNALS
A Photographic Reference
Read more >

Recent Blog Entries

  • Kansas City Board of Trade documentary from 2006
  • 1993 CBOT video
  • 1865 CBOT building Inaugural Banquet program
  • Course of the Exchange – John Castaing
  • LIFFE badges
Debrouillard Group, tradingpithistory.com
  • About
  • History
  • Blog
  • Book
  • Hand Signals
  • Further Resources