> ## Documentation Index
> Fetch the complete documentation index at: https://docs.updown.fast/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

> Key terms used across updown.

## A

**Allow trading**
The one-time approval, shown in the deposit dialog, that lets updown move funds for the trades you place without a signature each time.

**Available cash**
Cash minus what your open interval positions reserve. Shown on the Portfolio value card. It is what you can spend on interval trades or withdraw.

## B

**Break-even**
For an option, the price where a bought contract has paid for itself: strike plus premium for a call, strike minus premium for a put.

**Buying power**
The interval market page's name for Available cash, shown in Live Positions.

## C

**Call**
An option that pays the amount the stock token finishes above the strike, per contract. Shown as "Above \$X" under the **Up** outlook.

**Cash**
The USDG in your wallet. Shown in the top bar. Click it to deposit.

**% chance**
updown's estimate that an option finishes past its strike, or an interval side's price read as a probability.

**Contract**
The unit you trade. An **interval contract** is one Up or Down claim on a window, priced 1¢–99¢, paying \$1.00 if its side wins. An **option contract** is one stock token, can be fractional to 0.01, and pays by distance past the strike. The two are not the same thing.

## D

**Down**
The interval side that wins if the price closes the window at or below the level to beat. Ties go to Down. Also the options outlook that offers puts.

## E

**Expiry**
For options, the regular-session close a contract settles at: 4:00 PM ET, or 1:00 PM ET on half-days. Two are offered at a time.

**Explore**
The nav label for Home.

## F

**Feed**
The live list of everyone's trades, with takes. In the side panel on wide screens, or the Feed tab on a phone.

## H

**Hot take**
A take on a long-shot interval trade, bought under 20¢. It gets a 🔥 badge on the feed.

## I

**Interval market**
An Up-or-Down window market on a stock or crypto price, at 5-, 15-, or 60-minute cadence. The nav label is **Interval**.

## L

**Limit**
An order type in the interval ticket that is not yet available. Its button is disabled.

**Live Positions**
The interval market page panel listing your contracts in the current window, with Sell buttons.

## M

**Market**
An interval subject at one cadence, for example "Apple (AAPL) · 15 min". Also the interval order type that spends a dollar amount at the live quote.

**Max payout**
What an interval Market order returns if the side wins: dollars divided by price.

**Multi-buy**
Placing up to 20 interval buys in one order. Each pick is an independent buy.

## N

**Now**
An interval market's live price.

## O

**Option**
A cash-settled call or put on a stock's Robinhood Chain token.

**Outlook**
Quick trade's first choice on an options page: **Up**, **Down**, **Volatile**, or **Neutral**.

## P

**Past**
The interval market page dropdown of recently settled windows, each linking to its result page.

**Patterns**
Home's ticker of markets on a streak, such as "Up 6 in a row".

**Pays**
On an interval position, the dollars you receive if your side wins, equal to the contracts held.

**Portfolio**
Cash plus the live value of your open positions. Shown in the top bar. Also the page that holds your balance, positions, activity, and profile.

**Premium**
What you pay for an option. It is the most you can lose on it.

**Put**
An option that pays the amount the stock token finishes below the strike, per contract. Shown as "Below \$X" under the **Down** outlook.

## Q

**Quick Buy**
The interval ticket's default mode: pick a side, tap **$1**, **$5**, **\$10**, or a custom amount.

**Quick trade**
The options page's guided picker: choose an outlook, then one of three ready-made trades.

## R

**Rank**
Your position in the Tournament, shown on your Portfolio header.

**Realized P\&L**
Profit or loss locked in by selling back or by settlement.

**Refund**
The outcome of an option that had no settlement price within 6 hours of expiry. The premium is returned and the position shows as void.

**Robinhood Chain**
The network your wallet and cash live on, and where the stock tokens that options settle against trade.

## S

**Settlement**
The automatic close-out of a position. Interval windows pay \$1.00 per winning contract, usually within a minute of the close. Options pay by distance past the strike, within minutes of the 4:00 PM ET close.

**Settlement price (options)**
The average on-chain token price over the 5 minutes before the close.

**Settling**
A position whose window or expiry has passed but which has not been paid yet.

**Shares per token**
How many shares one stock token represents. It starts near 1 and creeps up as dividends are reinvested.

**Spread**
The gap between the ask and the bid. On interval markets it is at least 2¢.

**Stock token**
A token on Robinhood Chain backed by a company's or ETF's shares. Options are priced and settled against it.

**Straddle / Strangle**
A call and a put bought together, offered as the **Volatile** outlook or **Up or Down** in the quick-buy popup.

**Strike**
The price an option is measured against. Six per expiry, at 1%, 2%, and 3% above and below the current price.

## T

**Take**
A note of up to 280 characters, or a GIF, posted with a trade. Shown on the feed and your profile.

**Taker fee**
A small fee on every interval buy and sell, built into the price. Largest near 50¢, smallest at the extremes. Never charged on settlement.

**Thin**
A stock token priced only by shallow pools. Thin tokens settle on the on-chain average alone.

**Time left**
Countdown to an interval window's close. White, then amber, then red.

**To beat**
An interval window's opening price. Up needs a close strictly above it.

**Total return**
Your realized P\&L on one interval market, shown in Live Positions.

**Tournament**
The current two-week competition, ranked by realized P\&L across options and interval markets.

**Trade executed**
The interval confirmation card shown after a fill.

## U

**Unrealized**
Current value minus cost of the contracts you still hold.

**Up**
The interval side that wins if the price closes the window strictly above the level to beat. Also the options outlook that offers calls.

**Up next**
Home's countdown clocks to the next 5-, 15-, and 60-minute windows and the options close.

**USDC**
The stablecoin you can deposit on Polygon. It is routed into your USDG balance automatically.

**USDG**
The dollar token your cash is held in, on Robinhood Chain. You deposit, trade, and withdraw in it.

## V

**Volume**
On your Portfolio header, your face-value trading volume: \$1 per interval contract, and contracts times the stock price for options.

## W

**Watchlist**
Stocks you have starred in the side panel's Stocks tab. Stored in your browser.

**Window**
One round of an interval market with a fixed open and close: 5, 15, or 60 minutes.

**Won / Lost**
Activity labels for settled positions.