HFT Elite · Glossary
Pro Workstation glossary
Research-grade definitions for every term the workstation uses. Greeks for binary outcomes, order-type semantics, screener inputs, multi-leg structures, and Polymarket microstructure — each entry links back to the relevant methodology page.
Greeks
4 terms
- DeltaΔ
- Position sensitivity to a unit move in fair value. For a Polymarket binary YES at price p, delta ≈ p. NO leg delta ≈ (1 − p).
- ThetaΘ
- Daily decay toward the terminal value (0 or 1) as resolution approaches. Pinch factor p × (1 − p) peaks at p = 0.5.
- Vega-analogν*
- Practitioner proxy for vega on a binary outcome (Black-Scholes vega doesn’t apply directly). Trailing 7-day realized vol of mid-price multiplied by position notional.
- Pinch factor
- The p × (1 − p) term in the theta formula. Maxes at 0.25 (p = 0.5) and collapses to ~0 near 0 or 1.
Δ ≈ p · dollar_delta = size × pGreeks methodology →
Θ /day = size × p × (1 − p) × 24 / hours_to_resolutionGreeks methodology →
vega-analog = realized_vol_7d × notional
pinch = p × (1 − p) · max = 0.25 at p = 0.5
Order types
8 terms
- Stop
- Fires a market order when price crosses your trigger. Sell stops fire when price ≤ trigger; buy stops fire when price ≥ trigger. Order-type reference →
- Stop-limit
- Stop trigger that, once tripped, posts a limit order at your limit price (slippage control at the cost of a possible non-fill). Order-type reference →
- Trailing stop
- Stop whose trigger re-anchors to the running peak (sell side) or trough (buy side); fires when price retraces by trail_offset.
- OCO
- One-cancels-other. Two atomically-linked legs; fill on either leg cancels the sibling. PolyZig writes reciprocal linked_order_id so order matters not. Order-type reference →
- Bracket
- OCO of a take-profit (bracket_target) and a protective stop (bracket_stop) wrapping an existing position. Order-type reference →
- TIF (GTC / GTD / IOC / FOK)
- Time-in-force. GTC stays open until cancelled; GTD expires at a specified time; IOC takes whatever fills now and cancels the rest; FOK fills entirely or not at all.
- TWAP
- Time-Weighted Average Price. Slice a large order into N child orders over a window to reduce market impact.
- Iceberg
- Show only a small visible slice on the book and refill it as it fills, hiding total size.
sell trigger = peak − trail_offsetOrder-type reference →
Screeners
5 terms
- IV rank
- Percentile of current realized vol within a trailing 252-trading-day-equivalent window. 0 = quietest the market has been all year, 100 = noisiest. Screeners overview →
- Theta harvest
- Markets pinned at p ≥ 0.95 with thick book depth — premium-selling territory. The screener filters by close on the latest 1m bar. Screeners overview →
- Mispricing
- Polymarket price vs an external fair-value adapter (sportsbook odds, weather forecast, rival prediction exchange). Ranked by |p − fair| × notional.
- Catalyst calendar
- Sorted list of the user’s positions by upcoming resolution_date, coloured by exposure. The Polymarket equivalent of an options trader’s earnings calendar.
- Whale activity
- Recent prints from the public tape filtered by minimum notional in USDC (default $1,000 over the last hour).
Multi-leg
4 terms
- Vertical spread
- Two same-side legs at different prices on the same market. Long YES at one price + short YES at a higher one. Defined risk + defined reward. Multi-leg strategies →
- Calendar spread
- Same outcome traded across two markets that resolve at different times. Positions the term structure of implied probability.
- Pair trade
- Long one market, short a correlated one. Hedges out shared exposure and isolates the relative bet.
- Box spread / box arbitrage
- On multi-outcome markets, when the YES prices of every outcome sum to less than $1.00 minus fees, the divergence is a defined-profit trade that resolves to par regardless of which outcome wins.
edge = $1.00 − Σ YES − feesMulti-leg strategies →
Microstructure
5 terms
- CLOB
- Central Limit Order Book. Polymarket runs an on-chain CLOB on Polygon; PolyZig signs every order client-side via the official polymarket_client_sdk_v2.
- Top of book
- Best bid (highest buy) + best ask (lowest sell) at any moment. The Workstation persists 1-second snapshots of the top 10 levels each side.
- Spread
- best_ask − best_bid. Narrow spreads = liquid market; wide spreads = expensive to enter or exit.
- Time & sales (tape)
- Stream of executed trades with price, size, side, and timestamp. The Workstation persists every public-tape print.
- Builder code
- B256 attribution tag attached to every Polymarket V2 order. PolyZig configures one so its builds get credited.
spread_bps = (spread / mid) × 10,000