路透金融詞典（完整版）

路透金融詞典A值Alpha在股票收益方面，值衡量某種證券或基金經(jīng)風險調(diào)整后的回報。值是代表證券收益率超出風險/收益模型所預測水平的超額收益。參見CAPM（資本資產(chǎn)定價模型）。In the context of stock returns, alpha measures the risk-adjusted performance of a security or fund. It is the return on a security in excess of what would be predicted by a risk/return model. See also: CAPMCategory: 股票*艾略特波浪理論Elliott Wave Theory技術(shù)分析的一種理論，認為市場走勢不斷重復一種模式，每一周期由5個上升浪和3個下跌浪組成。艾略特波浪理論將不同規(guī)模的趨勢分成九大類，最長的超大循環(huán)波(grand supercycle) 是橫跨200年的超大型周期，而次微波(subminuette)則只覆蓋數(shù)小時之內(nèi)的走勢。但無論趨勢的規(guī)模如何，每一周期由8個波浪構(gòu)成這一點是不變的。參見Technical Analysis（技術(shù)分析）。Category: 技術(shù)分析A technical analysis theory which states that the market follows a repetitive pattern, with each cycle made up of a five-wave rise followed by a three-wave fall. There are many different degrees of trend, but the Elliott Wave theory categorizes nine different trends (or magnitudes) ranging from a grand supercycle covering 200 years to a subminuette of only a couple of hours. The eight-wave cycle is constant, regardless of what degree of trend is being considered. See also: Technical AnalysisCategory: 技術(shù)分析*阿拉伯石油輸出國組織OAPEC英文Organization of Arab Petroleum Exporting Countries的縮寫。該組織的宗旨是促進阿拉伯產(chǎn)油國之間的合作，支持阿拉伯石油業(yè)的發(fā)展。成員國包括阿爾及利亞、巴林、埃及、伊拉克、科威特、利比亞、卡塔爾、沙特阿拉伯、敘利亞和阿聯(lián)酋。該組織不就石油產(chǎn)量或價格作決定。Synonym: Organization of Arab Petroleum Exporting CountriesOAPEC aims to improve economic co-operation in the petroleum industry. Its members are Algeria, Bahrain, Egypt, Iraq, Kuwait, Libya, Qatar, Saudi Arabia, Syria and the United Arab Emirates. The group does not make decisions on oil output or pricing期貨期權(quán) | 縮略語*阿歷山大過濾器Alexanders Filter指技術(shù)分析的一種方法，以漲跌百分比來衡量特定時間內(nèi)價格上漲或下跌的速度。升速很快為買進訊號，反之則為賣出訊號。參見Technical Analysis（技術(shù)分析）。Category: 金融*阿姆斯特丹ARA英文Amsterdam/Rotterdam/Antwerp 的縮寫。石油貨品若稱cost and freight ARA，是指可將阿姆斯特丹/鹿特丹/安特衛(wèi)普地區(qū)內(nèi)的港口作為交貨地點。參見C and F（成本與運費）Synonym: Amsterdam/Rotterdam/Antwerp area An oil cargo offered with cost and freight ARA means that ports within this area (Amsterdam/Rotterdam/Antwerp area) can be considered for delivery.Category: 縮略語*按比例償債基金Pro Rata Sinking Fund償債基金是在債券到期前提前償還部分債務的一種安排。債券發(fā)行時若附設償債基金條款，發(fā)債人必須定期將一定數(shù)額的資金投入償債基金帳戶，作為提前贖回部分債券的資金。按比例償債基金規(guī)定，在發(fā)債人動用償債基金回購債券時，所有債券投資者均須接受相同比例的債券贖回參見Purchase Fund（購買基金），Sinking Fund（償債基金）。A sinking fund is a special account that finances the compulsory early repayment by a borrower of a certain amount of a bond issue, usually at par value, regardless of the current value of the bonds in the secondary market. A pro rata sinking fund forces each investor to give up an equal percentage of his or her bond holdings when the issuer calls for sinking fund retirements of the bonds. Typically only applied to registered securities.See also: Fund*按面值 參見:平價At Par指證券的售價與其面值相等。When a security is selling at a price that is equal to face value.期貨期權(quán) | 金融 | 外匯 | 債券 | 股票*按市價調(diào)整Mark to Market指根據(jù)當天的收盤價重新評估頭寸或資產(chǎn)組合的價值,藉此可算出尚未實現(xiàn)的盈利或虧損. 在保證金交易上,藉此可算出是否需要追加保證金.參見Margin Trading(保證金交易)以及Maintenance Margin(維持保證金).The process by which a position or portfolio is revalued based on the current days closing price. Instead of being valued at the original purchase price the portfolio is valued at its current worth, reflecting any profit or loss which is not yet realized but which would be taken into account if the position were sold immediately.期貨期權(quán) | 金融 | 股票*骯臟浮動匯率制Dirty Float指一種官方不公開匯率目標的匯率制度。中央銀行或貨幣當局通過干預外匯市場以使匯率維持在其不公開的目標水平，而目標水平可能會隨環(huán)境的變化而改變。英文亦稱managed float(有管理的浮動匯率制)。A system where no official parities for currencies are declared or maintained. The central bank or national monetary authority does not publish details of a fixed target, e.g. four francs to the dollar. Instead it intervenes in foreign exchange markets to achieve an undisclosed target exchange rate. The target may be changed according to circumstances. Also known as a managed float.Category: 外匯*按揭證券MBS英文Mortgage-backed Security的縮寫,由一籃子住房抵押貸款提供擔保的證券,該抵押貸款組合每月收到的還本付息款項會轉(zhuǎn)交按揭證券的持有人.參見Securitization（證券化）。Synonym: Mortgage-backed SecurityA security backed by, or secured by, a pool or package of mortgage loans. Monthly payments of principal and interest from the underlying pool of mortgages are passed along to the holder of the security. See also: Securitization縮略語 | 債券*安特衛(wèi)普地區(qū) 參見: 阿姆斯特丹*澳大利亞普通股價指數(shù)All Ordinaries澳大利亞股票市場股票價格的基準指數(shù)。該指數(shù)由300多只股票構(gòu)成，以股票的市值加權(quán)。 網(wǎng)址：參見Capitalization-weighted Index（市值加權(quán)指數(shù)）。The All Ordinaries Share Price Index or All Ords is the benchmark index for the Australian stock market. It is a capitalization-weighted index consisting of over 300 stocks. See also: Capitalization-Weighted IndexCategory: 股票*阿爾法系數(shù) 參見: 值*B*八國集團G8指七國集團加上俄羅斯。The G7 countries plus RussiaCategory: 金融*擺動指標Oscillator一種技術(shù)分析工具，有多種不同的計算方式，比如計算證券價格的短期與長期簡單移動均值的差值。擺動指標在某一上限與下限值之間波動，分析師試圖從其形態(tài)中找出買入或賣出的訊號。參見Moving Average（移動平均數(shù)），Technical Analysis（技術(shù)分析）。Used in technical analysis, the oscillator is an indicator which moves back and forth between an upper and lower boundary. The oscillator attempts to indicate buy and sell signals by graphing the difference between a short- and long-term simple moving average. See also: AnalysisCategory: 技術(shù)分析*白武士 參見: 白衣騎士*白衣騎士White Knight當一家公司成為敵意收購的目標時，可邀請另一家公司提出善意的收購，以化解敵意收購的威脅，應邀出手對抗敵意收購的公司被稱為“白衣騎士(白武士)”。參見Poison Pill（毒丸行動/反收購行動）。A potential friendly acquirer sought out by a company to protect it from a hostile takeover. See also: Pill金融 | 風險投資和新股發(fā)行*巴黎俱樂部Paris Club指西方債權(quán)國政府所組織的不定期論壇，討論債務重組或減免問題。巴黎俱樂部由政府組成，而倫敦俱樂部則由商業(yè)銀行組成。參見London Club（倫敦俱樂部）。An ad hoc forum for Western creditor governments to discuss the renegotiation of debt owed to them, or guaranteed by them. The Paris Club groups government creditors while the London Club groups commercial creditors. See also: Club金融 | 債券*巴黎期權(quán)交易市場MONEP法文March des Options Nociables de Paris的縮寫，指巴黎專門從事股票和指數(shù)期權(quán)交易的期權(quán)市場，于1999年6月并入巴黎交易所,后者于2000年9月并入Euronext。參見Euronext(泛歐交易所).Synonym: March des Options Ngociables de ParisThe Paris traded options market specializing in stock and index options. 期貨期權(quán) | 縮略語*巴黎銀行同業(yè)拆借利率Pibor英文Paris Interbank Offered Rate的縮寫。指巴黎的銀行同業(yè)市場拆借短期資金的利率，已為歐元銀行同業(yè)拆借利率(Euribor)所取代。參見Libor（倫敦銀行同業(yè)拆借利率），Euribor(歐元銀行同業(yè)拆借利率)。Paris Interbank Offered Rate. The rate at which banks in Paris are prepared to lend money market funds to each other.See also: Libor, Euribor金融 | 債券*巴黎證券交易所業(yè)務委員會COB法文Commission des Oprations de Bourse的縮寫。COB是法國證券市場的監(jiān)管機構(gòu)。Synonym: Commission des Oprations de BourseCommission des Oprations de Bourse. French stock market regulator.Category: 縮略語*保本點 參見: 盈虧臨界點*保本型基金Principal Guaranteed Fund英文亦稱為capital guaranteed fund，是指基金公司保證投資人可以取回本金的基金。*保管參見: 托管*保管人參見: 受托人*保護主義Protectionism保護主義主張政府以各種措施保護國內(nèi)產(chǎn)業(yè)免受全球化競爭的沖擊，常用手段包括以關(guān)稅、進口配額或嚴格的衛(wèi)生及環(huán)保規(guī)范阻擋廉價進口商品的涌入，以及透過出口或生產(chǎn)補貼協(xié)助本國產(chǎn)品開拓國際市場。Protection of a domestic industry from cheaper competitive imports by such means as import duties, import quotas, export subsidies, health and environmental regulations.Category: 金融*報價驅(qū)動Quote Driven就證券交易方式而言，報價驅(qū)動是指依賴做市商(market makers)來完成買賣。做市商會報出一個買賣雙向報價，表示愿意并有能力按此報價進行交易。英文亦作Price Driven。參見Market Maker(做市商/莊家)及Order Driven（指令驅(qū)動）。A market is described as being quote driven when registered market makers are required to display bid and offer prices, and in some cases the maximum bargain size to which these prices relate. The London SEAQ system and NASDAQ are examples of quote driven markets. The alternative trading system, such as used on the New York Stock Exchange, is an order driven one where market prices are set by the balance of supply and demand in a continuous auction. See also: Driven, SEAQ金融 | 股票*報價Quotation英文亦作Quote。報價是指某一時點的最高買方出價(bid)與最低賣方報價(ask)，前者是當下賣出所能拿到的價格，后者是當下買入所能取得的價格。參見Bid-Ask Quote(買賣方報價)。The current price or rate given in the market or on an exchange. Not necessarily the price at which a trade will be made.Category: 金融*保薦人Sponsor指為公司如何發(fā)行新股票或債券而提供咨詢的投資銀行或商人銀行。因此這種銀行要尋找對這些新股票或債券的潛在需求水平，為其定價并向市場銷售。參見Investment Bank（投資銀行）。Term used for the investment bank, or the merchant bank, which advises a company on how to issue new shares or bonds. It then finds out the level of potential demand for the new shares or bonds, prices them and sells them in the market. See also: Bank金融 | 風險投資和新股發(fā)行 | 股票*保留意見賬目Qualified Accounts指遭審計師發(fā)表保留意見(qualified opinion)的財務報表。審計師若認為公司的財務報表存在重大問題，以致未能公允反映公司經(jīng)營實況，就會在審計報告中表達保留意見。無保留意見(unqualified opinion)具是指審計師認為財務報表公允反映了公司的經(jīng)營實況。The published balance sheet and accounts of a company, in which the auditors report expresses reservations as to whether a true and fair view of the companys activities has been presented.*保險精算師 參見: 精算師*包銷Underwriting指發(fā)行人向承銷商付出一定的費用，換取承銷商承諾在市場需求不足時，按發(fā)行價買下約定數(shù)量的新發(fā)行證券。包銷安排帶有保險的性質(zhì)。A form of insurance whereby, an underwriter agrees for a fee to take up a specific quantity of a new issue at the issue price if there is insufficient demand.金融 | 債券 | 風險投資和新股發(fā)行 | 股票*保證金交易Margin Trading投資者透過保證金交易買進資產(chǎn)時,只需支付部分現(xiàn)金,其余資金向經(jīng)紀商借入,按融資利率支付利息. 保證金交易讓投資者以自身較少的資金,結(jié)合借入的資金進行較大規(guī)模的交易,放大了投資盈虧,風險較高.參見Margin（保證金）。An investor pays a certain amount of cash to fund a transaction and borrows the remainder from a broker at a rate of interest. Margin trading provides gearing to investors since their small amount of funds goes a lot further when combined with additional borrowed funds. But added gearing means increased risk if the market moves against the investor.期貨期權(quán) | 金融 | 外匯 | 股票*保證金賬戶Margin Account指讓投資者無需拿出十足資金即可進行交易的賬戶。參見Margin（保證金），Margin Trading（保證金交易）。An account enabling an investor to trade without having the full amount of funds available. See also: Trading期貨期權(quán) | 金融 | 外匯 | 股票*保證金Margin保證金交易模式讓投資者無需拿出十足資金即可進行買賣. 這種交易方式可放大盈虧,風險較大. 期貨市場的結(jié)算所為確保買賣雙方有能力履行各自的合約義務，會要求他們交存初始保證金。而為了使保證金額度能趕上其后的市場變動，還可能要求投資者繳交變動保證金。需交存的保證金是通過參照每天的收盤價，重新對所有頭寸進行估值而計算得出的。參見Initial Margin（初始保證金），Mark to Market（按市價調(diào)整），Margin Trading（保證金交易/信用交易），Variation Margin（變動保證金）。Margin allows trading without having the full amount of funds available. It is a part-payment of collateral to cover contractual obligations and to insure against potential unlimited loss. Clearing houses in futures markets demand an initial margin from both the buyer and the seller of a futures contract to ensure they will be able to meet their contractual obligations. To ensure that margin requirements keep pace with subsequent market movements, variation margin is also called for. This is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin期貨期權(quán) | 金融 | 外匯 | 股票*巴塞爾委員會Basel Committee國際清算銀行下屬的一個委員會， 旨在促進國際間在銀行監(jiān)管事務上的合作，制定并提倡良好的銀行監(jiān)管準則。奠定銀行最低資本國際標準的巴塞爾資本協(xié)議即為該委員會所制定。參見BIS（國際清算銀行）。A committee of the Bank for International settlements that formulates broad supervisory standards for best banking practice and supervision, including setting the minimum capital standards for banks.See also: BISCategory: 金融*巴塞爾資本協(xié)議Basel Rules or Basel Accord國際清算銀行下屬的巴塞爾委員會就銀行最低資本要求及其他經(jīng)營問題所制定的準則。巴塞爾資本協(xié)議(Basel Capital Accord)于1988年推出，資本充足率(Capital Adequacy Ratio)不得低于8%是該協(xié)議的核心要求，成為廣受國際接受的標準。根據(jù)協(xié)議的要求，貸款的風險越高，銀行必須具備越雄厚的資本。因為適應銀行業(yè)日趨復雜的發(fā)展，巴塞爾委員會于2004年6月26日正式推出巴塞爾新資本協(xié)議(Basel II)，主要金融中心將于2006年底開始實施。參見BIS（國際清算銀行），Category: 金融* 被凍結(jié)的資產(chǎn)Frozen Assets指因戰(zhàn)爭、政權(quán)交替或法律訴訟等原因而遭暫時凍結(jié)、不許轉(zhuǎn)移的資產(chǎn)。Assets, balances or credits temporarily blocked or immobilized due to political circumstances such as war or legal action.Category: 金融*被動式管理Passive Management一種投資策略，追求與市場指標一致的回報，其資產(chǎn)配置反映了所追蹤的指標的構(gòu)成，亦稱為被動型投資策略(passive portfolio strategy)參見Active Fund Management（積極型基金管理）及Index fund(指數(shù)基金)。An investment strategy that focuses on mirroring the composition of a given market or sector to match its return and risk characteristics.See also: ManagementCategory: 基金*備兌認股權(quán)證Covered Warrant銀行發(fā)行的一種認股權(quán)證，給予持有人在未來某一時間以通常高于當前市價的價格買入某一公司股票的權(quán)利，是一種交易工具。 備兌(covered)是指發(fā)行銀行至少持有部分標的股票以備認購。例如，美林證券可能持有一些通用汽車的股票，可據(jù)此發(fā)行通用汽車的備兌認股證。備兌認股證是一種高杠桿投資工具，主要以希望押注某一個股、一籃子股票或者某一股價指數(shù)的國際投資者為目標客戶。參見Share(股票)，Stock(股票)，Warrant(認股權(quán)證)。A warrant issued by a bank that enables the holder to buy shares in another company at a future date, for a price that is generally above the current market price of the share. Used as a trading instrument. For example, Merrill Lynch might issue covered warrants on shares of General Motors. They are covered because the issuer will hold at least some of the underlying stock into which the warrants may be exercised. Covered warrants are aimed principally at international investors looking for geared exposure to a specific stock, basket of stocks or even an entire index.See also: Share, Stock, WarrantCategory: 股票*背對背貸款Back-to-back Loans不同國家的兩家公司各自以本國貨幣向?qū)Ψ劫J出一筆等值的貸款，借此規(guī)避外匯風險或外匯管制。例如，一家美國公司向一家英國公司貸出100萬美元，而此英國公司則向該美國公司貸出等值的英鎊(以美元兌英鎊當時的匯率計算)，借此安排，兩家公司不需兌換即可取得所需的貨幣。亦稱為“平行貸款”（parallel loans）。Synonym: Parallel LoanArrangement whereby a loan in one currency is set against a loan in another currency. It can be used to avoid or overcome exchange risks and exchange controls. Also known as parallel loans.Category: 外匯*北美自由貿(mào)易協(xié)定NAFTA英文North American Free Trade Agreement的縮寫，是由美國、加拿大和墨西哥三國組成的自由貿(mào)易區(qū)。Synonym: North American Free Trade AgreementA three-member free trade zone between the US, Canada and Mexico. 金融 | 縮略語*倍數(shù)Multiples通常是指盈利倍數(shù)(earnings multiple),也就是市盈率,等于公司的股價除以年度每股盈余.參見P/E Ratio（市盈率）。金融 | 股票*貝塔系數(shù) 參見: 值*值Beta貝塔系數(shù)是量度股票投資系統(tǒng)風險的指標。所謂系統(tǒng)風險是指股票投資中沒有辦法通過分散投資來減低的風險，即是由整體經(jīng)濟狀況和整體市場因素所造成的風險(如利率變動)，與個別公司沒有直接的關(guān)系。與其相對的是非系統(tǒng)風險，即由個股的個別因素(如會計丑聞)所造成的風險，是可以通過分散投資來消弭掉的。金融學運用了貝塔系數(shù)來計算在一只股票上投資者可期望的合理風險回報率：個股合理回報率 = 無風險回報率*+(整體股市回報率-無風險回報率)*可用基準債券的收益率代表貝塔系數(shù)=1，代表該個股的系統(tǒng)風險等同大盤整體系統(tǒng)風險，即受整體經(jīng)濟因素影響的程度跟大盤一樣; 貝塔系數(shù)1則代表該個股的系統(tǒng)風險高于大盤，即受整體經(jīng)濟因素影響的程度甚于大盤。貝塔系數(shù)越高，投資該股的系統(tǒng)風險越高，投資者所要求的回報率也就越高。高貝塔的股票通常屬于景氣循環(huán)股(cyclicals)，如地產(chǎn)股和耐用消費品股；低貝塔的股票亦稱防御類股(defensive stocks)，其表現(xiàn)與經(jīng)濟景氣的關(guān)聯(lián)度較低，如食品零售業(yè)和公用事業(yè)股。個股的貝塔系數(shù)可能會隨著大盤的升或跌而變動，有些股票在跌市中可能會較在升市具更高風險。Beta records how volatile and risky investing in an individual stock is compared with the risk of the equity market as a whole. Beta measures how much the individual stocks excess return (the amount it earns in dividends and capital gains compared with a short-term money market rate) varies in comparison with movement in the excess return of the market as a whole (usually represented by the markets benchmark index). Beta compares excess return with short-term government paper because the latter investment is regarded as risk free. If the markets excess return rises by one percent and the stocks excess return rises during the same period by the same one percent then the stocks beta is one. The higher the beta the riskier the stock, reflected in its greater required return. A stock with a beta of more than one tends to be riskier than the market. A stock with a beta of less than one is less risky. High beta stocks tend to be in cyclical sectors such as property and consumer durables. Low beta stocks, also known as defensive stocks, tend to be in non-cyclical sectors such as food retailing and public utilities. Betas for individual stocks can vary according to whether the overall market direction is upwards or downwards. A stock may be riskier in a falling market than a rising market.風險投資和新股發(fā)行 | 股票*備用信貸Back-up Facility通常指銀行為商業(yè)票據(jù)發(fā)行人提供的備用信貸，以便發(fā)行人在無力贖回票據(jù)時獲得短期融資。Typically, a bank line of credit used to provide back-up liquidity should an issuer be unable to fund the outstanding commercial paper.金融 | 債券 | 風險投資和新股發(fā)行 | 股票*本地生產(chǎn)總值參見: 國內(nèi)生產(chǎn)總值*崩盤Crash指經(jīng)濟形勢急劇惡化或資產(chǎn)價格暴跌，崩盤會嚴重打擊投資和消費信心，并可能會演變成經(jīng)濟或金融危機，例如1929年的華爾街股災以及19971998年的亞洲金融風暴。發(fā)生這種狀況時，企業(yè)和個人會減少投資和消費，以勉力償還債務。這些債務很可能是以購入的資產(chǎn)(如房屋)作為抵押的，而這些資產(chǎn)的價值已暴跌。信貸需求會因而進一步下降，進而威脅總體經(jīng)濟增長。A dangerously steep fall in economic conditions or asset prices, such as the Wall Street Crash of 1929. A crash leads to a sudden fall in confidence in investment and the economy. Companies and individuals reduce consumption and investment as they try to repay debt borrowed to buy assets which have fallen steeply in value. That leads to further drops in demand for credit and threatens the overall level of economic activity.金融 | 外匯 | 債券 | 股票*本國收益率Native Yield指某一國家或市場計算債券到期收益率所遵循的慣例。國際證券市場協(xié)會（ISMA）的到期收益率計算法為市場廣泛使用，按該計算方法，債券未來的所有現(xiàn)金流以到期收益率折現(xiàn)，等于債券價格加應計利息。參見YTM(到期收益率)。The convention used in a particular country or market for the calculation of a bonds yield if it is held to maturity. A widely used convention is the ISMA (International Securities Market Association) yield to maturity which makes all future cash flows equal to the price of the bond plus accrued interest.Category: 債券*本金Principal1. 就借貸而言，本金是指不含利息在內(nèi)的借貸金額，即未計應付利息借款人欠放款人的金額。就債券而言，本金通常是指債券的面額。就投資而言，本金是指股東投入的金額，不含投資收益。2. 在一宗交易中，當事人(principal)是相對于代理人(agent)而言的;當事人是最主要的利益攸關(guān)者，代理人只是受當事人委托、代為處理相關(guān)事宜。在金融市場，principal指以自己的資金進行買賣的人士。The total amount borrowed or invested, e.g. the face amount of a bond bought by an investor. Also, the originator or prime mover in a financial deal, on whose behalf brokers act as agents.See also: BrokerCategory: 金融*本票 參見: 期票*變動保證金Variation Margin因市場出現(xiàn)不利的波動，導致賬戶的保證金不足而須增繳的保證金，與頭寸的虧損程度成正比。變動保證金由清算行或經(jīng)紀商每日收取，按當日收盤價計算頭寸的損益情況得出。參見Margin（保證金），Mark to Market（按市價調(diào)整）。Variation margin is collected on a daily basis by clearing houses or brokers to ensure margin requirements on a particular transaction keep pace with subsequent market movements. It represents a running profit or loss on a contract. It is calculated by revaluing all positions with reference to the closing prices each day.See also: Margin, Mark to Market期貨期權(quán) | 金融 | 股票*變動速度 參見: 變動率*變動率ROC英文Rate of Change的縮寫。在技術(shù)分析中，變動率變動速度是衡量最新的收盤價與先前某特定時間價格的比例的指標。例如，編制一個5天變動速度是指將最新的收盤價除以5天前的價格，然后乘以100而得。100為中點或零點線。參見Oscillator（擺動指標），Technical Analysis（技術(shù)分析）。Synonym: Rate of ChangeIn technical analysis, the ROC is an indicator that measures the ratio of the most recent closing price to a price in a previous set period. Thus, a five-day rate of change oscillator is constructed by dividing the latest closing pr