In the world of finance, there are certain phrases that are commonly used when it comes to buying or selling securities. For instance, when placing an order to buy ten contracts of Dell October $40 calls at a limit of 4 5/8 for the day, you would inform your broker that you are placing a day order for 10 contracts of Dell October $40 strike calls, with a limit of 4 5/8. This provides your broker with all the necessary details to execute the order.
