Chapter 1

Buy: Go long, bullish

Sell: Go short, bearish

Open Position: Establish a new position.

Close Position: Liquidate an existing position, opposite to the current position.

Close Today: Liquidate the position opened today, with one-sided fees.

Open Long: Open a long position. Open Short: Open a short position.

Open Both: Open both long and short positions simultaneously. Close Both: Close both long and short positions simultaneously.

Close Long: Close a long position. Close Short: Close a short position.

Long Swap: Swap between two long positions. Short Swap: Swap between two short positions.

1. When Party A opens a long position (Open Long), Party B may have two scenarios to match:

1.1 Party B sells a previous long position, which is called a long swap (Long Swap), with no change in position.

1.2 Party B sells a new position (Open Both), with a positive change in position.

2. When Party A closes a long position (Close Short), Party B may have two scenarios:

2.1 Party B opens a new short position and sells, which is called a short swap (Short Swap), with no change in position.

2.2 Party B sells to close a long position, which is called a long-to-short open (Close Both), with a negative change in position.

3. When Party A opens a short position (Open Short), Party B may have two scenarios:

3.1 Party B opens a long position, which is called a long-short open (Open Both), with a positive change in position.

3.2 Party B buys to close a previous short position, which is called a short swap (Short Swap), with no change in position.

4. When Party A closes a short position (Close Long), Party B may have two scenarios:

4.1 Party B buys to open a position, which is called a long swap (Long Swap), with no change in position.

4.2 Party B buys to close a previous short position, which is called a long-to-short open (Close Both), with a negative change in position.

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