Underlying	(1) In derivatives, the security that must be delivered when a derivative contract, such as a put or call option, is exercised (2) In equities, the common stock that must be delivered when a warrant is exercised, or when a convertible bond or convertible preferred share is converted to common stock.
Uptrend	a tendency upward or toward growth, esp. in economic development
Variation margin	Settlement via the clearinghouse of daily or intraday gains and losses between clearing member firms.
Vega	the rate of change in the price of an option or other derivative with volatility
Volatility	A measure of variability, usually of prices, and a major factor influencing the price of an option. The standard deviation of a price series is commonly used to measure price volatility.
Volume	The number of contracts (either the long or the short side of the market) traded during a specified period of time.
Writer	The seller or grantor of an option.
Zero-sum game	A situation in which one person's gain must be matched by another person's loss.