> ## Documentation Index
> Fetch the complete documentation index at: https://docs.sesameterminal.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Glossary

# Glossary

This page explains the trading words that the app uses. Each word has one meaning, and the
app uses the same word on every screen. Back to the [guide index](index.md).

## In short

* Prices are in cents. A winning share pays $1, so a price of `42¢` costs $0.42 a share.
* Sizes are in shares (`sh`). The **Stake** is in dollars.
* Every order in the app is a limit order. A click never makes a market order.
* **Cancel** is for orders. **Exit** is for positions. **Delete** is for alerts.

## Markets and prices

| Word | Meaning |
| - | - |
| Market | One question with its outcomes. Example: “Lakers v Celtics” with the outcomes Lakers and Celtics |
| Event | A group of markets. Example: a game with its winner, spread and total markets |
| Game | A sports event with a score and a clock |
| Outcome | One side of a market (Lakers, Yes). Each winning share pays \$1 when the market resolves. A losing share pays nothing |
| Price | The cost of one share of an outcome, in cents. `42¢` is \$0.42 a share. It also shows about how likely the market thinks the outcome is |
| Bid | The best price at which a buyer waits. You can sell there now |
| Ask | The best price at which a seller waits. You can buy there now |
| Spread | The ask minus the bid. A wide spread costs you more to buy and sell again |
| Touch | The best bid and the best ask together |
| Tick | The smallest step of a price in a market. It is 1¢ in most markets and 0.1¢ in some. Every price must be a whole number of ticks |
| Book | All the bids and asks that wait in one outcome |
| Liquidity | The number of shares that wait at each price. With low liquidity, a large order fills at more than one price |
| Watchlist | The markets that you pin |
| Pin / Unpin | Add a market to the watchlist, or remove it |

## Orders

| Word | Meaning |
| - | - |
| Order | An instruction to buy or sell shares at a price |
| Buy / Sell | The side of an order |
| Limit order | An order with a price limit. A buy never pays more than its price, and a sell never gets less. Every order in the app is a limit order |
| GTC | Good till cancelled. The part of an order that does not fill at once stays on the book until it fills or you cancel it |
| Stake | The dollar amount that one click spends. You choose it in **Stake \$** in the top bar |
| Shares (`sh`) | The unit of an order or a position. Sizes show up to two decimal places, without trailing zeros (`5 sh`, `201.6 sh`) |
| Notional | Price times size: the dollar value of an order or a position |
| Fill | One match of your order with an order of another trader. An order can fill in more than one part |
| Failed (fill) | A fill that did not settle on Polymarket. No shares changed hands |
| Cancel | Take an order off the book. Fills that occurred before the cancel stay |
| Cancel all | Cancel every open order. It works in Safe too |
| Reprice | Move an order to a new price. The app cancels the order and places a new one |
| Delayed | An order that Polymarket holds in the in-play delay |
| In-play delay | On live sports markets, Polymarket holds an order that would fill at once for some seconds before it matches. The board shows the delay, for example `3s delay` |
| Rejected | An order, a combo quote request or an Accept that the app’s checks, Polymarket or a market maker refused. A message gives the reason |
| Checking | The app sent an order and got no answer. It asks Polymarket what happened and never sends the order again. Then the order is **checked** (`Order checked`) |
| Wipe | Polymarket cancels the resting orders of many sports markets when the game starts. The board shows a `Wipe` chip before the start |
| Re-post | Place again the orders that a wipe cancelled, at the same price, for the part that did not fill |

The statuses that an order can show are in [Order rules](order-rules.md#order-statuses).

## Positions and money

| Word | Meaning |
| - | - |
| Position | The shares that you hold in one outcome |
| Average price (Avg) | The mean price that you paid for each share |
| Cost basis | The amount that you paid for your open positions |
| Exit | Sell a whole position. The sell either fills at once into the bids, or waits at the best ask (**Join**) |
| Join | Put a sell at the best ask and wait for a buyer, rather than sell into the bids |
| Add | Buy more of an outcome that you hold |
| Hedge | Buy the other outcome of a two-outcome market so that both outcomes pay the same. This fixes your P\&L |
| P\&L | Profit and loss |
| Unrealised P\&L | Profit or loss on shares that you still hold, at the price you could sell them for now |
| Realised P\&L | Profit or loss that a sell or the end of the market made final |
| Liquidation value (Liq val, Value (liq)) | The amount your positions would get if you sold them into the current bids |
| Exposure | The liquidation value of your open positions plus the cost of your open combos. The top bar shows it |
| Cash | Your pUSD balance that you can spend |
| pUSD | The dollar token of a Polymarket account. 1 pUSD is \$1 |
| Redeemable | A position in a resolved market that you can claim on polymarket.com |

## Combos

| Word | Meaning |
| - | - |
| Combo | One position built from 2 to 50 legs. It pays \$1 a share only if every leg wins |
| Leg | One outcome inside a combo |
| Combo mode | The state of the **Combo** switch. In combo mode, a click on a price uses the outcome as a leg. It does not place an order |
| Use as leg | Put an outcome in the slip |
| Remove (a leg) | Take one leg out of the slip. **Clear** takes out all of them |
| Slip | The panel that holds your legs, the stake and the quote. Its heading is **Combo** |
| Market maker | A trader for Polymarket who answers a quote request with a price |
| Quote | The offer of a market maker to fill your combo at one price. It is valid for 5 to 10 seconds |
| No quote | No market maker answered your quote request |
| Accept | Take a quote. This is the one combo step that trades, and it needs **Armed** |
| Decline | Dismiss a quote. The app sends nothing to Polymarket |
| Expired | A quote whose time to accept ended |
| Combo position | Combo shares that you hold. When all legs are resolved, it shows `Won`, `Lost` or `Partial` |

## The app

| Word | Meaning |
| - | - |
| Safe / Armed | The two states of the trading switch. In Safe, clicks do not trade. In Armed, clicks place orders |
| Feed | A live connection to Polymarket for market data, account updates or scores |
| Stale | Data from a feed that stopped. Stale prices are grey and you cannot trade on them |
| Disconnected | A feed, or the link between your browser and the server, has no connection |
| Reconnected | A disconnected feed has its connection again |
| Alert | A condition that you set, such as a price, a spread, a score change, or the start or end of a game |
| Set (an alert) | Make a new alert (**Set alert**) |
| Triggered | An alert whose condition occurred. A one-time alert stays triggered |
| Repeat | An alert that becomes active again when the price goes back one tick across its level |
| Pause / Resume | Stop an alert, or make it active again |
| Delete | Remove an alert. Orders are cancelled, not deleted |
| Notification | A message that the app sends you: a toast, a desktop notification, a sound or a Telegram message |
| Channel | Where a notification goes: **In-app**, **Desktop**, **Sound** or **Telegram** |
| Unread | A notification that you did not see yet |
| Session Key | The key that the person who runs the server set up, so that the app can place and cancel orders for you. It cannot move funds |


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