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Par refers to the nominal or face value of the underlying bond, i.e. $ 100,000 (i.e. the amount on which the coupons payments are calculated and the amount you would ususally get back at the maturity date)
Quotes are in points and halves of 1/32 of a point.
"130 195" should read 132 + 19/32 + 1/64. All in percent of face value
The minimum change is then from 130 195 to 130 200, i.e. to 130 + 20/32
That difference is 0.015625
Per contract: 100.000 * 0.015625 = 1,562.50 but since the quote is in percent (130.xx % of face value), the tick size is USD 15.625
tick move is 130 195 to 103 200
what is 130 00 to 131 00? a point move?
2. Fat tails...is there a step by step I can follow to import for code fix for the treasury markets? No idea where or how to do that. Thanks. This would be for the ATR indicator
I read this somewhere... originally items traded in 1 unit/point or 130 to 131. But it was determinded by the powers that be of the time, they wanted more traders so they increased the number of units available to trade by cutting the move in half (1/2) ...
ie 130.0, 130.5, 131.0 (1/2)
this worked for a while, and it was decided to do it again, halfing the half (1/4)
130.25, 130.50, 130.75, 131.00 (this is how the ES trades today)
With the ZN it has been done 6 times 1/2,1/4,1/8,1/16,1/32,1/64