Sahmino Academy
Market basics and the Sahmino manual, with your place kept between visits.
Market concepts and Sahmino’s screen vocabulary, with definitions, related guides and primary sources.
70 terms
Market and orders
9 terms
- Buy and sell queues
- Unmatched demand at a permitted upper price, or unmatched supply at a permitted lower price, visible in the order book. Quantity and venue status matter. A queued order does not prove execution, and current price limits come from the venue’s rules.Live board
Primary sources
- Traded value
- The sum of traded quantities multiplied by their execution prices over the named interval. For a rial board the result is in rial. It differs from traded share count and market capitalisation; a latest-price estimate is labelled when actual executed value is unavailable.Live board
- Value against its own average
- The current session’s traded value divided by the instrument’s comparison-window average. Read the stated lookback and coverage; missing history is not zero. The ratio compares the instrument with itself and does not measure buying pressure by itself.Live board
- Individual and institutional flow
- The exchange’s participant categories for buys and sells. Net individual flow is buying value less selling value on the stated basis. It is not the number of people and does not by itself prove that one category predicted the next price.Live board
- Base volume
- A venue-defined volume parameter that can affect how the closing price is calculated for an instrument. It differs from today’s actual volume. Applicability and calculation depend on current instrument rules; do not assume the same value or effect across all boards.Live board
- Permitted price range
- The venue’s permitted trading prices for the specified instrument and session. These limits differ from a chart’s visible range and from a valuation interval. Halts, reopening rules and instrument type can change their applicability.Live board
- Liquidity
- The ability to convert the required amount into usable money within the required time and cost. Order depth, market access, settlement time and trading restrictions determine how much can be sold at an acceptable cost.Symbol page
Primary sources
- Bid-ask spread
- The difference between a comparable selling quotation and buying quotation at the same observation time. Available quantities and terms matter. It is a trading friction, not the same as a fund’s gap from NAV or an option spread strategy.Live board
Primary sources
- Order-book depth
- Displayed buying and selling orders at several price levels, with their quantities and observation time. Orders can change or be cancelled. Visible depth does not guarantee execution for the amount you need.Symbol page
Primary sources
Companies and valuation
6 terms
- Price-to-earnings ratio
- Price per share divided by earnings per share on a stated period and accounting basis. Trailing and forecast earnings give different ratios. Negative or unavailable earnings do not support an ordinary positive multiple, and the ratio alone does not establish fair value.Valuation
Primary sources
- Valuation interval
- A range produced from the visible methods and assumptions. Changing profit, growth, discount rates or asset marks changes the result. The interval is neither a permitted trading range nor a statistical confidence interval unless explicitly calculated as one.Valuation
Primary sources
- Market capitalisation
- Share price multiplied by the relevant outstanding share count. Keep share-count date and capital changes explicit. It differs from enterprise value, cash held by the company and the value traded during a session.Symbol page
Primary sources
- Earnings per share
- The stated profit attributable to common shareholders divided by the corresponding share-count basis. Period, standalone or consolidated scope, restatements and weighted share counts matter. EPS is an accounting measure and does not equal cash distributed per share.Symbol page
Primary sources
- Cash flow
- Cash received and paid over a period, separated into operating, investing and financing activities. Receivables and non-cash expenses can make profit differ from cash flow. A balance-sheet cash amount is a stock, not the period’s cash flow.Symbol page
Primary sources
- Dividend per share
- A distribution per share under the issuer’s approved terms. It differs from earnings per share and needs an eligibility and payment date. A total-return calculation must state how distributions and reinvestment are treated.Symbol page
Primary sources
Portfolio and returns
15 terms
- Real return
- Purchasing-power return after inflation, distinct from nominal price gain. The general same-period formula is nominal growth divided by price-level growth, minus one. Sahmino’s portfolio estimate also depends on dated remaining costs, FX conversion and available monthly CPI; unavailable inputs remain unknown.Portfolio
Primary sources
- Asset and liability
- An asset has economic value; a liability is an obligation. Net assets equal asset value less liabilities on the same valuation date. A valuable illiquid asset is not necessarily spendable cash.Portfolio
Primary sources
- Drawdown
- The decline from an earlier peak to a subsequent value on the stated series. Maximum drawdown is the largest such decline in the selected window. It depends on dates, cash-flow treatment and return basis; it is not a guaranteed maximum future loss.Portfolio
- Diversification
- Spreading exposure across different sources of loss. Many tickers or funds can still share issuers, currencies, industries and underlying holdings. Diversification can reduce concentration but does not remove market-wide or liquidity risk.Portfolio
Primary sources
- Correlation
- A statistical measure of how two series vary together over a specified sample and frequency. It does not prove causation or stable future behaviour. Dates, missing observations, currency and regime can change the measured relationship.Portfolio
- Nominal return
- The change in money value under the stated performance method, before inflation adjustment. Price gain, total return and return after costs are different variants; read which one is shown and how deposits or withdrawals are handled.Portfolio
Primary sources
- Total return
- A return measure including the specified distributions as well as price change. Reinvestment dates and methodology matter. It cannot be compared fairly with a price-only index without identifying the difference.Symbol page
Primary sources
- Recorded cost basis
- The acquisition cost assigned to a position under its accounting method. Sahmino replays purchases and corporate changes, removes average cost on partial sales, and records fees separately.Portfolio
Primary sources
- Realised profit or loss
- The result attributed to a completed sale using its proceeds and assigned cost. Read whether fees and tax are included. A sale record differs from the current value of what remains held.Portfolio
Primary sources
- Unrealised profit or loss
- The difference between a held position’s current valuation and its recorded cost. It depends on the available price, currency basis and cost records; it has not become sale proceeds.Portfolio
Primary sources
- Time-weighted return
- A performance measure that links subperiod returns to reduce the effect of external deposits and withdrawals. It needs compatible valuations around those flows. A daily price change is a different measure.Portfolio
Primary sources
- Money-weighted return
- A return measure affected by the amount and timing of external cash flows, often calculated through an internal rate of return. Read the stated method and period before comparing it with time-weighted performance.Portfolio
Primary sources
- External cash flow
- Money or assets entering or leaving the measured portfolio boundary. A deposit differs from investment income or a trade within the book. The chosen boundary determines the return calculation.Portfolio
Primary sources
- Rebalancing
- Changing portfolio weights toward chosen targets as prices or circumstances change. Costs, tax, liquidity and minimum trade sizes matter. Sahmino’s review can describe a change; you still decide and execute it.Portfolio
Primary sources
- Inventory gap
- An incomplete position history, such as a sale before enough recorded inventory exists. Sahmino refuses a complete historical valuation until the quantity can be reconciled; a missing position is not silently valued as zero.Portfolio
Funds and bonds
6 terms
- Net asset value per unit
- Assets less liabilities divided by outstanding units, on the fund’s stated valuation date and basis. Issuance and redemption figures may differ under fund rules. NAV is a valuation, while an ETF’s exchange price is a separate market observation.Fund board
Primary sources
- Premium or discount
- Price minus the stated reference value, divided by that reference value. For a fund the reference is its specified NAV; for a coin it is estimated metal value. Positive means above the reference, negative below it. A stale reference can make the gap misleading.Fund board
Primary sources
- Yield to maturity
- The annual discount rate that equates price with the bond’s promised payments under the stated day-count and compounding rules. Realised return can differ because of default, reinvestment, early sale, costs or taxes. A zero-coupon bill still needs its correct maturity and face value.Bond board
Primary sources
- Maturity date
- The contractual date on which a debt instrument’s final payment is due. It differs from your purchase date and settlement date. Remaining time affects yield calculations; a displayed date does not itself guarantee that the issuer will pay.Bond board
Primary sources
- Coupon
- A bond’s contractual interest payment or rate under its payment schedule. Read the face-value basis and frequency. It differs from current yield, yield to maturity and the return achieved by selling the bond.Bond board
Primary sources
- Duration
- A measure of a bond’s sensitivity to yield changes; some variants also express the timing of its discounted cash flows. Read the stated variant. Duration differs from maturity and does not capture every credit or liquidity risk.Bond board
Primary sources
Derivatives
12 terms
- Strike price
- The contractual price used when exercising an option’s right to buy or sell the underlying. It differs from the option premium and current underlying price. Contract size, expiry and settlement rules determine how that right is applied.Option board
Primary sources
- Expiry break-even
- For a purchased plain call, strike plus premium per underlying unit; for a purchased plain put, strike minus premium, before costs. It applies at expiry under the stated contract assumptions, not to every sale of the option before expiry.Option board
Primary sources
- Option sensitivities
- Model estimates of how option value changes with an input, holding other inputs fixed. Delta relates to the underlying price, vega to volatility and theta to time. Read each unit and model assumption; sensitivities are local estimates, not guaranteed future changes.Option board
Primary sources
- Leverage
- Exposure larger than the capital directly committed. It can magnify gains and losses and create funding obligations. Initial margin is not a cap on possible loss; instrument rules and liquidation conditions must be read.Option board
Primary sources
- Futures margin
- Collateral required to support a futures obligation, distinct from the full contract value and from borrowed money for a share purchase. Changes in price or requirements can demand additional funds or trigger liquidation under the contract’s rules.Option board
Primary sources
- Volatility
- A measure of variation on a stated series, window and annualisation convention. Historical volatility uses observations; implied volatility is inferred from an option price using a model. Neither is a promised future range or a full measure of all risks.Option board
Primary sources
- Option premium
- The price paid for an option contract, separate from its strike price. Convert a per-unit quotation to contract cost using the actual contract size and include stated trading costs.Option board
Primary sources
- Implied volatility
- The volatility input that makes a stated pricing model match an observed option premium. It depends on the model and other inputs. It is not an observed future movement or a guarantee.Option board
Primary sources
- Open interest
- Outstanding derivative contracts that have not been closed or settled. It differs from the volume traded during a session. Always read the contract, observation date and counting basis.Option board
Primary sources
- Contract size
- The amount of underlying exposure represented by a contract. Use the exchange’s specification when converting quoted premium or payoff to a contract amount; different contracts need not share the same size.Option board
Primary sources
- Intrinsic value
- The exercise value implied by the current underlying price and strike under the contract’s terms. It is distinct from the option’s market premium and from trading profit after costs.Option board
Primary sources
- Time value of an option
- The part of an option’s premium beyond its intrinsic value. Remaining time, volatility and other pricing inputs affect it. It changes before expiry and is not interest paid to the holder.Option board
Primary sources
Currencies and quote units
9 terms
- Inflation
- A broad change in a price level over a stated interval. Monthly, year-on-year and twelve-month-average rates use different comparisons. A lower positive rate means prices rise more slowly, not that they have returned to an earlier level.Currency and gold board
Primary sources
- Exchange-rate quotation
- The amount of one currency for a unit of another, with a direction, date and settlement basis. Cash, transfer, buying and selling quotes can differ. Reciprocal quotations have different percentage changes, and a reference rate is not necessarily executable.Currency and gold board
Primary sources
- Troy ounce
- A precious-metal mass unit equal to about thirty-one point one grams, with full precision in the cited guide. A gold quotation also needs purity, currency and time. It differs from the ordinary ounce and is not itself an Iranian gram or coin price.Currency and gold board
Primary sources
- Gold fineness
- The share of pure gold in an alloy, expressed as a fraction or parts per thousand. Eighteen karat contains three quarters fine gold. Product weight multiplied by fineness gives fine-gold mass; manufacturing and local premiums are separate.Currency and gold board
Primary sources
- Quote unit
- The denomination and measurement unit attached to a price, such as rials, another currency, a rate, index points or a physical quantity. Keep its caption with the figure; Sahmino does not infer a currency for an unknown unit.Symbol page
- Base and quote currency
- An exchange-rate pair states which currency is measured and which currency prices it. Reversing the pair changes the rate. A reference rate can differ from the price available for an actual conversion.Currency and gold board
Primary sources
- Toman quotation
- A price explicitly supplied in tomans. Read the denomination before comparing it with a rial quote. Sahmino preserves raw quote labels and converts only where the displayed calculation states a rial basis.Symbol page
- US-cent quotation
- A fractional dollar denomination used by some global commodity quotes. Read the contract’s quantity basis as well. A figure labelled US cents remains in that denomination and must not be read as dollars.Symbol page
- Rials per kilogram
- A unit price for a stated physical quantity. Read the product, grade, venue, date and any delivery or tax terms before comparing it with another offer. It is not the total order value.Live board
Data and quality
5 terms
- Data freshness
- The age of a dataset compared with its own expected update interval or ceiling. Price time, fetch time and publication date are different timestamps. A recent page load does not make an old observation current, and a freshness badge does not guarantee source correctness.Symbol page
- Adjusted price series
- Historical prices transformed under a stated corporate-action adjustment method to improve comparability. They may differ from prices actually traded on that date. Read whether dividends, capital changes or splits are included before computing a return or indicator.Symbol page
Primary sources
- Data coverage
- The part of the required instruments, dates or inputs actually available for a calculation. Read its denominator and missing items. A value computed from a partial set should not be read as a complete market or book total.Symbol page
- Data basis
- The source, period, scope, unit and adjustment method behind a figure. Standalone and consolidated accounts, adjusted and traded prices, or different observation dates can describe different things even when their labels look alike.Symbol page
- Unavailable value
- A value withheld because an input is absent, stale, incompatible or insufficient for the stated method. Read the shown reason. An unavailable figure is different from a measured zero.Symbol page
Sahmino and AI
8 terms
- Signal claim
- A dated observation on an instrument with a direction, reference price, invalidation level and horizon. Its target and evidence are recorded separately. It can be checked against later observations; it is not an order or a promised return.Signals
- Invalidation level
- The recorded level that refutes a signal under its judging rules. A price-bar touch is judged using the stated direction and data basis. This is an evaluation condition, not a broker stop order or a guarantee that a trade exits there.Signals
- Signal track record
- Historical results for a stated pattern, direction, market regime and version. The hit rate uses scored outcomes and a visible sample size; voided observations do not become wins. A small sample can leave the rate unavailable. Past results do not establish future probability.Signals
- Evaluation horizon
- The number of trading sessions assigned to a signal’s evaluation. Session counting differs from calendar days. Expiry and any grace period follow the recorded judging rules, while halted or unusable data can make an outcome void.Signals
- Market regime
- A classification of market direction and volatility for a stated observation window. Sahmino separates pattern results by regime because performance can vary with conditions. The classification is a model summary, not a forecast that the same conditions will continue.Signals
- Personal instrument set
- The admitted set built from explicit follows, current portfolio holdings and current matches of saved screens. Personal views use this set according to their stated scope. Saving a name alone does not freeze a screen’s future matches.Today
- AI credit
- Sahmino’s balance for supported model work. A new portfolio analysis states its cost and available balance before you request it; opening the page or reading an existing review does not request a new analysis.Portfolio analysis
- Model estimate
- A result derived under stated assumptions and inputs. Read the evidence, date, uncertainty and refusal reasons before acting. A valuation estimate or AI review does not establish an executable market price or promise an outcome.Portfolio analysis