Lag - The number of data points that a filter, such as a moving average, follows or trails the input price data.

Latest Quarterly Earnings - The percentage change from the latest earnings earnings reported compared with the same quarter a year earlier.

Law of Series - A succession of random events, such as flipping a coin.

Least Squares Method - A technique of fitting a curve close to some given points that minimizes the sum of the squares of the deviations of the given points from the curve.

Leg - One side of a spread.

Leg Out - In rolling forward in futures, a method that would result in liquidating a position.

Liability - a commitment expressed in monetary terms. It can be direct or contingent.

Licensing - A contractual arrangement in which the licenser’s patents, trademarks, service marks, copyrights, or know-how may be sold or otherwise made available to a licensee for compensation negotiated in advance between the parties.

Lighters - Barges used for unloading sea vessels when normal harbour facilities are non-existent or unavailable.

Limit Up, Limit Down - Commodity exchange restrictions on the maximum upward or downward movements permit ted in the price for a commodity during any trading session day.

LISP - A programming language based on predicate logic and is the one most commonly used in artificial intelligence applications.

Local - The trader in a pit of a commodity exchange who buys and sells for his or her account.

Locked Limit - A market that, if not restricted, would seek price equilibrium outside the limit but, instead, moves to the limit and ceases to trade.

Long (overbought) Position - Excess of purchases over sales or of foreign currency liabilities over assets.

Lookback Interval - The number of periods of historical data used for observation and calculation.

Low Pass Frequency Filter - A data smoother or filter that lets pass low frequency trend sinusoids and rejects high frequency noise.

Low-Ticking - To sell at the bid price.