APT – Clarification of Buy|Sell

Good Afternoon,

A few people asked about which bullet we are buying/selling when referring to a derivative. Where there’s smoke, there’s fire; so we’ll attempt to smother the burning embers in words.

All TradeRank products have a similar naming convention:



SP15 Heavy Load HeatRate 2018-04

This one is obvious, but note the naming convention: Location, HourType, Metric, Period


Mid-C OnOff HeatRate 2018-04

Same naming convention, however, this is a derivative of two underlying bullets:

  • MidC On Heat Rate 2018-04
  • MidC Off Heat Rate 2018-04

The action I refer to, when posting, always references the first bullet. In other words, If I write “I’d sell this one” I am saying I’d sell the April and buy the March.

Locational Spreads

SP-MidC Heavy Load HeatRate 2018-06

Again, same naming convention, except the Location has two hubs

  • SP HL Heat Rate 2018-06
  • Mid-C HL Heat Rate 2018-06

If I was selling this spread, I would be referring to the first bullet, again, and would be selling June SP and buying June Mid-C. If I were buying, it would be just the opposite, but the action always refers to the first bullet.


Palo Verde Heavy Load HeatRate 2018-07 To 2018-06

For rolls, the period is duplicated. So a buy would refer meaning buying the first period, selling the second.

Sorry if this is obvious, ignore in that case. Otherwise, that is the naming convention when referencing buy/sell of derivatives.

Have a nice day,