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Zero Downtick
A sale that takes place at the same price as the previous sale but at a price lower than the last different price. For example, if a security trades at $40, $39 and $39, the last traded price was made at a zero-minus tick because it was made at the last traded price but at a price lower than the last different price. This is also referred to as a zero-minus tick.

Zero Uptick
A sale that takes place at the same price as the previous sale but at a price higher than the last different price. For example, if a security trades at $40, $41 and $41, the last traded price was made at a zero-up tick because it was made at the last traded price but at a price higher than the last different price. This is also referred to as a zero-plus tick.

Zero-Coupon Government Bonds
Government bonds that are purchased at a deep discount and pay no cash dividend, unlike regular bonds.

Zeta
The percentage change in an options price per 1% change in implied volatility.

Zigzag
In a bull market, an Elliott 3-wave pattern that subdivides into a 5-3-5 pattern with the top of wave B noticeably lower than the start of wave A. In a bear market, this pattern will be inverted.

Zurich Stock Exchange
The largest of three Swiss stock exchanges. The Geneva, Basel and Zurich exchanges operate simultaneously and are linked by computers that allow orders to be executed on any of the three exchanges. Trading is by open outcry.