# Glossary - L

<table data-header-hidden><thead><tr><th width="127"></th><th></th><th></th><th></th><th></th></tr></thead><tbody><tr><td><a href="glossary-a"><strong>A</strong></a></td><td><a href="glossary-f"><strong>F</strong></a></td><td><a href="glossary-k"><strong>K</strong></a></td><td><a href="glossary-p"><strong>P</strong></a></td><td><a href="glossary-u"><strong>U</strong></a></td></tr><tr><td><a href="glossary-b"><strong>B</strong></a></td><td><a href="glossary-g"><strong>G</strong></a></td><td><a href="glossary-l"><strong>L</strong></a></td><td><a href="glossary-q"><strong>Q</strong></a></td><td><a href="glossary-v"><strong>V</strong></a></td></tr><tr><td><a href="glossary-c"><strong>C</strong></a></td><td><a href="glossary-h"><strong>H</strong></a></td><td><a href="glossary-m"><strong>M</strong></a></td><td><a href="glossary-r"><strong>R</strong></a></td><td><a href="glossary-w"><strong>W</strong></a></td></tr><tr><td><a href="glossary-d"><strong>D</strong></a></td><td><a href="glossary-i"><strong>I</strong></a></td><td><a href="glossary-n"><strong>N</strong></a></td><td><a href="glossary-s"><strong>S</strong></a></td><td><a href="glossary-x-y-z"><strong>X, Y, Z</strong></a></td></tr><tr><td><a href="glossary-e"><strong>E</strong></a></td><td><a href="glossary-j"><strong>J</strong></a></td><td><a href="glossary-o"><strong>O</strong></a></td><td><a href="glossary-t"><strong>T</strong></a></td><td></td></tr></tbody></table>

### Laggard <a href="#laggard" id="laggard"></a>

An industry or company that is under-performing the market.

### Leader <a href="#leader" id="leader"></a>

An industry or company that is outperforming the market.

### Limit Order <a href="#limit_order" id="limit_order"></a>

An order to buy or sell a security at a specific price. Unlike a market order, limit orders might not be filled immediately if the market moves away from the specified price.

### Line Chart <a href="#line_chart" id="line_chart"></a>

Price charts that connect the closing prices of a given market over a span of time, forming a curving line on the chart. This type of chart is most useful with overlay or comparison charts that are commonly employed in [intermarket analysis](https://chartschool.stockcharts.com/table-of-contents/market-analysis/intermarket-analysis). It is also used for visual trend analysis of open-end mutual funds.

### Linear Regression <a href="#linear_regression" id="linear_regression"></a>

The least-squares line-of-best-fit for a price series. Even though the formula is quite complicated, a linear regression is relatively easy to understand. Imagine a scatter plot (dots) for the closing prices of a security. A linear regression is a line that passes through these points with the best possible fit. See also ChartSchool article on the [Raff Regression Channel](https://chartschool.stockcharts.com/table-of-contents/chart-analysis/chart-annotation-tools/raff-regression-channel).

### Linear (Arithmetic) Scaling <a href="#linear_arithmetic_scaling" id="linear_arithmetic_scaling"></a>

See [Arithmetic (Linear) Scaling](https://chartschool.stockcharts.com/table-of-contents/glossary-a#arithmetic_linear_scaling).

### Liquidity <a href="#liquidity" id="liquidity"></a>

The ease with which a stock may be bought or sold in volume on the marketplace without causing dramatic price fluctuations. A highly liquid stock is characterized by a large volume of trading and a large pool of interested buyers and sellers.

### Livestock Commodities Index ($GVX) <a href="#livestock_commodities_index_gvx" id="livestock_commodities_index_gvx"></a>

The Livestock Commodities Index ($GVX) charted by StockCharts.com is published by Goldman Sachs. Cattle and hogs are the livestock included. [Chart $GVX in GalleryView.](https://stockcharts.com/gallery?$gvx)

### Logarithmic (Percentage) Scaling <a href="#logarithmic_percentage_scaling" id="logarithmic_percentage_scaling"></a>

On a logarithmic scale chart, the vertical spacing between two points corresponds to the percentage change between those numbers. Thus, on a log scale chart, the vertical distance between 10 and 20 (a 100% increase) is the same as the vertical distance between 50 and 100. Because these charts show percentage relationships, logarithmic scaling is also called “percentage” scaling. It is also called “semi-log” scaling because only one of the axes (the vertical one) is scaled logarithmically. See our ChartSchool article on [price scaling](https://chartschool.stockcharts.com/chart-analysis/what-are-charts#price_scaling).

### Long-Legged Doji <a href="#long-legged_doji" id="long-legged_doji"></a>

This candlestick has long upper and lower shadows with the [Doji](https://chartschool.stockcharts.com/table-of-contents/glossary-d#doji) in the middle of the day's trading range, clearly reflecting the indecision of traders.

### Low Pole (LP) <a href="#low_pole_lp" id="low_pole_lp"></a>

A situation on a [Point and Figure Chart](https://chartschool.stockcharts.com/table-of-contents/glossary-p#point_figure_chart) that occurs when a down column that falls three boxes or more reverses to an up column. The reversal retraces more than 50% of a down move that has an odd number of O's or retraces more than 62.5% of a down move that has an even number of O's. Because it is not an actual P\&F buy signal but offers a good probability of leading to one, this formation is considered a “buy alert."