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Implied OUT outright orders are derived from a combination of an existing spread order and an existing outright order in one of the individual underlying legs. These two orders are used to create a contingent outright order on the other underlying leg of the spread. The following is an example for an implied bid in an outrgiht outright order book (known as an implied OUT).

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In this scenario, the Ask order in Sept-Dec spread for 5 at 50 (i.e., simultaneously sell 5 September contracs contracts and buy 5 December contracts) and the Bid order in December for 5 at 9450 create an implied Ask order in the September order book for 5 at 9500.

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