Glossary
Odd Lot
An odd lot refers to a quantity of shares that is less than the standard trading unit of 100 shares. For example, buying 37 or 75 shares of a stock would be considered an odd lot, as opposed to a "round lot" of 100 shares or more.
Why are trades under 100 shares called odd lots?
Because 100 shares is the standard "round lot" size in most stock markets, any order under that amount is classified as "odd" or non-standard.
Do odd lots trade differently from round lots?
Yes. Odd lots may not receive the same pricing priority or visibility on exchanges, but modern electronic trading has reduced these differences.
Can retail investors buy odd lots?
Absolutely. Most retail brokerages allow investors to buy any number of shares—including fractional shares and odd lots—with no issues.
Do odd lots affect stock liquidity?
Individually, no. But a high volume of odd-lot trades may reflect retail investor activity or market fragmentation.
What is an odd-lot indicator?
Some traders monitor odd-lot activity (buying or selling) to gauge retail sentiment, though this is a niche strategy and not widely used.
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