An open outcry is a traders attempt to verbally shout either a buy or sell order.
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In an Open Outcry system, which is mostly used on commodities exchanges, traders use hand signals to issue buy or sell orders. They scream, too, but the orders are actually placed through the use of hand signals. This is going away, to be replaced by electronic signaling systems. Some traders prefer open outcry; they know the other traders in the pit and how they trade, and by watching them you can tell what to do on an issue.