Open outcry

When exchange-based commodities traders shout out their buy and sell orders or use a combination of words and hand signals to negotiate an order, it's known as open outcry.

When someone who shouts an offer to buy and someone who shouts an order to sell name the same price, a deal is struck, and the trade is recorded. Open outcry is one type of auction.

The process whereby futures contracts are traded in an actual physical trading pit at the exchange where traders shout offers and bids to each other and bids or offers to effect a transaction.