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The part of the trading floor where this takes place is called a pit. In an open outcry auction, Trading Pit Hand Signals Gallery and Archive

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Hand signaling (open outcry) is a system of hand signals used on financial trading floors to communicate buy and sell information in an Trading Pit History

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In the noisy, fast-paced and chaotic environment of the trading pit, hand signals facilitate quick trading and make it possible to be "heard" above the crowd.

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What are some common hand signals on the trading floor?

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Futures hand signals make the futures pit much more efficient in the midst of the chaos in the pits. Hand Signals used in the Futures Trading Pits