Which aspect is not typically included in the definition of contract specifications?

Contract specifications are critical elements that provide detailed information about the terms and conditions of a futures or options contract. They define how the contract operates and specify the parameters that traders need to understand in order to trade effectively.

Expiration dates dictate when the contract will cease trading and is crucial for traders to manage their positions and understand contract lifecycles. Contract size outlines the quantity of the underlying asset covered by a single contract, which is essential for determining the scale of investment and risk. Tick sizes represent the minimum price movement of the contract, which affects trading strategies and pricing strategies for the traders.

Market trends, while important for traders to analyze and make informed decisions, do not form part of the contract specifications themselves. Market trends are more related to the analysis and interpretation of price movements and economic conditions rather than the fixed terms and conditions set out in the specifications of the contract. Thus, they are not included in the defining characteristics of a contract's specifications.