A type of code for data transmission. The ASCII translates all letter characters and symbols into code that was widely used in most computer systems for many years. There are two types of ASCII codes; The standard code uses a seven-bit encoding system, while the extended uses an eight-bit system.
ASCII is still used for legacy data, however, various versions of Unicode have largely supplanted ASCII in computer systems today. But the ASCII codes were used in the order-entry computer systems of many traders and brokers for years.