Initiative
The ability to make threats the opponent must answer, keeping them reacting rather than acting.
When you hold the initiative you set the agenda: every move poses a problem, and the opponent spends their time solving yours instead of creating their own.
The initiative can be worth material — this is the currency gambits trade pawns for — but it is temporary and must be used before the opponent consolidates.
Momentum is real in chess. A sustained initiative often snowballs into an attack or a winning material haul.
Cashing in the initiative for a tiny gain when pressing harder would have won much more.
Related terms
See Initiative in your own games
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