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Locks commonly occur in an Oracle database; most of them are part of normal processing. The locks detected by this parameter are those that have remained in a lock state for at least a half second. Any locks that show up are an immediate cause for further analysis.
While the V$LOCKED_OBJECT view can provide quick information regarding the lock, many times more information is needed. Querying V$LOCK and V$SESSION will provide information about who's locking whom.
For Brother-Eagle's stock ticker display, the following query is executed:
SELECT count(*) from v$locked_object