What is electrode potential? Name the factors on which it depends.

The tendency of an electrode to lose or gain electrons when in contact with the solution of its own ions is known as electrode potential. The tendency of an electrode to lose electrons is a direct measure of its tendency to get oxidised. This tendency is known as oxidation potential.

The tendency of an electrode to gain electron is a direct measure of its tendency to get reduced. This tendency is known as reduction potential.

It is clear that the oxidation potential is the reverse of reduction potential. For example, if reduction potential of zinc is –0.76V, its oxidation potential is +0.76V.
In general, for an electrode,
Oxidation potential =–Reduction potential
The magnitude of electrode potential depends on upon three factors:
(i) Nature of electrode
(ii) Concentration of the metal ion
(iii) Temperature.
Since the electrode potentials depend on upon the concentration of the metal ions in solution and temperature, therefore electrode potential are generally measured under standard conditions i.e. 1 molar concentration of metal ions (1 mol L^-1) and a temperature of 298K and are called standard electrode potentials and denoted by E°.