The auction session in the Australian Securities Exchange (ASX) is a critical part of the trading day where buyers and sellers come together to determine the opening and closing prices of securities. There are two main auction sessions on the ASX:
1. Opening Auction: - The opening auction occurs before the regular trading session begins, typically between 10:00 AM and 10:10 AM. - During this session, buy and sell orders that have accumulated during pre-open sessions are matched to establish the opening price for each security. - Orders entered before the opening auction are queued and executed based on price-time priority. The auction process helps ensure a fair and efficient opening price for all securities traded on the ASX.
2. Closing Auction: - The closing auction takes place at the end of the trading day, typically between 4:00 PM and 4:10 PM. - Similar to the opening auction, buy and sell orders are matched during the closing auction to determine the closing price for each security. - The closing auction helps to facilitate price discovery and ensure that trading activity at the end of the day reflects supply and demand dynamics.
Unlike the ASX, Cboe Australia does not operate an opening and closing auction.
What is Indicative Price? The indicative price is a temporary reference point used during the pre-open and other auction phases (opening auction/closing auction). It reflects the theoretical price at which the highest volume of buy and sell orders could be matched. The indicative price is just an estimate. The actual trading price is determined when the auction concludes, and matching orders are executed.
• Positive/Negative Sign: - Positive: Represents the highest current bid price (what buyers are willing to pay). - Negative: Represents the lowest current ask price (what sellers are willing to accept).
In essence, the indicative price on the ASX gives you a glimpse into the pre-market sentiment and potential trading direction. It's a dynamic value that can change as orders are entered, removed, and adjusted in the market.”
What is Indicative Change? Indicative change is the change calculated based on the indicative price relative to the last price.
What is Surplus Volume? Surplus volume refers to the stock trading volume that is not matched during the stock auction. These unmatched orders may be due to mismatched buyer and seller preferences, price restrictions, or other factors. If you set the up and down colors to green for up and red for down, when the unmatched volume belongs to bid, the surplus volume will be displayed in red; when the unmatched volume belongs to ask, the surplus volume will be displayed in green. | 