Open Auction In Range - futures io
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Open Auction In Range

An open auction in range occurs when the market opens within the prior day's trading range and trades with little to no directional conviction. The market continues to auction around the opening price until there is enough information or conviction to break from balance.

This type of opening suggests that as of the open there is a temporary consensus within the market. With regard to strength and conviction, an OAIR is the weakest of the five opening types.
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