Open Auction Outside Range - futures io
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Open Auction Outside Range

An open auction outside range occurs when the market opens above or below 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, despite the market's position away from the most recent day's range, there is a temporary market consensus regarding fair prices. With regard to strength and conviction, only the OAIR is a weaker opening types than the OAOR.
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