long story short: People put in fake high/low orders to artificially skew the predicted opening price to influence people to buy/sell
Yes there are situations where there are legit orders (usually the next increment up or down of the last sold price) and also when people try and jump the queue by putting in a buy order of -1 of the sell order of the same value ... but this is a game of chicken and a whole other story lol.
If you have a live order feed, just spectate the high frequency or popular stock pre market open. You'll see orders get pulled a few seconds before market open.
10c order, page-9
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Mkt cap ! $17.17M | |||
| Open | High | Low | Value | Volume |
| 0.2¢ | 0.3¢ | 0.2¢ | $33.36K | 16.67M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 154 | 139466362 | 0.2¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 0.3¢ | 105798612 | 50 |
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