Hi @h00ts The "XJO" opening price is actually very specific and...

Hi @h00ts

The "XJO" opening price is actually very specific and proscribed.
The "XJO" is IP owned by S&P, so what they say goes, it is after all, their definition.

The opening price is merely the value of all the stocks, before the first trade occurs, but after all the adjustments have been made, such as buybacks, demergers, mergers, share bonus schemes etc.

Any gaps which might occur, don't then have the "gap" type properties of gaps in other instruments. I try to be careful in my analysis of the candle structures to mitigate the opening price. If the open is the High or the Low of the day, this can also skew pattern analysis, giving a false high or low.

This doesn't apply to futures markets on the XJO of course.
Any chart you have that doesn't follow the above methodology then, isn't a "true XJO". It might be better, or worse - it just isn't the definition that S&P uses, and you'd really have to go to the data supplier to see how they calculate it.

MFx