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How to calculate the settlement price and transaction price in the futures market? Why is there a big difference between yesterday's settlement price and today's opening price?
The settlement price is the weighted average price of all-day prices.

The transaction price is the price at which someone sells and someone buys and makes a deal.

The opening price is usually set by call auction a few minutes or ten minutes before the opening.

The so-called call auction is when there is no transaction price on that day. You can enter the price of a variety according to the closing price of the previous day and the price forecast of the current day. During this period, the prices of all input computers are equal, so it is not necessary to trade according to the principle of time priority and price priority, but to determine the prices of varieties according to the principle of maximum trading volume. This price is called call auction's price, and this process is called call auction.