Strike price is a fair and reasonable price determined by market supply and demand under a certain matching principle with the full participation of both parties;It is also the final transaction price of the product;
All securities markets or securities derivatives markets in the world can basically be divided into continuous markets and aggregate markets according to whether the price formation is continuous.Continuous market refers to when investors of both parties continuously entrust to buy or sellListed securitiesAs long as the transaction conditions are met, the transaction can bepoint of timehappen,Transaction priceThere are also fluctuations in the supply and demand of transactions.Assembled market refers to the auction between the investors of the buyer and the seller after a long period of time, and the market accumulates the purchase and sale orders.With the development of securities markets, most of the world's securities markets adoptContinuous auction Mode transaction.
The continuous market is the direct leading force in price formation, which can be divided into commission driven market andQuote drivenMarket.The main feature of the order driven market is that the market price directly reflects the supply and demand of market investors. For example, the securities markets in Japan, South Korea, Singapore and Hong Kong are all order driven marketsShenzhen Stock ExchangeIt also belongs to the market driven by orders.The main feature of the quote driven market is that the market price directly reflects the number of market intermediaries, such as NASDAQ in the United States, London in the United Kingdom and other securities markets are quote driven markets.
StockTransaction price, can be divided intocall auction Transaction price andContinuous auction There are two transaction prices.Call auction refers to the auction method of one-time centralized matching of purchase and sale orders accepted within the specified time. Call auction time: 9:15-9:25, 9:15-9:20cancel the orderFrom 9:20 to 9:25, we can only accept the declaration and not accept the cancellation, and from 9:25 to 9:30, we can not accept any entrustment, but Shenzhen only accepts the entrustment declaration and does not deal with it (Shenzhen 14:57-15:00 is the closing call auction time, and the declaration cannot be cancelled);Continuous bidding refers to the bidding method of continuously matching purchase and sale orders one by one. Time: 9:30-11:30, 13:00-15:00 (13:00-14:57 in Shenzhen).call auction Purchase and sale orders that are not concluded during the period will automatically enter into continuous bidding.
call auction
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The principle of determining the transaction price by collective bidding is
First, selecting within the effective price range can maximize all effective ordersvolumePrice.If there are more than two such prices, the transaction price shall be selected according to the following rules: all valid orders of the buyer above the selected price and all valid orders of the seller below the selected price can be completed;One party of the entrustment with the same price as the selected price must complete the transaction. If there are still more than one price that meets the above conditions, the selected price is from the previous dayClosing priceRecent price.
Secondly, carry out centralized matchmaking.Valid for all buyersEntrusted price limitArrange from high to low.Those with the same price limit shall be ranked according to the time of entering the matchmaking host.All valid consignments of the Seller shall be arranged in the order from the lowest price to the highest price.Those with the same price limit shall be ranked according to the time of entering the matchmaking.Match the top buyer's order with the seller's order one by one, that is, according toPrice priority. At the same price, the order of time priority will be executed in turn until the conditions for execution are not met, that is, all the purchase ordersfixed priceThey are lower than the limit price of selling entrustment.All transactions are concluded at the same transaction price.call auction The entrustment that fails to be concluded in the bidding process will automatically enter into continuous bidding.
The call auction determines the transaction price in this way
① The system will carry out effective entrustment for all purchases according toEntrusted price limitThey are arranged from high to low, and those with the same price limit are arranged according to the time of entering the system;All valid selling orders are listed in the order of order from the lowest price limit to the highest price limit, and those with the same price limit are listed in the order of entering the system.
② The system automatically determines the transaction price of collective bidding according to bidding rules, and all transactions are concluded at this price;The principle for determining the transaction price of call auction is that the maximum transaction price can be obtainedvolume。
③ The system will match the purchase order and the sale order in the front step by step, that is, according to“Price priorityThe order of "time first" at the same price shall be completed in turn until the transaction cannot be completed, that is, all the entrustedfixed priceAll of them are lower than the price limit of the selling entrustment, and the unsettled entrustment is waiting in line for the transaction.
call auction After that, the new delegation will enter the system one by one and be carried out with the queued delegationContinuous auction Matchmaking.
Continuous auction
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The continuous bidding is to determine the transaction price in this way
① For a newly entered valid purchase order, if it cannot be concluded, enter the purchase order queue and wait for the conclusion;If the transaction can be concluded, it is the entrusted purchasefixed priceIf it is higher than or equal to the minimum selling price limit of the selling order queue, it will be transacted in sequence with the selling order queueTransaction priceTake the seller's bid.
② For a newly entered valid selling order, if the order cannot be closed, enter the selling order queue to wait for the transaction;If the transaction can be concluded, that is, the entrusted selling price limit is lower than or equal to the maximum buying price limit in the queue of buying entrustments, the transaction can be concluded in sequence with the queue of buying entrustments, and the transaction price is the bid price of the buyer.
This is repeated until the market closes.
In short, the transaction price is the transaction price in the stock market.The price was yesterdayClosing priceFluctuates between 10% up and 10% down.
Rise and fall: The change of the stock based on the closing price yesterday is generally expressed in the range. For example, the closing price of the stock yesterday was 5 yuan, and the closing price today is 5.5 yuanprice of stockIt has increased by 10%, which is also expressed in absolute value. It is said that it has increased by 0.5 yuan.The opposite is true.
Master: Total of sharesvolume。One hand=100 shares.
Present hand: The latest transaction volume of the stock.
Maximum priceminimum price: The stock price changes constantly with the power comparison of buying and selling and the fight of capital during the trading time, and the highest price on the dayTransaction priceIt is called the highest price and the lowest transaction price is called the lowest price.
Buying price，Selling priceThe current highest entrusted buying price is called the buying price, the selling price, and the current lowest entrusted selling price.It is the commission price, not the transaction price.
Open today。The first transaction price of the stock on the day.
