The Pre-Open Auction: Why 9:00 to 9:15 AM Prices Lie

Between 9:00 and 9:15 AM the screen shows prices that no one has traded at. The index figure is indicative while orders are collected, and option prices are the previous session's close until the first trade at 9:15 AM. Version 2 (October 8, 2026): the pre-open timings were corrected to the schedule in force since September 7, 2026, and sources were added. Version 1 gave the earlier schedule. AION Analytics research note. Canonical version: https://aionanalytics.in/research/notes/pre-open-auction

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Publication Details

Journal
Zenodo (CERN European Organization for Nuclear Research)
Published
2026-10-08
DOI
https://doi.org/10.5281/zenodo.23226830
Primary Topic
Financial Markets and Investment Strategies
Type
article
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article

The Pre-Open Auction: Why 9:00 to 9:15 AM Prices Lie

Lokesh Gupta
Zenodo (CERN European Organization for Nuclear Research)
Financial Markets and Investment Strategies
article

The Pre-Open Auction: Why 9:00 to 9:15 AM Prices Lie

Lokesh Gupta
article en

Abstract

Between 9:00 and 9:15 AM the screen shows prices that no one has traded at. The index figure is indicative while orders are collected, and option prices are the previous session's close until the first trade at 9:15 AM. Version 2 (October 8, 2026): the pre-open timings were corrected to the schedule in force since September 7, 2026, and sources were added. Version 1 gave the earlier schedule. AION Analytics research note. Canonical version: https://aionanalytics.in/research/notes/pre-open-auction

Zenodo (CERN European Organization for Nuclear Research)
Openalex Percentile: Top 8%
Financial Markets and Investment Strategies
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The Pre-Open Auction: Why 9:00 to 9:15 AM Prices Lie — Lokesh Gupta · Zenodo (CERN European Organization for Nuclear Research) (2026) | TGRS Research Map | TGRS