there's a method being used by some firms where the "trade opening orders". what you're loking for seems similar, however, I suspect that this doesn't work as advertised.
Jefftrader, Do you use a "fair value" formula to determine your open order price, or do you base it off the tape? Thanks
I guess the 50 cent rule would be in the NYSE rule book. This morning for example, Reuters news has a few opening indications (LU and GX). Our floor uses AT Financial, Istinet R&A, and Bloomberg for news, but I think you can Reuters from many different sources. Im not real familiar with the fair value formula for opening prices. Basically, its just supply and demand! Finally a green day today!