I am guessing the stock markets close because the banks are closed. Some US Futures like equities do not close, they get a 4 hour break, like today. Forex? I thought that was all 24/7?
That wasn't the point. Don't be so obtuse. Anyway, don't wanna hijack this thread over unpatriotic a-holes who are patriotic only in name.
This is the best it could do? That answer sucks. Why not give an example of a specific rule regarding a specific contract, not tell us what what we already know. "The markets are closed and options don't trade." "Consult a professional." ... No wonder it wants to marry a NYT reporter.
An AI is as smart as the people programming it. Anyhow, my guess is that since they are gonna announce it in advance, they will use the previous day's closing prices. Now if the market closes in an emergency fashion (like 9/11) they use the following day's opening prices. This is the best info from Reddit: https://www.theocc.com/getmedia/8d6...6a09be7/unscheduled-market-closings-guide.pdf Equity and ETF/ETN Options If an outage or other event at either an underlying or option exchange prevents OCC from obtaining a closing price for a product, OCC will apply OCC Rule 805 in assigning a settlement price. OCC Rule 805 permits the use of the last available sale price during regular trading hours on the most recent trading day for expiration processing for equity and ETF/ETN options. So previous day's closing price. There is a schedule for index options in the above link.