Why Yahoo finance is showing opening and closing price ?

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: BitCoinDream on June 18, 2014, 04:55:59 PM

Quote from: SgtSpike on June 18, 2014, 04:46:14 PM

Quote from: BitCoinDream on June 18, 2014, 04:37:31 PM

This is not a share market. Exchanges are open 24*7. So what does it mean by showing daily opening & closing price ?

http://finance.yahoo.com/q?s=BTCUSD=X

It can be a useful metric for some cases. It's very likely the price at midnight of some major timezone (PST, EST, GMT), but someone should try to confirm when it changes.

EDIT: It's GMT. The interactive chart shows 12:00 AM GMT as time of opening.

But this is actually aggregation not reality. If u look at BTC-E, BitStamp or LocalBitcoin, trading takes place round the clock. There is a big chance that non-bitcoiner financial people may follow Yahoo chart and that would result in wrong calculation. Opening & Closing does not apply to crypto trading !!!

I'll disagree. I don't see any material miscalculation that could come as a result of showing an open and closing price. If nothing else, it gives a nice way to summarize the price at the same point in time every day - i.e., if I wanted to see how much the price changed daily over the course of a year, using the open price for each day would be a nice alternative to a weighted average.

If you're really concerned about it, contact Yahoo and see what they say about changing it. I think that more information is a good thing, not a bad thing.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

Quote from: Lauda on June 18, 2014, 04:58:09 PM

You should have used Google. Yahoo is displaying this correctly hopefully.

As a bitcoiner, I dont rely on Yahoo or Google, because I can read http://bitcoincharts.com/charts/ ...but a non-bitcoiner trader may follow that and may encounter loss. Its good if all of us report here...

https://yahoo.uservoice.com/forums/207809-finance-gs/category/68435-data-accuracy

Lauda

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Terminated.

You should have used Google. Yahoo is displaying this correctly hopefully.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

Quote from: SgtSpike on June 18, 2014, 04:46:14 PM

Quote from: BitCoinDream on June 18, 2014, 04:37:31 PM

This is not a share market. Exchanges are open 24*7. So what does it mean by showing daily opening & closing price ?

http://finance.yahoo.com/q?s=BTCUSD=X

It can be a useful metric for some cases. It's very likely the price at midnight of some major timezone (PST, EST, GMT), but someone should try to confirm when it changes.

EDIT: It's GMT. The interactive chart shows 12:00 AM GMT as time of opening.

But this is actually aggregation not reality. If u look at BTC-E, BitStamp or LocalBitcoin, trading takes place round the clock. There is a big chance that non-bitcoiner financial people may follow Yahoo chart and that would result in wrong calculation. Opening & Closing does not apply to crypto trading !!!

SgtSpike

legendary

Activity: 1400

Merit: 1005

Quote from: BitCoinDream on June 18, 2014, 04:37:31 PM

This is not a share market. Exchanges are open 24*7. So what does it mean by showing daily opening & closing price ?

http://finance.yahoo.com/q?s=BTCUSD=X

It can be a useful metric for some cases. It's very likely the price at midnight of some major timezone (PST, EST, GMT), but someone should try to confirm when it changes.

EDIT: It's GMT. The interactive chart shows 12:00 AM GMT as time of opening.

JohnFromWIT

member

Activity: 112

Merit: 10

Open of the period to close of the period.
All trades in this period are toted up.
As soon as one period closes the next opens.
Sorry, I don't know the lengths of these periods.

BitCoinDream

legendary

Activity: 2282

Merit: 1204

The revolution will be digital

This is not a share market. Exchanges are open 24*7. So what does it mean by showing daily opening & closing price ?

http://finance.yahoo.com/q?s=BTCUSD=X

Topic: Why Yahoo finance is showing opening and closing price ? (Read 846 times)