Hot Copper Charting and Chat, page-232

Yeah, mine also uses the previous close.

I think that topic has been done to death previously on that thread.
It seems that every couple of years it raises its head.

Personally, I feel the 'open' as such, is no more than a statistical point of reference, as it does not play any part in my analysis - because pretty much 'no trading' has been done at the point of the open.
I am almost completely interested in 'what price and volume have actually done within a certain period' (either a period of time, or a period of trading).

I do realise that the open has some importance to 'candlestick analysts', as the candlestick uses the open in its makeup.
I actually think that candlesticks are quite overrated, and actually confuse some of the analysis (but that is OK, as the more traders there are who are wrong, the better for me, as the minority are usually right in the markets........haha).

Anyway, from my understanding, because we have a staggered open, if is 'a bit difficult' to show a 'correct' opening price, and the ASX wasn't interested in working it out statistically, so the ASX has always just used the previous close as the open.

I have seen you point out that IRESS does show a 'potentially correct' open for the XJO - someone should probably just ask them how it is calculated.
I wonder if IRESS 'artificially work out' what the corrected open would have been of the staggered open wasn't in place, although it could also be a more simple and less accurate calculation. I don't know how much detail they have put into it, as there are relatively easy ways to 'roughly' calculate a potential opening value, and there is the most complicated way (the right way), and most accurate way of calculating it.

cheers