The Open price, also known as the Opening quote, or Opening price, is the price of an asset on the trading market at the outset of the trading day. It is important to note that the opening price of one day is not necessarily the same as the closing price of the same asset from the previous day. Fluctuations in the asset value can, and often do, continue even when the markets are closed and the asset is not being traded.
The Open price is the primary indicator for a trader on what the currency pair has done on the day that you are weighing a long or a short position. By examining the open price, along with the day high and the day low, traders can gauge the volatility of the currency and develop a strategy to either buy, sell, or avoid the currency altogether.