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Making Close in High/Low range

One important aspect of portfolio customization is selecting how commodity settlement prices that occur outside the day's trading range will be handled.

Many traders make the mistake of assuming that the settlement price quoted by the exchanges is the same as the last or closing price. This is not necessarily so. Many contracts, particularly at the mercantile exchanges are "settled" by a committee of exchange officials after the close of the markets.

The settlement price is commonly used as proxy for the closing price in simple bar-chart analysis. When markets are settled outside the trading range, it is a common practice (although not necessarily recommended) to adjust the high or low to match the outlier settlement. Unlike all known competitive data services, UA lets users make an informed decision on how to present data.

The Rounding/Ranging tab of Portfolio Settings includes this feature that controls the handling of the high, low and close values in cases where the settlement price lies outside the day's trading range.

You can adjust this feature in your non-portfolio UA charts through the "Rounding/Ranging" tab of Charting Preferences (from UA Preferences). To adjust it for the files listed in a specific portfolio, use the Portfolio menu's "Edit Portfolio Setting" feature or the [Edit] button in the Portfolio Manager panel.


We'll review your choices here:

·As published: This option provides files and charts with the actual open, high, low and settlement, even when the settlement is outside the trading range. When the settlement committee decides, after the close, that the settlement should be at a level where no trading occurred, charts can show a no-trading gap between the actual high/low bar and outlier settlement price.  

Appropriately programmed analysis software can make maximum use of available information through this choice. Please note that some CSI-compatible analysis software CANNOT process closes outside the trading range. If you experience unexpected results with another analysis product using "As published" settlements, consider changing to Modify High/Low.  

·Modify High/Low (the default, for a typical open-high-low-close bar): This option makes the close price (settlement) fall within the high/low range by adjusting the range. It produces files and charts with possible adjustments to highs and lows when the settlement is outside the trading range. A traditional open, high, low, close bar chart results. By taking this option, you may produce an artificial trading range, which includes an area where no trading occurred. Some analysis programs require this data presentation.  

·Modify Close: This option makes the close price (settlement) fall within the high/low range by changing out-of-range settlements. It produces files and charts where the closes (settlements) may be modified if the settlement price lies outside the daily trading range. In the event that the settlement lies outside of the high-low range, the settlement may be adjusted to match the high or low which is closest to its value. This technique ignores the settlement price, but preserves an accurate view of the market's trading range. Settlement accounting users would not obtain an accurate view of a portfolio's value using this option.  

Click your choice, then [OK].

Round to Nearest Tick

Although commodity contracts trade in specified tick increments, it is possible that the data provided by CSI or adjusted by UA may be quoted in different increments. This can occur as the result of historical database adjustments or due to the averaging that occurs when markets are quoted with a split open.

You can adjust this feature in your UA charts through the "Rounding/Ranging" screen of Charting Preferences (from your UA Preferences). To adjust it in the charts and files listed in your portfolio, use the Portfolio menu's "Edit Portfolio Settings" feature and click the Rounding/Ranging Tab. The applicable entry is shown here:


·Round values to nearest tick: This selection forces the calculated values of back-adjusted price reports as well as standard contract data to conform to exchange sanctioned minimum tick values. We recommend this selection be used when output values are in decimal form. Where possible, CSI reports opening futures prices as the midpoint of the opening range.  

Show Loading

This feature applies to mutual funds only, and applies only to those funds that are "loaded." It does not apply to stocks or to no-load mutual funds.

To adjust the handling of "loads" for those mutual funds listed in your UA portfolio(s), use the Portfolio menu's "Edit Portfolio Settings" to find the "Rounding/Ranging tab and make your choice as shown here:


·Loading is the extra cost some mutual fund companies pass on to consumers at the time of purchase or sale. If you want this loading to be reflected in your data series, click "Show Loading" from the above selection screen. If not, leave the checkbox empty.  

Click [OK] to save your changes.