Underlying Closing Price (\(UP_{closing}\))

Brian Lee
Jul 24, 2025

The underlying closing price is the final traded price of the underlying asset at the end of the trading day. We denote it as \(UP_{closing}\). This value summarizes the day’s action and serves as the reference point for daily returns used in metrics like 30-Day Historical Volatility (\(HV30\)). For the day’s first price, see Underlying Opening Price (\(UP_{opening}\)).