Brian Lee
Jul 24, 2025
The underlying opening price is the first traded price of a stock or other asset at the start of the trading day. We denote this value as \(UP_{opening}\). It acts as the baseline for measures like Daily Volatility (\(DV\)), which gauge intraday moves relative to the opening level. For the end-of-day reference, see Underlying Closing Price (\(UP_{closing}\)).