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How is the 7:30PM ET reference price determined?

The 7:30 PM ET Reference Price is based on the last eligible trade in each symbol at or before 7:30 PM ET. 

Prices are taken from SIP feeds, and certain trades are excluded based on Sale Condition codes.

Excluded Sale Conditions

Code Description Feed
4 Derivatively Priced CTS, UTDF
9 Corrected Consolidated Close CTS, UTDF
A Acquisition CTS, UTDF
B Average Price Trade CTS
C Cash Trade CTS, UTDF
G Bunched Sold Trade UTDF
H Price Variation Trade CTS, UTDF
K Rule 155 CTS, UTDF
L Sold Last CTS, UTDF
N Next Day CTS, UTDF
P Prior Reference Price CTS, UTDF
R Seller CTS, UTDF
U Extended Sold Out of Sequence CTS, UTDF
V Stock Option Trade CTS, UTDF
W Average Price Trade UTDF
Z Sold Out of Sequence CTS, UTDF

For Sunday night trading, the 7:30 PM ET Reference Price is taken from the prior Friday’s session.

After market holidays, the 7:30 PM ET Reference Price comes from the last daytime session before the holiday.

For example, on Thanksgiving Day 2025 (Thursday, November 27), Blue Ocean opens at 8:00 PM ET. The 7:30 PM ET Reference Price is based on trades from Wednesday, November 26, since there was no daytime session on the holiday.

If a symbol has no eligible trades on a given day, the prior session’s 7:30 PM ET Reference Price carries forward. In some cases, this price may be carried forward for multiple days if the symbol has no qualifying prints.