Hi Skidtrader, thanks for the explanation.

If during the 5 mins of TCP calculation, will my buy order get matched or will I influence the TCP if I queue Zelan at RM2,503.25?

If the TCP is fixed for Zelan at RM0.825, will my buy order get matched if I queue during the last 10 minutes at RM2,503.25?

Just want to add something here so people won't miss the discussion in the stock market thread.
The introduction of the Theoretical Closing Price (TCP) in the last 10 minutes of trading for both sessions of the day might confused some investors and traders. But it's quite simple if you ignore all the jargons. Not to mention the introduction of TOP or theoretical opening price.

Basically not much changed in the way you do your trading.

You set up a buy order at a price you want, if someone is willing to sell to you, it gets matched and the transaction is done.

Same with Sell orders, you set up  a Sell order at the price you want, if someone is willing to buy from you, it gets matched.

You can set up and change buy and sell orders anytime during trading sessions can cancel anytime as long as it is not yet matched. So this is the same like last time, no changes here.

Trading time is still 9am to 12:30 pm for morning session and 2:30pm to 5pm for afternoon sessions. Nothing changed for trading time.

Pre-opening time has changed though, this is when the market is not opened yet but you can start setting up your orders in Buy/Sell queues, moifying and canceling . Pre-opening is now 30 minutes earlier compared to 15 minutes before I think.


What is Theoretical Opening Price (TOP) ?

TOP is just a fancy word they use to determine what is the opening price for every session. Now a lot of people including me used to think that today's opening price for a counter should be yesterday's closing price. That's actually not true. Opening price has always depended on the queues of both Buy/Sell orders.

Yesterday's closing price is normally seen as a Reference Price or Ref. Price, and does not affect today's opening price other than to give people some sense how the counter was valued in the last session. People who read candle stick charts will notice this often where opening prices are often not the same level as previous closing prices.

Basically, TOP is the price determined by a automatic calculation of the Pre-Opening queues of Buy/Sell orders. The prices where the most volume will be done when the market opens will be the Theoretical Opening Price or TOP.

To be honest, TOP is not important because if you watch the stock market often, opening price has no bearing how the counter will move. But it does show how a LOT of people feel (before market opens) is the right price for a particular counter.
What is Theoretical Closing Price (TCP) ?

Now this is more important of the 2 new acronyms. Basically TCP is the price you will Buy or Sell in the last 10 minutes of each session. TCPs are determined by the 5 minutes prior to the last 10 minutes of trading.

Example:

Morning session trade is 9am to 12:30pm.

Last 10 minutes of trade is 12:20 to 12:30pm

TCP is determined or calculated from 12:15 to 12:20pm or 5 minutes prior to the last 10 minutes.

During this 5 minutes, NO transactions are done. But you can still set up orders, modify or cancel them as you deem fit.

During this 5 minutes, a tug of war is happening between buyers and sellers of a particular counter which you can watch LIVE like football.

As more sellers and buyers set up queues, the TCP is calculated continuously for 5 minutes.

The price where the MOST transactions can be possibly matched at the very last second of 12:19pm for that counter, will be the TCP from 12:20pm onwards.

The moment the clock strikes 12:20pm, trading is resumed and transactions are done, BUT only at the Theoretical Closing Price or TCP.

If you want to Buy/Sell during the last 10 minutes of the session, you can only Buy/Sell at the fixed TCP.

TCP will lasts until the session ends. A new TCP will be calculated for the next session a the same time which is 5 minutes prior to the last 10 minutes of trading.
Important Points

During TCP calculations, NO transactions are done. For 5 minutes, Buy/Sell queue orders will blink and rise and fall but NONE will be matched and transacted.

There is NO restriction on what you want to queue or cancel during the 5 minutes.

When the TCP is determined, NO other prices are entertained. Whether is cheaper or more expensive, once the TCP is fixed, thats the price you trade.

noob question

example ;

TCP is Rm0.55 , so  the matching is buyer 5k and seller was only 4k .

so thats mean only 4K of transaction can be made during the 10 minute izzit ?

or any transaction can be made in the 10 minute with the price of Rm0.55 , as long as it have seller and buyer ? that mean you can buy with the price 0.55 directly as long there is a seller ?

Yes.

but in any how do i know that how many seller or buyer are in the queue ?

i always can`t get the price i want because of Queue is long , but how do i know that how many seller are at this price ? and how long is my Queue ?

The queue is always shown in the trading plaform. With the new system, you can view the queue of 5 prices (buy & sell) as compared to 3 last time.

ya i know that but it alwyas shown like this .......

0.50 .......... 20k buyer
0.55 .......... 15k seller

but how do i see how may seller are in 0.50 ????? or there is no seller at all ?

say i've queue to sell abc stock at RM1.10 during the 5min prior tcp, but then tcp is set at RM1.00, so can I cancel RM1.10 & must sell at RM1.00 if i really wanna unload the stock?

where can i find rules about odd lots? minimum share/amount per order, etc.. thanks!

Some brokerage firms software has this function that shows how many actual buy queues with their lots. I think Cheeroy posted an image of it some time back. For OSK which I'm using doesn't seem to have this function.

and ya if the price raise who gonna take over our stock usually ....?????

The price rise because someone willing to take those price in the first place. Get it?

The price or TCP is not just a simple number or randomly generated. The price means somebody wish to have, and already key in the order.

erm.... .... confuse ......... need to try action my self ........
i just try the buy Queue , 2 day i even in the first queue to buy the stock tht they hold so jadi white rats d ............

now thinking wanna try on sell queue but i canot sell now cause i still walking the path .
still confuse how they determine the price there .
if the price stuck at one number is that mean no buyer are willing to buy at the price ?????
or no seller are willing to sell at the price .
so how they determine the price one ????

and ya if the price raise who gonna take over our stock usually ....?????

I'm sorry I have to ask this but "Do you even know how the stock market works?". From you posting you sound like someone completely lost and want to try to learn to try "playing" the stock market.

Please get yourself a broker before you end up losing more without knowing. A few "newbies" already got themselves burned when they attempted to "try" something with their so called "easy-to-use" online trading systems.  And try the CIMB iTrade virtual stock market before doing anything for real.

Please learn about what you are trying to do before attempting anything. At least some basic knowledge how the entire system actually works would generally point you to the right direction and let you ask more specific question.

It's like trying to go fishing but can't even differentiate a desert and an ocean.

sure ..... but as in a down trend of market , the old market trading method is hard for me to apply in .

i need something new such as knowing the market seriouslly deep .
example .

KNM why people play with this counter alot .
how do they determine that this cunter wont fall below Rm0.40

this is like an ocean you never know there a second wave . you though the first wave has passes but in behind there a tsunami coming to you .

for me i just wanna know how to determine the force that might hold the price ??? is the company it self or there other force ?
Correct me if im wrong .hehehe