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Rules are applied in a hierarchy from Rule 1 through Rule 5. The Theoretical Opening Price is determined by whichever rule best applies to the order book at that moment.


After a Theoretical Opening Price price is calculated, CME Globex assesses the Stop Order book to determine if the Theoretical Opening Price elects any Stop Orders. If so, CME Globex recalculates the Theoretical Opening Price to include the quantities at the limit price of the Stop Orders that would be elected (this process continues until no other Stop Orders are elected) by a Theoretical Opening Price.