cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.</p>\n<p>Once implemented, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain and its settings are difficult to change. This is because each modification must be consented to by all network <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes and members thus creating consensus, which isn't always simple. 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Furthermore, fundamental analysis may be used to predict when a cryptocurrency will leave the overbought condition and the estimated price decrease.</p>\n<p>Investors can use technical tools such as <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-trading-volume/">traded volume</strong></a> and momentum, as well as the recent price, to determine the overbought levels. Some of the factors taken into account to indicate an overbought condition are the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-relative-strength-index-rsi/">relative strength index (RSI)</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-stochastic-oscillator/">stochastic, and Williams %R.</p>\n<p>The <strong>relative strength index</strong> is used to determine the trading speed and price fluctuations. All values are recorded on a scale from 0 to 100. If a cryptocurrency is overbought, its RSI level is marked above 70. 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Bids are usually represented by using green, and asks are marked in red.</p>\n<p>The interactions between the buyers and sellers can be logged in the order book using a number of visualization tools, such as line charts or tables. <strong>Japanese candlestick charting</strong> can be used alongside an order book to observe market changes and make well-informed trading decisions.</p>\n<p>Order books typically record <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-limit-order/">limit orders</strong></a> &ndash; orders that use prices set by the trader. If an order uses the <strong>current market prices</strong> for the trade, it is considered to be a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-order-market-buy-market-sell/">market order</strong></a>.</p>\n<p>The highest bid prices and the lowest ask prices are written on top of the order book. The difference between the highest bid and the lowest ask is known as the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-bid-ask-spread/">bid-ask spread</strong></strong></a>, which is used to indicate the strength of supply and demand.</p>","level":"easy","meta_title":"What is Order Book? Definition & Meaning | Crypto Wiki","meta_description":"Order Book meaning: Order Book - a physical or digital documentation used to track the buy-sell activity of an asset.","meta_keywords":null,"language":"en","created_at":"2022-03-24T14:21:31.000000Z","updated_at":"2022-09-14T12:31:32.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-order-book"},"currentChapter":"O","currentSection":"what-is-open-close","chapterTitle":"O","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-open-close","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">
Crypto Terms: Letter O

What is Open/Close?

Open/Close MEANING:
Open/Close - is the price where a cryptocurrency opens at a specific time period.
Easy
1 minute

Let's find out Open/Close meaning, definition in crypto, what is Open/Close, and all other detailed facts.

Open/close is a term used to describe the price at which a cryptocurrency opens at a specific time period. For instance, it opens at the start of the day and closes at the end of the day. Overall, these terms were more useful in traditional financial markets as there are fixed hours of the day in which trading occurs.

Once implemented, blockchain and its settings are difficult to change. This is because each modification must be consented to by all network nodes and members thus creating consensus, which isn't always simple. As a result, blockchain platforms and decentralized apps (dApps) are often only modifiable via a hard fork, which requires establishing a new chain.

Moreover, hard forks are considered to be risky for users as well as inconvenient. In other words, it’s not useful for projects to hard fork every time they require to carry out adjustments and add functionalities. 

Therefore, blockchain programming depends mostly on the open/close concept, which indicates leaving room for increasing abilities without taking drastic measures.

When it comes to software development, open/close describes the programming approach of extending software portions, without permitting any changes to the source code. 

The code itself allows for flexibility while limiting the ability to modify its essential components. This avoids the need to totally rewrite the software whenever new standards emerge. Bertrand Meyer initially articulated it, and it is part of the SOLID concept of object-oriented programming. Because of the immutability of blockchain and crypto projects, open/close is very critical in their architecture.