On the futures markets, it indicates that the highest current bid on a futures contract is below the maximum price fluctuation level. In other words, this constitutes a state in which there are no bids at the limit down price, while there are only offers to sell. The market will remain locked limit down until the futures price reaches the cash market price. As a result, a futures contract could not trade during the day because the opening trade was made at the maximum daily loss allowed on a given exchange.
A futures position that is locked limit down cannot be sold because there are no bids.
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