What is daily data & Why is it important?
Daily data is a vital aspect of the financial and commodities markets, providing traders, investors, and analysts with crucial information about the trading activities of futures contracts on a day-to-day basis. This data encompasses various metrics and insights that help market participants make informed decisions, manage risks, and strategize effectively. Key Components of Daily Data Price Data: Opening Price: The price at which a futures contract begins trading when the market opens. High and Low Prices: The highest and lowest prices reached by a contract during the trading day. Closing Price: The last price at which the contract is traded before the market closes. Settlement Price: The official closing price determined by the exchange, used for marking positions to market and calculating daily gains and losses. Volume Data: The total number of contracts traded during the day. High volumes typically indicate strong interest and liquidity in the market, while low volumes may s