It takes time for price discovery - A simplification would be to imagine a simple moving average of say N, Sure it looks very smooth, but if you look at the very beginning where there was less then N datapoints it'll be all jagged because there's not enough data yet.

Yeah, which means that reporting the value of a security seconds after opening is an act of advertising, not one that evaluates the securities actual value.

> Yeah, which means that reporting the value of a security seconds after opening is an act of advertising, not one that evaluates the securities actual value.

Do you have any other way of evaluating it's value? You have to evaluate it somehow because it's worth more than 0, your broker can't give it to you for free. There is a real bid/ask spread, and I'm guessing you don't want to buy with no idea what price you're buying for.

The pricing is inefficient after opening but it's still real. Also who's to say it'll be over priced? It could just as well be underpriced immediately after listing. I'm not sure how this counts as "advertising"