Short answer

Your F&O contract prices change to settlement prices before the market opens. This happens when iRage receives the BHAVCOPY from NSE, typically between 6:30 AM and 7:00 AM the following day.

Price types explained

LTP (Last Traded Price): The most recent actual transaction price for your contract.

Closing price: Weighted average of prices during the final 30 minutes of trading on NSE.

Settlement price: For liquid contracts, this equals the closing price. For illiquid contracts with no trades in the last 30 minutes, NSE calculates a theoretical price.

You see the settlement price on your position page before market opens because it’s used for margin calculations and mark-to-market adjustments.