An indicative quote is a reasonable estimate of a currency's current market price that is provided by a market maker to an investor upon request. ... An indicative quote is in direct contrast to a firm quote, which is guaranteed by the market maker.

How is indicative price calculated?

Indicative Opening Price is calculated by the trading engine during the Pre-Open and Reserve states based on the orders in the book. During these two states orders can be entered or modified, but no matching will occur. This can cause the order book to be locked or crossed, which produces an Indicative Opening Price.

What is an indicative order?

Indicative Order means any Bid or Offer placed into the Trading System that is an Indicative Quote and which is not automatically executable by the Trading System.