> ## Documentation Index
> Fetch the complete documentation index at: https://docs.scape.exchange/llms.txt
> Use this file to discover all available pages before exploring further.

# External Price

> External price feeds and their role.

The **external price** is a separate value included alongside the oracle and mark prices in
relayer updates. It is the last externally derived assessment print from Scape's reporter
network.

* **When the underlying market is open** and the print is fresh, the external price equals
  the [oracle price](/market-mechanics/oracle-price).
* **When the print goes stale or the market closes**, the external price stays fixed at the
  last external print while the oracle first holds, then advances under bounded discovery.
* **On public holidays**, both the external price and the oracle hold flat at the last
  active-session value.

The external price is the anchor that bounded discovery references during closures. On
reopen, the external price updates to the live assessment print and the oracle returns
immediately to it.