# What are CloseoutBid and CloseoutAsk Prices?

Using Oanda's streaming API I get typical output as shown below:

{"type":"PRICE","time":"2020-05-04T14:18:54.652572124Z","bids":[{"price":"1.09144","liquidity":1000000},{"price":"1.09143","liquidity":2000000},{"price":"1.09142","liquidity":2000000},{"price":"1.09140","liquidity":5000000}],"asks":[{"price":"1.09155","liquidity":1000000},{"price":"1.09157","liquidity":2000000},{"price":"1.09158","liquidity":2000000},{"price":"1.09159","liquidity":5000000}],"closeoutBid":"1.09140","closeoutAsk":"1.09159","status":"tradeable","tradeable":true,"instrument":"EUR_USD"}


My question is: what are the closeout bid and ask prices? My best guess/assumption is that these are the prices at which you can exit an existing position, whilst the other quoted bid/ask prices are the prices at which a new position can be opened.

Is this correct?

• # The closeout bid Price. This Price is used when a bid is required to # closeout a Position (margin closeout or manual) yet there is no bid # liquidity. The closeout bid is never used to open a new position. developer.oanda.com/rest-live-v20/pricing-df May 4 '20 at 14:51