Create Market Formulas

Market Formulas are used to define the different rules for how the prices are ultimately calculated. Such as, "Get last Wednesdays Market" or "Get the Previous Days Market."

Pre-Requisites

1.  Market Source

Step-by-Step Guide

1. Access the Master module.
   
   

   Open

   

2. Click Pricing.
   
   

   Open

   

    

3. Click Market Formula.
   
   

   
   
   

4. Click Add.
   
   

5. Specify a Code.
   
   

    

6. Select an Effective Date.
   This date represents the first start date of the pricing cycle.
   If the pricing starts on Sunday then the effective date should be the first Sunday the pricing begins,

    

    

7. Specify a Description.

    

    

8. Optional: Specify a Company - Division. If a company division is specified then only that company division can use this formula on pricing templates.

    

    

9. Click the Formula Days tab.

    

    

10. Select a Start Day option. In this example, we are going to set up a formula that starts each Sunday, so we select Sunday for the start day.
    
    

     

11. If the Start Day option is not set to "Daily", specify a Hold Days value (in increments of 7 days). In our example, the hold days will be 7 meaning that each Sunday a new price will be computed and will be effective for the following 7 days (Sunday to Saturday).

     

     

12. Click into the Days Prior column and specify a value. In this example, our price is based on the market from the prior Thursday, so we enter 3 in the days prior column. The system will auto populate Thursday in the Day of Week column. This indicates that we go 3 days prior to our start day. Since our start day is Sunday, 3 days prior to Sunday is Thursday. (Additional examples are included below).
    
    

     

13. Optional: Select Exclude Saturday or Exclude Sunday. If one of these options is selected, the system will ignore Saturday and/or Sunday when determining the Day of Week based on the Days Prior column. For example, if we were to exclude Saturday from our example, but left Days Prior at 3, then Day of Week would change to Wednesday, for 3 days prior to Sunday, excluding Saturday would be a Wednesday.

     

14. Optional: For Formulas that are an average of multiple days markets, add any additional rows below the default / first row.
    
    

15. Click Save.
    
    

Formula Examples 

       To specify "Get last Wednesday market, effective on Monday, hold for 7 days."

• Start Day: Monday

•  Hold Days: 7

•  Day's Prior: 5
  
  

• Start Day: Sunday

• Hold Days: 14

•  Days Prior: 1

•  Effective Date: First Sunday start date of the pricing cycle.
  
  

  
  To specify “Get Average of prior 4 Tuesday market, effective Sunday, hold for 7 days”

• Start Day: Sunday

• Hold Days: 7
  
  

   

•  Start Day: Daily

• Day's Prior: 1
  
  

          To specify "Get today's market."

• Start Day: Daily

• Day's Prior: 0