The Use settlement as close on daily interval feature allows you to choose what to display as closing prices for daily bars and bars of higher timeframe. Available for futures contracts and continuous.
Close can be displayed as:
Last price, that is the price of the real last trade that closed the trading day.
Settlement price, that is calculated by the exchange at the end of each trading day based on the averages of the last asks and bids, the actual closing price of the trading day, the weighted averages of the last few minutes of trading, etc. Each exchange calculates according to its own algorithm, there is no single rule.
By default, on the chart, futures and continuous are opened with the Settlement prices as close feature enabled. There are two ways to switch to Last prices as close:
using the set button at the bottom:
unchecking the Use settlement as close on daily interval point in the settings:
As for intraday timeframes, when switching to intraday from daily, regardless of whether settlement prices were turned on or off, the intraday data is always the same. In this case, there is no set button at the bottom, and there is also no Use settlement as close on daily interval field in the chart settings.
Watchlist, Details, Screener always use Settlement prices, therefore, if Settlement is disabled on the chart, the values may differ from it.
If the set button and the Use settlement as close on daily interval feature are not available for the selected futures, then this feature is not yet available for these futures and will be available in the future.