Free and bound variables are defined in the context of the syntax of first-order logic, considering terms (i.e. "names" for objects) and formuals (i.e. statements).
The formal definition of the set $\text {FV}(φ)$ of free variables of a formula $φ$ is defined by :
all the variables occurring in a term or atomic formula are free.
$\text {FV}(¬φ) = \text {FV}(φ)$;
$\text {FV}(φ ∨ ψ) = \text {FV}(φ) \cup \text {FV}(ψ)$, (and the same for the other binary connectives);
$\text {FV}(∀xφ) = \text {FV}(∃xφ) = \text {FV}(φ) \setminus \{ x \}$.
A variable that is not free is bound.
A formula $φ$ is called closed if $\text {FV}(φ)=\emptyset$.
In formula $\forall x P(x)$, the variable $x$ is bound.
In formula $\forall x R(x,y)$ the variable $x$ is bound while the variable $y$ is free.
A closed formula, when interpreted, expresses a sentence, i.e. has a definite tuth value.
$\forall n (n \ge 0)$ is true in $\mathbb N$, while $\exists n (n < 0)$ is false in it.
What is the truth value of a formula with a free variable, like e.g. $(x > 0)$ ?
It depends... It depends on the value we assign to the variable $x$.
A free variable acts as a pronoun of natural language : its reference must be identified according to the context : if I say "it is red", the truth vale of the statement depends on the object I'm pointing at with my finger : the red book or the blue pen on my table.
In the same way, there are ways (defined by the formal semantical specifications of the first-order language : see variable assignment function) to give "temporary" reference to free variables of a formula.
Consider the formula :
$x+2=5$;
if we substitute to $x$ the (name for the) number $3$, we obtain a true sentence (i.e. $3+2=5$).
If instead we substitute to $x$ the (name for the) number $4$, we obtain a false sentence (i.e. $4+2=5$).
A formula with free var is called "open" because it has no (fixed) meaning : it is "open to" different interpretations; in order to give it meaning, we have to transform it into a sentence (i.e. a closed formula).