Trade Markouts Explained: Execution Quality
What is a trade markout? The sign convention explained in plain English, plus a real markout curve measured at horizons from 1 second out to 5 minutes.
#market microstructure
Filtering by topic #market microstructure · clear
Iceberg Orders Explained: Hidden Liquidity
What is an iceberg order? How the displayed slice and hidden reserve work, why each refresh loses queue priority, and what the pattern looks like on the tape.