Objectives
- Reproduce the lesson calculations.
- Identify the assumptions and conditions that can invalidate the modeled edge.
- Design an auditable research or practice workflow.
A stale line is a quoted price that may no longer reflect available information. It can be a legitimate delayed adjustment—or merely a display artifact, suspended market, different contract, or feed inconsistency. A movement indicator alone does not show that an edge exists. Market microstructure includes the order of updates, quote age, liquidity, and the source of the movement.
