Reviewability and the Two Price Yardsticks

What this video covers

• Applying the clock-first test to Normal Market Hours, 9:30 a.m. to 4:00 p.m. Eastern Time, and knowing why outside-hours trades use Numerical Guidelines regardless of Limit Up-Limit Down (LULD) status
• Identifying Gateway One for a National Market System (NMS) stock outside the LULD Plan, Gateway Two's three triggering circumstances, and Gateway Three's theoretical-value situations
• Matching each gateway to the correct yardstick: Numerical Guidelines for Gateway One and outside-hours trades, Percentage Parameters for Gateway Two, and the applicable yardstick after Gateway Three
• Choosing Tier 1 or Tier 2 Percentage Parameters using the Reference Price, including the 5%, 10%, 20%, and lesser-of-$0.15-or-75% rules
• Applying the leveraged exchange-traded product (ETP) multiplier, and remembering that rights and warrants are excluded from the LULD Plan
• Keeping the two Reference Prices separate: the previous day's primary listing exchange close for selecting a tier, and the consolidated last sale immediately before execution for measuring the trade
• Testing multi-stock event thresholds, the 30% coordinated sweep, the five-minute window, and the rule that a deviation equal to or exceeding the guideline is enough to bust the trade