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📜 SIDE QUEST · DEEP DIVE
· ◆◆◆◆ · ~11 min
The Closing Auction
The Closing Auction
"The deepest, cheapest trade of the day happens in one instant at a single price — and its share of volume has been growing for a decade."
call auctions vs continuous tradingthe uncrossing algorithmindicative price and imbalance feedswhy the close attracts structural demandauction gaming and safeguards
A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.