Auction Mechanics: Why Your Order Fills or Fails

Описание: An evidence-led explainer on opening and closing call auctions, limit versus market orders, and the mechanics of slippage. We walk through price-time priority, indicative price and imbalance, and a simple execution-cost identity to show why queue position alone does not guarantee a fill.

⏱️ Timeline:
0:00 Auction Mechanics: Why Your Order Fills or Fails
0:20 What a Call Auction Actually Does
1:09 The Clearing Price Condition
1:55 Limit Order Versus Market Order
2:40 Slippage as a Cost Identity
3:26 Why a Front-of-Queue Order Still Misses
4:12 Illustrative Depth Consumption: Average Fill Price Versus Order Size
4:57 Reading the Indicative Price and Imbalance
5:44 Expected Cost of a Limit Versus Market Order
6:34 Liquidity Risk in Thin Books
7:17 Three Execution Metrics to Monitor
8:03 Rules That Travel Across Venues
8:46 Stay Systematic