Back to Legal Limit Algo Contents The following is a complete break down of the Legal Limit algo running in one stock, Cirrus Logic. In the following charts, trades and quotes are plotted sequentially as they occur. As such, no data is lost. Click on any chart for a high resolution image. Symbol CRUS - CIRRUS LOGIC CRUS Chart #1: In this chart, we plot quotes from only the NSDQ and PACF exchanges along with the BBO and any trades occurring. This is to reference the normal price range:  CRUS Chart #2: In this chart, we add quotes from the BATY exchange. As you can see the quotes are so far out of range that they completely flatten the quoting range from other exchanges:  CRUS Chart #3: Next we remove everything but quotes from the BATY exchange and NSDQ (for reference). We also plot the banding limits of the BBO. As this stock is not in the Russell 1000 and not subject to the pilot circuit breaker program, the binding range is 30% above or below the current BBO:  CRUS Chart #4: In this chart, as opposed to connected lines we plot each quote as a single dot. This gives a better illustration on exactly when and where the algo is quoting:  CRUS Chart #5: Finally we drill down for a finer look at a single ask cycle and a single bid cycle: 
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