medium · Market Microstructure
A stock is trading with an NBBO of $40.00 × $40.10. A trade occurs at $40.05. The three most recent transaction prices were $40.04, $40.06, and $40.06.
According to the Lee–Ready algorithm, how should this trade be classified?
- Market-maker neutral
- Seller-initiated
- Uninformed
- Buyer-initiated
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