Hindsight Markets / Recaps

How our recaps work

Published October 17, 2026 · By Hindsight Markets

Every recap is read from the same market data the replay plays. Here is where that data comes from, how we turn it into a page, and which stocks make the cut.

Where the data comes from

• Trades and quotes. Every trade and every change to the order book from the US exchanges, recorded as it happened. The charts use one-minute bars built from those trades.
• The order book. The full book from every venue, read each second. The walls, big prints and sweeps a recap names come from it.
• Halts. The exchanges' own halt feed: when trading stopped, when it resumed and the reason code.
• News and filings. A news feed and SEC EDGAR, with the time each item was published.
• Float. Read from the company's filings as of that day. When the float looks wrong (for example, the day traded it more than 100 times), the page says "not available" rather than show it.

Which hours each number covers

One stock-day has one set of numbers, the same on every page. Every label names its window.

• Gap: the official open at 9:30 a.m. against the official previous close.
• High and low: 4 a.m. to the 4 p.m. close, pre-market included. The after-hours high (4 to 8 p.m.) is shown on its own.
• Close: the last trade before 4:00 p.m.
• Volume: 4 a.m. to 4 p.m., with after hours apart.
• Relative volume: the day's volume by 8 p.m. against the stock's usual volume. When the usual volume is under 10,000 shares the ratio means nothing, and the page says "n/m".
• Halt moves: the 5 minutes into each halt, where it reopened against the last trade, and the 5 minutes after. The volume split counts the first 30 minutes after the open apart.
• Rounding: stories round for reading (109K shares, 15%). The tables keep the exact figures.

The catalyst

The catalyst box shows the news and SEC filings published between the previous session's close and the first trade 20% above the previous close (or the open, for a stock that never got there), newest first. It says what was published and when. It does not claim the news caused the move. When the feeds had nothing in that window, it says "No news found".

How a day's shape is named

The shape is a fixed rule, not a judgement. It reads four numbers from the regular session: the previous close, the open, the regular-hours high and the last trade before the close.

• Gapped: opened 10% or more above the previous close.
• Ran: the regular-hours high was 10% or more above the open.
• Gave back: by the close it gave back 30% or more of the move from the open to the high.
• Faded: it closed 5% or more below the open.

Gapped and ran without giving back is a gap and go. Gapped, ran and gave back is "gap, run and fade" if it closed below the open, else "gap, run, gave some back". Gapped without a run is "gap and fade" or "gap and hold". A run without a gap is an "intraday run", or "intraday run and fade". A day with none of these takes its biggest move of 10% or more: a pre-market spike or an intraday run from the previous close, or an after-hours run from the close.

Halt bands depend on the date

A stock is paused when it moves outside its limit up-limit down band. The rules for those bands changed over time, so each page uses the rules in force on its own date, never today's.

• From February 24, 2020 (Amendment 18): no band doubling at the open. The closing doubling applies only to Tier 1 stocks and to Tier 2 stocks whose previous close was at or below three dollars.
• Before that: every stock's band doubled in the first 15 minutes and the last 25 minutes of the regular session.

Work out a band yourself with the LULD calculator.

Stops and real fills

A stop pauses the replay at a decision minute and asks what you would do. The question only says what a trader could see at that minute. Press play to see what happened next.

A real fill walks a 5,000-share market buy through the real order book at that second, level by level, and compares its average price with the price on the screen.

Which stocks are on the site

Which stocks are here, on every page: a stock-day is in when it made one of the day's lists, by the small-cap rule (price $2 to $20, up 10% or more, relative volume 5× or more, float under 20 million shares) or because it was in play (up 30% or more on $3 million really traded), its high that day reached $1, and it started the day at $20 or under. A stock with a day in has a page.

A stock that stayed under $1 all day is left out, even when it moved a lot.