A composite measure of layered, intent-to-cancel pressure on the visible book. We compute it on every aggressive print and aggregate across exchanges with venue-specific weights. It is not a prediction; it is a measurement of what just happened to depth.
The current reading sits above the 6-month median but well below the 90th-percentile band where we begin to consider the signal actionable. The shaded band marks that threshold.
Signal is defined in cortazar/march · signals/spoof.sql. The same SQL runs intraday and against the 365-day backfill in Iceberg. Parameters are versioned; changes go through review.
The amber tail at the right is the small-but-meaningful set of minutes where this signal flagged events we later traced to identifiable layering campaigns. The current reading is in the normal bulk; nothing on the desk treats this as urgent.