What are the rules, in order?

Each cycle checks each stock. First the stock must pass the filter. Then the five rules run.

The filter

A stock is skipped when:

Its prices cannot be compared. Decision: skip/stale.
Its main pool depth is under $5,000. Decision: skip/thin_depth.

The five rules

Order	Rule	When	Action
1	`discount_entry`	Gap ≤ −(edge + round-trip cost)	Buy
2	`premium_exit`	Holding, and gap ≥ +(edge + round-trip cost)	Sell all
3	`converged`	Holding from rule 1, and gap ≥ `convergePct`	Sell all
4	`time_stop`	Held for `maxHoldHours` or more	Sell all
5	`hard_stop`	Position PnL ≤ `hardStopPct`	Sell all

Buy size is the smallest of four limits:

size = min(
  maxPositionPct × equity − held mark,
  maxDepthSharePct × depth,
  cash,
  maxOrderUsd
)

A size under $25 is skipped. Decision: skip/no_cash or skip/limit.

Order of fills

Sells go before buys.
Then the largest gap size goes first.
At most 3 fills per cycle.
One stock waits 60 seconds between fills.

Never

Never trade on a stale reading.
Never mark at a stale price.

Sample

The gap is -10%. The edge is 1%. The round trip is 8.6%. The sum is 9.6%. The gap is past it. Rule 1 fires. Equity is $100,000. Depth is $100,000. Size is the least of $5,000, $2,000, cash, and $5,000. That is $2,000.

Read the ledger fields.