"The Signal – also known as the Crumbling Quote Indicator, or CQI – is a mathematical model that powers some of IEX’s signature order types, including Discretionary Peg (D-Peg). But what exactly is it designed to “signal” and what’s the benefit for market participants?
In this episode of Behind the Trade, Ronan Ryan and Brad Katsuyama talk about how prices change in today’s equity markets and how IEX’s Signal is designed to give market participants a tool to trade better during some of the most critical moments of the day."