Terminal

Most Active ≥ 12.5/100 over 1h; Quiet Markets ≤ 0.3472/100 over 24h. Listings Contracting/Expanding use at least 2% change over the selected horizon. Fresh Changes require a nonzero minimum-price or listing-count change over 5m and source/observation ages ≤ 900s. Movers sort absolute return; Up/Down select its sign. High Volatility is EXPERIMENTAL: it ranks complete-horizon log-return standard deviations, which on low-priced assets are dominated by the one-cent tick. It assigns no trading classification.

These thresholds are calibrated from the frozen seven-day dataset and are provisional. Most Active uses p95 of 1h activity over the frozen dataset; Quiet Markets uses p25 of 24h activity over the frozen dataset. Both must be re-evaluated at the 30-day cutoff.

Activity counts minimum-price and listing transitions over complete five-minute pairs. Minimum listing price is the cheapest observed listing; median listing price describes the broader book. Both are reported, and neither replaces the other. Returns are listing prices, not executed trades. Unchanged observations remain valid.

Price rising + listings contracting and Price falling + listings expanding are descriptive market states, not signals. A large part of the inverse relationship between the cheapest listing and listing count is a mechanical property of an order-book snapshot, and no predictive value is established.