Planted adverse jump

Signed execution markout = side × (reference mid − fill price). At 0 s the reference is the pre-fill mid; later marks include the current jump, later fills and price moves. Positive means favourable to the market maker.

Blue: execution markout · Orange: change from pre-fill markout · Green dashed: planted current-fill jump cost (−ξ), not a prediction of a later mark.

Horizon	Markout	Positioning	Total