The stop, sized to the name's range

The range-stop lesson has been taught once per track, and its logic does not change: a stop inside the instrument's ordinary wander is a donation. What changes here is the word 'instrument' - equities has thousands, each with its own wander.

The per-name range

A placid utility and a small biotech can differ tenfold in daily range as a percentage of price - the same multiplier on the same account produces entirely different stop distances, correctly. The ATR does the measuring per name; the discipline is refusing to transplant a stop distance between names because it 'worked' - the number belongs to the range it was measured from, and moving it is the imported-intuition error from commodities, now available between every pair of names on the exchange.

The equity edits to the discipline

• The tier bends the honest multiplier: thin names print outliers through their own spreads - module 2's profiles - so small-cap stops earn extra width or the position earns extra scepticism.
• The decomposition guards the trigger: a name-based thesis stopped out by a market-layer swoon was mis-stopped - the ratio charts from module 2 say which layer is moving, and stops on the wrong layer's noise are donations with paperwork.
• Levels can inform, honestly: equity levels carry real memory - module 2's auction prints and volume nodes - and a range-based stop placed just beyond a real traded level is the legitimate marriage; a stop AT the round number remains what it always was.

The exception that owns the next two lessons

All of this prices continuous, ordinary movement - and four times a year, per name, the movement is neither. Earnings gaps do not respect stops, halts suspend them entirely, and no placement inside the week of results changes either fact. The range-stop covers the name between events; the events themselves need the machinery the platform built for scheduled gaps, and lessons 4 and 5 install the equity version.