The overnight decision on a daily-settled book

Every track has an overnight lesson. The futures version is subtler - the market barely closes - and sharper, because the daily mark prices the night in cash by morning.

What the night actually is

Module 2's tides: the venue open, the crowd gone. A held position rides real prices through thin books - moves are honest but outsized, resting stops execute on corridor terms, and the primary session's open then hands the night's conclusion to the full crowd for review. The equity trader's overnight was a shut market's gap; the futures trader's is a thin market's drift - continuous enough to trigger stops badly, thin enough to move far on little.

The decision's three prices

• Execution: a stop through the corridor fills on corridor depth - the protection quality degrades exactly when the monitoring does; wider overnight stops or flat books are the honest responses, per the plan.
• Variation: the night's move is morning cash - lesson 4's days spend faster on held books, and the weekend multiplies: Friday's hold accepts two shut days of world against Monday's settlement.
• Events: the overnight hours carry other time zones' data - the corridor's thin book meets scheduled releases from the underlying's other side of the world, which module 2's calendar maps and lesson 6 prices.

The per-night discipline

The decision is made, not defaulted: each position, each night - hold at session size, hold at reduced size, or flatten - against the plan's standing policy, with Fridays their own clause. The equity track's earnings policy was quarterly per name; the futures overnight policy is nightly per book, which sounds heavier and is lighter: the same four numbers - per-point flow, plausible corridor range, headroom days, tomorrow's calendar - answer it in under a minute, and module 7 will journal the answer beside its outcome. Defaulted holds are the futures version of the accidental event hold: the date was known, the corridor was known, and nobody decided.