Suppose market hours are:
7-9am (pre-market), 9-3pm (regular), 3-11pm (post-market).
I can understand there are less people trading at 11pm but what about 3:01pm? Why there is sudden decrease in liquidity at 3:01pm just 1 minute later? Why is not gradual loss of volume/liquidity between 3-11pm?
Same problem applies to 8:59am – 9am too.
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