2.1 The registry visualized the trading data and trader ID. 1. The registry has trading counts, volume per product and new-buy ratio net_buy_ratio = (buy_volume - sell_volume) / (buy_volume + sell_volume) for the 7 participants (Mark (01/14/22/38/49/55/67) 2. Markout Analysis and informativeness scores ranking: forward mid price look up at τ={10, 50, 200} ticks, Mark 14 most informed (6.57), Mark 38 strongest, market-maker (−8.60) 3. WOFI and WOFI lead correlation: VEV_5200 +0.145 (weak but positive → some predictive power), not as informative as the mark-out analysis.

2.2 What markout analysis tells us and how to use it in algo:

1. Who to follow (directional signal)

Mark 14 and Mark 01/67 are informed, when they trade, price moves in their direction persistently. You can use their trades as entry signals:

# If Mark 14 is net buyer at timestamp t → go long if wofi > threshold: place_buy_order()

2. Who to fade (contrarian signal)

Mark 38 is a consistent liquidity provider who gets picked off. If Mark 38 is the only one trading (no informed flow), the price move is likely temporary and will revert:

# If only uninformed flow → fade the move if rofi > 0 and wofi < 0: # raw buying but informed sellers place_sell_order()

3. Which products have informed flow (where to trade)

From the per-product markout heatmap (cell 26), some products show stronger informed trader signals than others. Focus your algo on products where Mark 14's markout is highest — those are where information asymmetry is largest and edge is clearest.

4. Urgency of execution

Since scores are identical across τ=10, 50, 200, the price moves within 1 second and stays. This means:

• You must react immediately when you see Mark 14 trade
• No point waiting — the edge is gone within τ=10 ticks
• Prioritise speed over price improvement in order placement

5. Position sizing via WOFI

Rather than binary on/off signals, use WOFI magnitude to scale position:

# Larger informed imbalance → larger position position = clip(wofi * scaling_factor, -max_position, max_position)

6. Risk management

When Mark 38 is the counterparty to your trade, be cautious — you may be the informed side but Mark 38 will keep quoting and could build a large opposing position if you're wrong. When Mark 14 is on the same side as you, hold the position since price tends to keep moving that direction.