auction·Auction & microstructure
Auction Failure
Price extends beyond a reference (range high, prior day high, ORB high), then closes back inside within the same or next bar. Failed auctions are mean-reverting — the rotation back is the trade.
How the desk uses this
Auction-theory terms like this one are what the Nexural indicator suite is built to surface in real time — footprint, delta, CVD, volume profile.