After the cash close

US cash equities have a regular session, a pre-market, an after-hours session, weekends, holidays and halts. A perpetual that trades through those states is not discovering the same kind of price the whole time.

The Reference Confidence Score is built for that distinction. It falls when the primary market is shut, when the reference is stale, when the book is wide, or when an event is close. It does not tell you the correct price.

The session clock on AfterClose uses the real US cash calendar. The prices beside it, in this build, do not. They are the frozen demonstration snapshot.