Market noise
The part of price fluctuation unconnected to new information and not reproduced on a second look.
How to read the number
The line between signal and noise is drawn by the observer's model: what registers as a movement on a one-minute chart is invisible on an annual one.
When the metric lies
Over a short stretch noise is indistinguishable from signal, and any indicator tuned to suppress it suppresses the opening of a genuine move along with it.
Also known as: market noise