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Consistent Execution on Liquidity‑Thin Markets Liquidity Gate Before Signal Exotic pairs are notorious for fragmented order books. Even a high‑conviction signal can be erased by a widening spread or thin depth. The first safeguard is a quantitative liquidity gate. Measure the current bid‑ask spread and compare it to the 20‑day moving average spread for that instrument. If the live spread exceeds 1.5 times the average, the trade is rejected outright. This threshold is not arbitrary; recent intraday benchmarks for APAC currencies (as of August 2026) show that spreads beyond this multiplier typically coincide with a drop in executable volume and...