Bar 1 defines the opening auction. It can expand by wick, but it cannot produce an entry or protection action. The earliest possible entry is Bar 3.

A completed close above the auction high wins CALL; a completed close below the auction low wins PUT. The winner bar creates the trigger and cannot also enter.

CALL trigger is the winning high plus $0.03. PUT trigger is the winning low minus $0.03. Auction #2 and later require the correct EMA20 side; Auction #1 is EMA-exempt.

When flat and at least $0.50 away, BETAS arms an EMA20 touch. CALL uses EMA20 + $0.10 from above; PUT uses EMA20 − $0.10 from below. Entry waits for a $0.10 corrective reversal.

The next completed bar can exit when price closes through the entry candle extreme and across EMA20 against the trade.

A new auction during a trade creates protection at the prior trend extreme plus or minus $0.10. It must first arm by trading through the level, then exits on a retrace back through it.

If protection never arms and the opposite auction wins, BETAS exits. The winner candle does not perform a second action in the same bar.

At 110% of morning equity, protection arms rather than immediately forcing a blind exit. It rides with auction protection and exits on the protected retrace; the 15-second scan guards a drop back below the threshold after arming.

One action per bar. No new entries after 3:30 PM ET. Any remaining position is closed at 3:55 PM ET.

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