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Data Feeds: document overnight EMA smoothing for tokenized equity feeds - #4289

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gsilva5:docs/tokenized-equity-overnight-smoothing

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@gsilva5 gsilva5 commented Oct 8, 2026

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Summary

Overnight sessions for Tokenized Equity Data Feeds are being smoothed with an exponential moving average (EMA). The Tokenized Equity Feeds page already disclosed session-aware smoothing, but every mention bounded it to session transitions. This updates those scope statements and fixes one convergence claim that no longer holds overnight.

Single file changed: src/content/data-feeds/tokenized-equity-feeds/index.mdx.

What changed

Area Change
Feature bullet ("Why use tokenized equity feeds?") Scope widened to cover lower-liquidity sessions
"Session-aware smoothing" Scope widened, plus one new sentence naming the EMA
"Continuous vs. point-in-time pricing" Notes the feed value is smoothed overnight, rather than implying the raw best mid
"Smoothing during transitions" Heading shortened to "Smoothing"; body scope widened
"Price jumps at session transitions" mitigation Notes the feed already smooths overnight, to avoid compounding tracking lag
"Smoothing-induced tracking lag" Convergence figure qualified by session; mitigation bullet notes the larger overnight lag

The EMA is named once. No new sections or headings were added.

Notes for reviewers

  • One anchor moves. #smoothing-during-transitions becomes #smoothing. Nothing in the repo linked to the old slug. The heading previously asserted the narrower scope, which is why it changed rather than only the body.
  • No convergence figure is published for the overnight case. The existing "seconds to tens of seconds" is preserved for regular and extended sessions and qualified as "over a longer window" overnight, deliberately without a half-life.
  • No change to Data Streams docs. Smoothing is applied at the feed layer. The 24/5 US Equities guide still recommends that stream consumers apply their own EMA/VWAP/TWAP, which remains correct for unsmoothed stream data.
  • No change to the provider pages. Coinbase, Robinhood, and Ondo each cross-reference the shared behavioral model on this page, so the disclosure propagates without duplicate copy.
  • The EMA is overnight only. Pre-market and post-market behavior is unchanged.

Out of scope

The overnight zero-value disclosure under "Limited provider coverage during extended and overnight sessions" is unchanged and is being handled separately.

🤖 Generated with Claude Code

Overnight sessions for tokenized equity feeds are smoothed with an EMA.
The page already disclosed session-aware smoothing but bounded every
mention to session transitions, so the existing scope claims were
incomplete and the published convergence figure no longer held overnight.

- Widen the four existing smoothing scope statements to cover the
  overnight session
- Name the EMA once, in the existing "Session-aware smoothing" section
- Qualify the convergence figure in "Smoothing-induced tracking lag",
  which previously stated seconds to tens of seconds without exception
- Note that the feed already smooths overnight, where the page recommends
  integrators apply their own TWAP or EMA, to avoid compounding lag
- Shorten the "Smoothing during transitions" heading to "Smoothing", as
  the heading itself asserted the narrower scope

Co-Authored-By: Claude Opus 5 <noreply@anthropic.com>
@gsilva5
gsilva5 requested review from a team as code owners October 8, 2026 19:27
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