# Flags

Flags describe conditions that make a pool's recent numbers less reliable, or its risk higher than the numbers show. They don't hide a pool or change its figures. Flags appear in Discover's **Risk** view and in the **Flags** column.

| Flag | Rule | What it means |
|---|---|---|
| **Launch** | First trade under 7 days ago, on a token under 30 days old | Fees and volatility are price discovery, not a steady state |
| **Extreme vol** | σ above 150% | LVR and re-centring estimates aren't trustworthy at this level |
| **Churn** | More than 24 expected re-centres a day at the best width | Not practical to operate |
| **Thin** | TVL under $50,000 | A $10,000 position would be a large share of the pool |
| **Warming up** | Under 20 hours of fee history | 24-hour figures are incomplete |
| **Vol spike** | The last day's realised volatility, session or on-chain, is over twice σ | A change of regime: recent fees may not cover what's coming |
| **Fee spike** | 1-hour fee APR of at least 50% and over three times the 24-hour rate | A burst, not a new normal |
| **IV ≫ RV** | 30-day IV over 1.5 times 5-day realised volatility | Options price a move the stock hasn't made yet |
| **Check wash** | 24-hour volume over 10 times TVL | Volume may be wash trading or arbitrage loops |
| **One-sided** | Over 75% of the last hour's volume on one side, with at least $1,000 traded | Likely informed or panic flow. Fees come with inventory loss |
| **Crowded tick** | One tick holds over half the liquidity within ±2% of the price | A new position's fees swing sharply with where the price trades |

One-sided is only available on pools where buys and sells can be told apart from the fee counters.