# Plan a range

Plan a range answers: if I had deposited this much over this width, kept it centred on the price, what would it have earned, and what would it have cost?

It sits in a collapsible section on each [pool page](README.md).

## Inputs

**Width.** Type a width, drag the slider, or pick a preset. **Tight**, **Standard** and **Wide** are the widths at which the pool's current volatility implies roughly one exit every 1, 3 and 7 days, so they are wider on volatile stocks.

**Position size.** The planner scales with size, because a bigger position takes a bigger share of each swap's fees but also dilutes itself in a thin pool.

**Fee history.** **Last 24h** is the default. Where there is enough history, three more buttons swap in only one kind of hour from the last seven days, annualised per hour of that kind:

- **US session**: hours when the US stock market is open.
- **Weekday off-hours**: weekday hours outside the session.
- **Weekend**.

Tokenised stocks trade around the clock, but most of their volume comes while the underlying market is open. A warning appears when the New York open is less than an hour away, because volatility, and LVR with it, jumps at the open.

## The chart

The liquidity histogram around the price (up to ±30%), with your range shaded and the current price marked. It shows who you would sit beside: a range drawn over a tall bar shares its fees with a lot of liquidity.

## Outputs

| Output | Meaning |
|---|---|
| Range | The width and the prices it spans today |
| Your share now | Your liquidity as a share of the liquidity at the current price |
| Fee APR | What the range would have earned, with each minute's fees shared with the liquidity actually in range at that minute |
| − LVR | Loss to arbitrage at the volatility in use |
| − Re-centring | Expected re-centring costs per year, with how often a re-centre is expected and what each one costs |
| − T-bill yield | The cost of the capital, when the hurdle is set to cash |
| Net APR | What is left, as a rate and in dollars a year |
| Break-even σ\* | The volatility at which this range stops making money, and whether today's volatility is below it |
| Vs listed options | Break-even vol minus the bid IV of the option with the same gamma, in vol points. Positive means the range sells volatility dearer |
| Premium gap | The same gap in dollars: what the range's fees pay over one option tenor, minus what writing that option would pay |

Beneath the numbers, **who you'd sit beside** shows how many in-range positions are ±1% or narrower, their share of the liquidity at the price, and the share and width of the largest one.

## Why "the liquidity actually in range" matters

Tight LPs often follow the price, closing and reopening ranges every few hours. A snapshot of today's liquidity projected backwards misses them, and overstates what a new position would have earned, sometimes by half. The planner uses the liquidity that was really in range at each minute, which is what a new position would have competed with.

## What the planner does not include

- Time spent out of range while you re-centre: it assumes instant re-centring.
- Gaps: a jump at the open that skips your whole range costs more than LVR assumes.
- Your own effect on volume: a new tight range could attract or lose routed flow.

See [Limitations](../methodology/limitations.md) for the full list.