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On Kalshi's KXBTC15M series it evaluates every 30 seconds. Rule 1 exits: if position size is above 0 and unrealized loss is at or below -25, it sells the whole position. Rule 2 buys YES, size 50, when BTC price and its 26-period 15-minute EMA are both above 0, spot sits above the strike, the EMA sits below the strike, 1-minute velocity is positive, position size and open orders are 0, portfolio positions are under 3, spread is at most 0.03, expiry is 2 to 5 minutes out, and the YES ask is 0.35 to 0.65. Rule 3 buys NO, size 50, when spot is below the strike, the EMA is above it, velocity is negative, and the same size, order, portfolio, spread, expiry, and NO ask 0.35-0.65 gates hold. Rules run top to bottom and the first match ends the tick. Position limit is 50 contracts, entries per market 1, price floor 0.01, ceiling 0.61, at most 3 portfolio positions.