Core terms
Limit Down (LD)
In U.S. intraday equity trading, LD commonly refers to the lower side of the Limit Up/Limit Down price-band mechanism. It addresses executions below the lower band, separately from SSR.
What traders should verify
Check the current lower band and official status. A lower Limit State occurs when the national best offer equals the lower band. Distinguish a band, a limit state and an exchange-declared trading pause.
Do not conflate
LD does not automatically mean a 10% daily decline, an SSR trigger or reopening in five minutes. A chart touching a band alone does not establish a pause.