What the scanner showed
MI gapped +11.9% from its previous close of $0.8940 to its first trade, $1.00 at 04:00 ET. Run over this session's stored bars, Traderly's Gap screen lists it at 04:24:40 ET at $1.10, up 10.0% from its open with RVOL 58.1× on 104K shares. It is the fourth of 5 stocks the screen lists at that minute.
The Gap screen came into use on October 7, two days after this session. Traderly's market data is delayed 15 minutes, so a live user running the screen would have seen that listing from about 04:39 ET, still showing the 04:24 ET price. Replay shows it at 04:24 ET itself.
What it did next
After the listing came a long wait and a deep dip. MI slid to its low after the listing, $0.8690 at 06:08 ET, −21.0% from its listing and below its previous close of $0.8940: the whole gap was gone. It stayed near that low for much of the premarket, then turned, and by the 09:30 ET open it was trading well above its listing.
The run was not a straight line; it swung widely through the day. It peaked at $10.42 at 13:38:30 ET, +942.0% from its open and +847.3% from its listing. It closed the regular session at $6.88 at 16:00 ET, +588.0% from its open and +525.5% from its listing, and eased after hours to $4.45 at 20:00 ET, +345.0% from its open.
How to read a gap like this
What held the listing back was volume, not the gap. The gap was there from the first trade, and the price sat inside the screen's price band. At 04:21 ET, when the Default screen and Top Gainers would have listed it, MI had traded 51K shares, short of the Gap screen's volume floor; it passed the screen once it reached 104K shares. An RVOL of 58.1× that early says it was trading far more than its usual volume, on few shares in absolute terms.
The listing came early; the move did not. It came hours later, after the stock had given back its entire gap. A listing says a stock passed the filters at that second, not when or whether it moves. The premarket gap scanner settings guide covers each of the Gap screen's filters, and the relative volume guide explains what RVOL measures so early in the premarket.