Last Traded Price
Last traded price is the price of the most recent trade. It may differ from current bid and ask and is not a substitute for midquote.
Definition
Last traded price is the price at which the most recent trade occurred. It is a historical print, not necessarily the current tradable price.
Why it matters
In thin markets, the last trade might be minutes or hours old. The current bid and ask can be far away from that last print. For cost measurement, the standard reference is the midquote, not the last traded price.
Common pitfalls
Confusing it with value: Last traded price is just one transaction and may not represent consensus or fair value.
Ignoring the book: Always evaluate the spread and depth, not only the last traded price.