I don't trade pre-market or after hours except on the rare occasion when I hold a position overnight and my target order is filled. However, I watch the extended hours action on a few stocks and I'm curious if anyone knows how exactly shares trade at prices outside the bid/ask spread. For example I'm watching POT this morning and several lots have traded at 122.72 all the while the bid/ask is 122.75/123.13. I know that after hours latent prints often appear from earlier in the day, but they're usually at a very different price and are rather large. These appears to be active real-time trades. In fact, on those rare occasions when I've held a position after the close and had target orders filled after hours, it's usually at a price well outside the bid/ask.