Sorry - I meant that neither L1 nor L2 can trigger twice in a day, E.g. down 8%, up 2%, down 9% does not trigger a second L1 breaker.

It's only a 15 minute halt. So if you hit 7% and trigger L1, trading is halted for 15 minutes, but then it resumes. If it drops down to 13% another 15 minute trigger happens.

But each of the L1 or L2 can only occur in a single day, not one or the other. You can hit L1, and then later hit L2, but you can't hit L1 twice.

Does that help clear things up?

As I understand GP: L1 and L2 can each fire only once per day. So if you hit L1, and after a brief rebound the market still goes down, you'll hit L2. If after that it still keeps falling, it'll get stuck at L3.

This means each execute once, not mutually exclusive.

L1 hit today and there was a 15 minute halt this morning. If the S&P continues to plunge and hit -13% during today, there will be another 15 minute halt.

We hit 7% earlier today. If we hit 7% again today, nothing will happen. If we hit 13% we hit L2.

I'm pretty sure these need to be hit consecutively.