No you are not adjusting for volume. If you wanted to outbid him you would price it higher (23c) during the market auction and be first in line for the volume matched closing price between buyers and sellers.
From the example, you will get 200k shares at 22c volume matched price. His surplus volume on the bid side now is 250k as you took 200k shares from him during the auction.
Besides your online broker depth screens will have volume matching price during these auction times
HCT Price at posting:
17.5¢ Sentiment: Buy Disclosure: Held
