When you create a Liveblog Event you'll be asked what's the status of the event. Below you can find what each status means:

Use this status when you first create an event and the event date is in the future. This is the most common status to set when creating an event.

Set this status when the event is happening right now and you're actively publishing to it. When you set this status, a "LIVE" indicator will appear to your users. See example below:

Set this status when the event is closed and you're not actively publishing news anymore. When you set this status you'll be asked what's the sorting you'd like to apply to your posts:

Sorting by oldest provides a great "replay" or "recap" experience to your users, because they'll see the posts in chronological order, as they happened.

Even though you set your preferred sorting, your users will still be able to change it as they wish:

It's important to note that when you finish your event and set it to "Done" your streams will also stop auto-posting to it.