  In this paper, we introduce the localized slice spectral sequence, a variant
of the equivariant slice spectral sequence that computes geometric fixed points
equipped with residue group actions. We prove convergence and recovery theorems
for the localized slice spectral sequence and use it to analyze the norms of
the Real bordism spectrum. As a consequence, we relate the Real bordism
spectrum and its norms to a form of the $C_2$-Segal conjecture. We compute the
localized slice spectral sequence of the $C_4$-norm of $BP_\mathbb{R}$ in a
range and show that the Hill--Hopkins--Ravenel slice differentials is in
one-to-one correspondence with a family of Tate differentials for $N_1^2
H{\mathbb{F}}_2$.
