4-5 point 4-3 approach keima, contact at 3-5, hanedashi
Black's move here has a long history (it dates back to the eighteenth century). It impresses amateurs, rather than pros.
The only variation that is worth mentioning is here, catching the black stone in a ladder. Obviously, white can only play this if the ladder works.
Continuing the main line, now White decides how to handle the cutting stone . Normally is played (the alternative is to play atari first at ). These are the standard plays, with White able to jump out as far as .
Now both sides try to arrange their shape on the outside, by playing moves against the inner groups.
There are a number of variations, but and are popular ( at the circled point equally so).
Since threatens Black on the left, to are required (White's choice of how to play clearly determines which side the peep is, too - if is played at instead, peeps at instead). On the upper side is honte but it is also possible to play directly at .
If white plays instead of a, black pushes in with . White answers with or . If , after white needs to play to live, and black fetches up his shape with .
In a pro game, naturally, the players adjust the way of playing the later stages of this joseki, according to the needs of the overall position.