- The Time & Sales window is used to help us determine if current
trades are occurring against the bid or the ask.
-
- It is best to use the time and sales window in conjunction
with the level 2 screen.
- The level 2 window is in gray and the
time and sales window is white. Intel is the stock in both windows.
- The idea is to watch the level 2 bid and ask prices
 and the time and
sales prices to determine if trades are going against the bid
or ask in the level 2 window. If you don't understand how the
level 2 works, then you will have a tough time understanding
this information. I recommend that you check out a previous newsletter
about how the level 2 works. Princeton's TradeTutor teaches all
these concepts in a very detailed way using audio and video.
This newsletter is only meant to help those with some knowledge,
not train beginners.
- The graphic the shows trades that have occurred in the time
and sales window at the price of 17.00. In the level 2 window
you will notice that the ask price is at 17.00. We then make
the assumption that buyers are buying on the ask and paying the
spread because they want the stock badly. If this buying on the
ask continues, the sellers will run out of stock at 17.00 and
the price will then move up to 17.01. Realtick allows you to
color code the time and sales readout. Typical colors are green
for sales on the ask and red for sales on the bid. If the time
and sales numbers were 16.99 and red, we would make the assumption
that trades were going off against the bid side of the level
2 window indicating that sellers were anxious to sell their stock
and once all the buyers sitting on the bid were used up, the
price would move down to 16.98.
- The time and sales information is not always instantly reported.
Market makers have up to 90 seconds to report trades, so you
need to be looking for trades that are reported late and not
use that information during your analysis.
- Because NASDAQ stocks are traded electronically, the majority
of trades in the time and sales window are typically reported
right away. The trades reported for the NYSE though is a different
story. I don't find the time and sales to be of much benefit
when trading listed stocks due to the erratic nature of when
they are reported.
- You should now have a basic idea of how the time and sales window
is used. It is also helpful when you want to go back to a certain
time and determine at what price the stock was trading and the
number of shares that changed hands. Also, if you received a
fill away from the market and wanted to have the trade busted,
you would check the time and sales to see if your fill was really
away from the market price at that particular time.
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