I'm going to record my level 2 for the entire day and try to learn to read price action. Whats a good NYSE stock to learn from?. Any stock with high volume or big market cap? Thanks cm69
umm..i dont know but i can find out. I use noble trading shield platform and Im new to it....dont you have to pay extra for open book..or is that something else im thinking of?
...ok i managed to get up to 600.25 in the first hour off XOM from the tape..but why is it that if I see a long list of bids at say 85.55, then a long list of red prints at 85.55?..if those shares were BOUGHT for 85.55, wouldnt the prints be green instead?
T&S windows usually have pretty dumb logic - a print at the current bid is a sell (red), and a print at the current offer is a buy (green). This is way off the way how modern ECNs/exchanges report trades and quotes. For almost all of them, trades are delays, so you really need to figure out what was going on in the past. The way I read the tape is that my application tries to deduce every print by looking at quotes back and tries to see whether it was a buy or sell (NYSE tape). Here is an example: all T&S windows in the world will show you a 200 buy print here, whether in fact it was a sell order (on a minus tick offer). Code: 10:56:02 49.56 x 49.60 4 x 2 10:56:06 49.53 x 49.56 2 x 2 10:56:06 2s49.56 @