if that was equities I would say dark pools.... but being futures, not sure who clears the kospi... but those must be taking place off exchange and then just being reported.. which is why they show on the T&S and not the DOM...
I came to the same conclusion. back in a day found some reference to K-Blox, but these trades do make it more difficult to analyze tape.
hmmm.. depends... if you can filter them out, you will be able to tell if there is a huge seller/buyer out there... specially if you can isolate those taking place off exchange and track at what levels they take place and basically, if you can chart a VP or MP chart on that series... I am sure I am not the only one thinking this, and I can assure it is already being done as well by those with access to the proper feeds.. those trades are still important though, so dont "ignore" them completely...
I did isolate them, however I did not see any pattern where they could be used. I have seem many times no price movement after a massive size at all.
look at it at a higher timeframe... usually those doing off exchange are inst... so they are position trading and offsetting risk for the most part... again, not familiar with Kospi, just expressing how those venues are used from what i know...
I can post here a script that will plot bid/ask ratio across 5 DOM levels to give you an idea. However, it will only work in Ninja 6.5, I am yet to upgrade to NT 7 (actually waiting for NT8 to migrate all my stuff). Let me know if it will be useful for you.
I don't have NT so the script itself won't be helpful to me, but I'd like to see a screenshot if you don't mind.