yes, you can see the orders. it does not tell you where the open will be since not all orders are visible (only visible limit orders, no market and no hidden limits and no locals). however, you usually get a clear indication (watching where orders are clustered compared to previous day close for instance. size does matter too obviously). tntneo
boca some of the bids and offers may look crossed...but those are real bids and offers put in above and below the market. It takes some time getting adjusted to but the book is extremely useful....if you are thinking about getting into a position and you see 10 000 shares bid above the inside quote......you might want to think about getting long....Most important thing is: don't just trade off the book....this is the mistake most of us made when first getting the book. the book will not show market orders or brokers on the floor pushing orders that are never shown on the book.....Don't let the book take over your intuition for the stock. good trading
"Most important thing is: don't just trade off the book....this is the mistake most of us made when first getting the book. the book will not show market orders or brokers on the floor pushing orders that are never shown on the book.....Don't let the book take over your intuition for the stock" if thats the case maybe better off without it.dont need any more things to watch that you cant trade off of.
After reading this thread I decided that I'd give open book a try for 2 months or so and see if I can use it effectively. I called up T.S. and asked them for subscriber info. It turns out that they "don't offer this product." Anyone know where I can get it? I'm not prepared to change brokers to test a product that may or may not work for me. Is there a firm I can order it from without having to take all their other services, too?
I haven't seen open book as yet, but what are these crossed bids and offers? If theres a bid above the current offer, why isnt it filled by the spec?