open book helps on some stocks- on others the specialists are pricks and hide/pull quickly big size to stir up order flow and then trade off it- you have to take size on the book with a grain of salt...
thanks winsum, i was just about to post that link. Its just a matter of time, maybe another quarter that most software will have openbook. But to be honest, there are ways floor traders and specialists get around the open book, so if you see big offers and sellers, it can easily be a trader next door posting a fake bid and offer, and sitting on the other end picking up your stock. After speaking to a few places that dont have it, one reason is that its not a huge demand because most professional traders dont use it. I have it and dont use it, i do look occasionally when i am bored. I should cancel and save myself $50... to help off set some of my sec fee increase =)
$50/M. I have it set up so that they charge me quarterly I think. There are no software fees. My OpenBook is thru Interactive Brokers, and I just right click on a line that has NYSE routing and a menu pops up "Show Market Depth." A new window appears that displays the book. nitro
Thanks for your clarification of the realities of maniputlations of this as others have also pointed out. Certainly not a new concept in the markets. :-( Doesn't sound like it's worth it for the most part.
"Max number (3) of market depth requests has been reached Note: TWS currently limits users to a maximum of 3 distinct market depth requests. This same restriction applies to API clients, however API clients may make multiple market depth requests for the same security" I just read this in the TWS (IB) manual. What does this mean? Does this mean that I can only make requests for only a maximum 3 seccurites in one day or at one time? Has anyone have experience with this?
Does your openbook update dynamically and real time? Mine seems to just update every 20 seconds or so...