3. One company and its price

The tape

Every trade and every quote change, as they print.

Start
  • 2 lessons
  • 11 min
About this section

Below the chart sit the raw events, every trade as it prints and every change in the best bid and ask, in two tabs of one pane (TAS and QR).

What you will be able to do

  • Read a trade print: time, price, shares, venue, conditions.
  • Explain what VWAP is and why big prints stand out.
  • Read the NBBO, the best bid and ask across all US exchanges, and turn a spread into basis points.

Five words to know

print
one reported trade: a price, a number of shares, a time and a place
venue
where the trade or quote happened: an exchange or an off-exchange trader
NBBO
the best bid and the best ask across all US exchanges at one moment
basis point
one hundredth of a percent, 0.01%
round lot
the standard block of shares: 100 for most US stocks, fewer for high-priced ones
  1. 01The trade tape (TAS)TAS (time and sales) lists every reported trade in a US stock as it prints, with time, price, shares, venue and conditions, and the VWAP of the trades seen.5 min
  2. 02The best bid and ask over time (QR)QR (quote recap) shows every change in the best bid and ask across US exchanges, with sizes, venues and the spread in basis points.5 min

Educational material about reading market data, not investment advice.