advanced · TRADING LEARNING GUIDE
Chapter 19 — Time & Sales — Reading the Tape
Total 300 · Ask 220 − Bid 80 = Delta +140
Numbers describe executions, not pending orders.
What is this concept?
The tape reports executions with price, time and size. Verify timestamp resolution, aggressor classification and whether prints are bundled. Pace depends on the venue and session.
Daily learning workflow
1. Identify the instrument, venue and observation interval. 2. Read the chapter definition and reproduce its worked calculation. 3. Watch the supporting workshop and compare its platform conventions with your data. 4. Align five tape events with their footprint rows. 5. Record what happened, what you inferred and what would invalidate your interpretation.
Evidence and interpretation
Keep three separate notes: observed transactions or book changes; your explanation of those observations; and a paper rule with a defined failure condition. Compare at least one counterexample. Do not turn an illustration into a live claim.
Worked example
Hypothetical worked example: Three 10-unit prints in a second differ from a displayed 30-unit resting order.
Common mistakes and limits
Do not treat this observation as a guaranteed signal. Check the venue, data classification, session boundaries and costs. A candle or aggregated order book does not reveal the identity or total holdings of traders.
Practice
Align five tape events with their footprint rows. Use recorded or paper data. Log the observation before revealing the outcome.
Resources and further reading
These sources explain definitions and underlying mechanics. Worked examples are original illustrations; a source does not establish the profitability of a custom pattern.
Public creator-hosted education. Embedding does not mean open-source licensing or endorsement.
Primary reference for footprint display and bid/ask volume conventions. Platform-specific settings must be checked.