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Strategies & Market Trends : DAYTRADING Fundamentals
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To: E. Davies who wrote (5584)11/21/1999 9:57:00 PM
From: OZ  Read Replies (1) of 18137
 
Eric,

One of the features that I have on my level 2 window is called ISLAND BOOK. It shows me all of the various tiers of the Isalnd book mixed in with the MM tiers. The out of the market bids/asks are shown as ISB and the inside ones are show as ISLD. Island orders below 100 are always shown to me as ISB even if they are at the inside. So I never get a partial fill unless I want it. The other neat trick is that Island HIDDEN orders due not show up on most peoples level 2 display. I see them as ISB, even when they are at the inside. Frequently these are huge bids/asks that people due not want the world to see and I get the stock anywhere from a 1/4 to 2 points cheaper than the inside price cuz everyone else dues not even know that the shares are even there. The 2 point buys DO CROSS THE MARKET but that is allowed with an ISLD hidden order. It usually occurs on IPO's on the first day cuz people are desperate to get in.

Regards,
OZ
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