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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!
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To: Patrick Slevin who wrote (5883)7/15/2000 4:15:26 PM
From: Esteban  Read Replies (1) of 7434
 
QCharts usually shows zero as the value of the bid, ask or both. I'm not talking about the size, which always shows 1, but the price of the b/a. Occasionally there is a value somewhat in the range of the last trade. So one has no idea what the current spread between the bid and ask is when trading. Or whether the last trade was executed at the bid, ask or between.

As you say the b/a information may be deceptive because it may not reflect the total picture of the pit environment. But the b/a value and size are mostly missing altogether on QCharts. I'm wondering whether BMI quotes show a value for bid and ask most of the time that appears correct, i.e. the trades take place within the range of the b/a and when they go out of the range the b/a changes quickly to reflect the new range.

I did find this information useful when trading NYSE stocks, even though it is often deceptive there as well. When a decision to enter a position has been made based on other factors, the b/a can help micro time the trade. I always use it when trading the Nasdaq emini, just to monitor the current spread and avoid throwing a market order at time when the spread is prohibitive. This probably won't work on the full contract because of the time involved getting my order to the floor, but I'd still like to see the b/a information just the same.

Esteban
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