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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: OZ who wrote (5588)	11/21/1999 10:13:00 PM
From: Eric P	Read Replies (2) \| Respond to of 18137

OZ: 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. Just for clarification, I believe you must be referring to ISLD "Subscriber Only" orders. These orders are able to lock/cross the market and are only visible to ISLD subscribers or on the ISLD viewer order book. Some brokers (RT3 firms and others) do provide an integrated Level II display that shows the entire ISLD book of "Normal" and "Subscriber Only" orders. Please note, though, that "Hidden" orders are invisible to everyone. There is no way to know about hidden orders except by inadvertently executing against one of them. For more information on this, you can check out the Island web site (http://www.island.com/resources/ouch.htm). One pertinent quote is as follows: "Normal orders are displayed on the Island book and are calculated into the ISLD quote on NASDAQ. Subscriber only orders are visible on the Island book, but are not included in the ISLD quote displayed on NASDAQ. Invisible orders are not seen on the Island book nor are they reflected in the ISLD quote. Invisible orders have lower execution priority than subscriber only and normal orders." Also, see the following post: #reply-9995262. Good luck, -Eric ericpatterson@home.com