CL today - interpretation of tape / time and sales data | Traders Hideout


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CL today - interpretation of tape / time and sales data

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Texas, USA
 
Trading Experience: Advanced
Platform: X_TRADER Pro, Custom
Broker/Data: NxCore
Favorite Futures: Futures, Spreads
 
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Posts: 224 since May 2014
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I have a specific question about Time and Sales.

This is a screenshot of recent price action for CL 03-18 from today. I have highlighted 4 bars, encased in yellow box. For those 4 bars, the Low is 58.92 and the High is 58.96.

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Now this is a snapshot of Time and Sales for that period of time. Again the relevant transactions are encased in the yellow box.

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By looking at the market orders marked in green at 58.96, my interpretation of them is that they are orders hitting the offer, and that's fine.

Then, I also noticed 3 market orders, also at 58.96, but they are marked in red (highlighted with yellow arrows)

Does that mean, at that specific moment in time
  1. the bid/ask moved to 58.96/58.97
  2. those 3 orders were market orders hitting the offer (ask)
  3. nothing (obviously) traded at 58.97 before the bid/ask moved back down

Is my interpretation correct?

Most likely what happened was that a spread order filled an offer at 58.97 and never got reported on the outright tape but the program identified the spread fill as an uptick and the trades after that as downticks.

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