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CL today - interpretation of tape / time and sales data

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Hulk View Post
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.

xplorer View Post
Thanks Hulk, so are you saying that there is a likelihood of trades taking place but not being reported by the tape?

If a spread trades {spread buyer - spread seller} it won't get report on either of the individual months.
If a spread trades {spread vs two outright orders} it will report on both individual months.

I believe on CME you have the option for spreads to either hit your account at current market prices, or for the front leg to always use the previous settlement price. Note that in first case, the buyer and seller of the spread could choose different options - it doesn't matter.

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