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Why crude oil (CL) trades mostly 1 contract?
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Why crude oil (CL) trades mostly 1 contract?

  #1 (permalink)
Trading Apprentice
Manresa / Spain
 
Futures Experience: Advanced
Platform: Ninjatrader
Favorite Futures: CL
 
Posts: 9 since Mar 2013
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Why crude oil (CL) trades mostly 1 contract?

Hello everybody!!

I'm trading crude oil since January for a living after learning from an extraordinary trader, but now I'm speciallizing in CL and I'm trying to read the price in the "times and sales" from ninja trader.

Does anyone know why it mostly trades 1 contract and sometimes it appears a block of 5 to 20.

The big ones have a platform that sends the orders from bloack 1 to 1?

Thankyou very much!!

And if I can be of any halp please tell me!

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  #2 (permalink)
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  #3 (permalink)
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fyd49 View Post
Hello everybody!!

I'm trading crude oil since January for a living after learning from an extraordinary trader, but now I'm speciallizing in CL and I'm trying to read the price in the "times and sales" from ninja trader.

Does anyone know why it mostly trades 1 contract and sometimes it appears a block of 5 to 20.

It has to do with the way orders are matched and reported by the CME. For example, say I need to buy 100 CL contracts. If I lift the offer, let's say I find several traders, each of whom has an order in for a different amount of contracts. That trade will come across your time and sales in the pieces it transacts in, even though I was the only person on one side. So in other words, maybe it comes across as 1, 1, 4, 2, 1, 2, etc instead of 100.

Also, people can put in advanced orders like icebergs and growlers that essentially break up their trade into smaller trades. So, either way, you usually won't see big size fly across your tape in one piece.

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  #4 (permalink)
Trading Apprentice
Manresa / Spain
 
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Okei!! Thankyou so much!!

Now I understand why it is deframentated. I'll look to another tools like orderflow.

Thanks again!

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  #5 (permalink)
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ValueFocused View Post
It has to do with the way orders are matched and reported by the CME. For example, say I need to buy 100 CL contracts. If I lift the offer, let's say I find several traders, each of whom has an order in for a different amount of contracts. That trade will come across your time and sales in the pieces it transacts in, even though I was the only person on one side. So in other words, maybe it comes across as 1, 1, 4, 2, 1, 2, etc instead of 100.

Also, people can put in advanced orders like icebergs and growlers that essentially break up their trade into smaller trades. So, either way, you usually won't see big size fly across your tape in one piece.


I don't believe this is accurate. If there was a visible 100 lot on the offer, if you lift the offer the T&S will show 100 lot transaction. If instead you broke your 100 lot up to 4x25. Then it would show 25, 25, 25, 25. ie. T&S shows the exact size that went to market.

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  #6 (permalink)
Elite Member
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Hi Fyd,
Has to do with the way CME delivers data since 2009. You can read all about this how to get the accurate T$S at Jigsaw.com. They have magnificent and cheap tools. Good luck!


Last edited by Volatrainee; December 1st, 2013 at 05:39 PM.
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  #7 (permalink)
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fyd49 View Post
Hello everybody!!

I'm trading crude oil since January for a living after learning from an extraordinary trader, but now I'm speciallizing in CL and I'm trying to read the price in the "times and sales" from ninja trader.

Does anyone know why it mostly trades 1 contract and sometimes it appears a block of 5 to 20.

The big ones have a platform that sends the orders from bloack 1 to 1?

Thankyou very much!!

And if I can be of any halp please tell me!

Who is the extraordinary trader you learned from?

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  #8 (permalink)
Trading Apprentice
Manresa / Spain
 
Futures Experience: Advanced
Platform: Ninjatrader
Favorite Futures: CL
 
Posts: 9 since Mar 2013
Thanks: 0 given, 7 received


tradethetick View Post
Who is the extraordinary trader you learned from?

It's a spanish trader who is currently starting a firm after some years living from the markets.

He is a professional in crude oil futures. Now is trading more commodities and indexs.
He trades live with you and he shows his results.

You can check his website: Cursos de trading en vivo, profesor Ángel Pérez Ruiz

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  #9 (permalink)
Trading Apprentice
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Check and see if Ninja can be configured to show exchange implied pricing (for exchange matched spreads). I know X-Trader can be. I know nothing about Ninja, but with implied pricing enabled you would see more depth of market and quite possibly best bid/offer liquidity. CME and ICE will both match a firm outright order to fill a spread order in their Algo.

Another thought is to gain access to a WebICE screen. There are some amazingly large block trades in WTI going through there.

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