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When you are looking at a DOM of the ES for example. The numbers being shown on the BID/ASK at each price level are the amount of limit orders waiting to be executed correct? Which would be the same as the amount of contracts from any number of traders or just one large trader.
But these numbers are an absolute amount correct? There are no multipliers like when trading stocks which 1 = 100 shares. So when you see 42 Bid / 60 Ask thats 42 contracts waiting to be bought and 60 waiting to be sold?
Then, on the Time and Sales, the Lot sizes that print are also the exact quanty of contracts that traded at that exact time. Example 1, 1, 3, 2, 1 lots printed in x time. Thats exactly 8 contracts that traded. Not multiplied by anything.
Hope you understand what Im saying. I just want to have this clarifified to be sure im understanding everything correctly since im currently studying order flow and beginning to do some tick drills.
Thanks.
Can you help answer these questions from other members on NexusFi?
Yes, on the DOM you see all available orders which are placed as Limit-Order on the exchange, but you will see that some traders pull these orders the closer we come to the current price. But there are also Iceber-orders, where you just see a small part of the order.
On T&S you see the executed trades with other words, you see the real trades which happend on the exchange and yes, there is no multipler, this are correct numbers.
If this is the case, then how can larger traders trade larger contract sizes with the ES’s current liquidity? I know sometimes they split the order up. But I have noticed the ES is much thinner now than before Covid happened. Average now is somewhere between 20-60 contracts?
Is it still theoretically possible/feasible, (not that I would do this mysef), to trade 20-30 lots all in at once on regular market hours? To scalp just a few ticks and get out. What about after hours?
^It is called placing iceberg orders. They spilt it up in chunks, so it will be hard to see them at once. (Unless you're using Bookmap, but that's way advanced for you).
Interesting. Yes i’ve heard of iceberg orders. Im just learning all this stuff and trying to put it all together. Isnt Bookmap another Orderbook tool similar to Jigsaw?
Hopefully sooner than later this wont feel too advanced for me.
