timeandsales

Time and sales, commonly referred to as the time-and-sales tape, is a real-time feed that records each trade as it occurs on an exchange or venue. For every print, it shows the exact execution time, the traded price, and the number of shares or contracts traded. Depending on the data source, additional fields such as the trading venue and whether the trade was buyer- or seller-initiated may be included.

Time and sales differs from Level II quotes, which display current bid and ask prices and available sizes rather than actual trades. The time-and-sales data provides a tick-by-tick view of realized trades, helping traders gauge actual activity, liquidity, and momentum. It is often used to identify large prints, confirm price moves, and assess the speed and intensity of buying or selling pressure.

Traders use time and sales in conjunction with other tools to interpret market microstructure. It can help distinguish between quick, transient moves and sustained interest, and it is commonly used in day trading, scalping, and momentum strategies. It is also valuable for understanding order flow and for spotting unusual activity that may precede price changes.

Limitations include potential latency, data gaps, and varying coverage across venues. Not all trades are printed on every feed, and time stamps can reflect processing delays. Users should treat the data as one input among others and be aware that after-hours and dark venues may present additional challenges. Time and sales is widely available from brokers, charting platforms, and data vendors, with real-time and delayed options depending on subscription.