Market Depth Questions

[Digs]

Please explain in detail...

1) What is a NON Participant, in the MD properties window ?

2) What is show closed MM ?

3) Is size showing as 1 or 5 equal to 100 and 500 shares respectively ?

thx

[bigbrother]

And also this ...

BTW,
does someone could explain

1) the meaning for the suffix "p" after some MMID, an example is GSCOp. but BRUT don't have it?

2) And where I could find the complete documentation for the latest release of Market Depth?

[AndyS]

Hi Digs, Bigbrother,

The answer to your questions are as follow;

From Digs....


1) What is a NON Participant, in the MD properties window ?
With Nasdaq, there are participants and non-participants. Some users don't want to see the non-participants because they may not be able to route an order to them, so we added a check box to hide them. More about this in another answer below.

2) What is show closed MM ?
If a user decides not to show closed MM's, each one will drop out of the window as they send their close message. This clears up the display as you start out the day and as you get to the end of the market. If you leave them in, you'll see a "c" after the MMID to let you know they're closed. They drop out of the colored levels at this point in the display even if their last quote is the same price as one of the levels. This is because a user can no longer route through them.

3) Is size showing as 1 or 5 equal to 100 and 500 shares respectively ?
Size can be lots, contracts, or shares depending on the symbol or tab you're looking at. For stocks, ARCA and Island tabs show shares while Montage and Open Book tabs show lots (100 shares). CME and CBOT symbols show number of contracts. Regional options show the number of contracts. Forex show quotes without any size.

From Bigbrother...

4) the meaning for the suffix "p" after some MMID, an example is GSCOp. but BRUT don't have it?
The letters you can have after a MMID are:
"c" - Closed
"p" - Primary maker in a market
The letters you can have before a MMID are for non-participants which is part of the first question above is:
"u" - Unlisted Participant such as chxe, cinn, bosx, arcx (these appear in lower case letters)
"o" - OMDF participants (OTC Montage Data Feed) such as inca and ntrd (these also appear in lower case letters).

5) And where I could find the complete documentation for the latest release of Market Depth?
We don't have a user guide or web page with a complete breakdown of this window, but do have several sources of information on the Market Depth Window.
We have FAQ's located at this link here. I'll be adding these to that list shortly. Also, at this link you'll find a couple of video's on the subject.

Hope this helps, let me know of any further questions.

Regards,
Andy
eSignal Support

[Digs]

Further Questions :

1) Please define "participants and non-participants" ? I have no idea what they are ?

2) Is closed MM, does this mean a trade has been done, please define exactly what "closed" means...

3) What would the point of NON participants showing be anyway if you can place and order with them anyway.


Please remove my confusion ? thx

[AndyS]

Hi Digs,

I'll try to clear up your confusion, but I don't use Market Depth for trading and so may not have the best definition. Would love to hear from someone that uses this info to trade from.

1) A participant is one that participates in Super Montage. In Market Depth, under Level II or PowerView you will see both participants and non-participants. Participants are listed in CAPS, non-participants are not. If you switch over to TotalView, you see all the MMID's are in CAPS. It shows only Participants.

2) Closed MM does not mean that a trade has been done, just means they are now closed to the the market. Usually that's at the end of the trading day. You'll notice a small "c" as a suffix to the MMID when they are closed. After the market closes and if you uncheck the property box "Show Closed MM", you would see those Market Markers that are trading in after hours still listed, but those that have closed would be removed from view.

3) I'm not sure what you're asking here, but again, someone who uses this information to trade would be better suited to answer than myself.

Hope this helps.

Regards,
Andy

[Digs]

Hi,

Just found a possible column one can add to market dept in "Inside Size", what is inside size and "#Inside" also...

Please advise...

[AndyS]

Hi Digs,

For a description to these two items, please check out this FAQ.

Regards,