Page 266 - THE MARKET WHISPERER

262 PART 9 - The Trading Platform

the mouse into the T&S box on the right, a link will be made between the
two windows, so that from now on any stock you display in the stock box
[1] will have its data displayed in the T&S. In the same way, you need to
link the stock box and the primary stock chart, so that every time you
change the symbol in the stock box [1], the relevant data will immediately
display in the primary chart and in the T&S. In this way you can create a
link between a large number of windows and charts.

Beneath the Level I upper data area are the buy, sell, and short buttons,
as well as additional commands to be explained later. Beneath them are
buttons [7] that can be personally defined. I use them (from left to right)
for feeding in protection orders (ARCAs), cancellation orders (CXL symbol)
or for fast purchases of 1000, 2000 or 5000 shares. You can set both the
text on the buttons and the commands linked to them.

Level II
Beneath the personally defined buttons is the data area known as Level
II. It displays buyer demand [5] and seller supply [6] or, as it is known by
traders, “market depth.”

In the instance shown above, you can see that the best purchase, known
as BID (on the upper left) stands at $54.25, whereas the best selling price,
known as ASK (upper right) stands at $54.26. In other words, the difference
between buyers and sellers, known as between ask and bid, and called
SPREAD, is one cent. To the left of the price column is the MMID (market
maker ID) column. This contains identity details of the buyer or seller. The
buyer’s or seller’s source may be an ECN, as with ARCA or NASDAQ; or a
market maker like SBSH (Salomon Smith Barney). Sometimes, you can find