Time and Sales
Time and Sales—often called the tape—is a chronological feed of completed trades, usually showing time, price and size.
Trades, not intentions
Unlike the order book, the tape records transactions that actually occurred. A sequence of prints can help a trader see the pace of activity, transaction sizes and the prices at which buyers and sellers are matching.
Why colors can mislead
Platforms often color-code trades based on whether they occurred near the bid, ask or another reference. Those colors are an inference from quote conditions, not a perfect identification of who “initiated” every trade or why they traded.
Reading pace
A sudden acceleration in prints can indicate rising activity. Large prints can attract attention. But the meaning depends on context: a burst may be a breakout, an exit wave, a news reaction or simply two-sided institutional flow.
Tape and liquidity
Time & Sales becomes more useful when paired with the quote and depth. If many trades occur but the price barely moves, the market may be absorbing flow. If small trades cause large jumps, liquidity may be fragile.
No predictive certainty
Tape reading is observational. It does not eliminate the need for a defined setup, risk limit and exit plan. Historical patterns in the tape can fail abruptly when market conditions change.
Common questions
Are green prints always buyers and red prints always sellers?
No. Color conventions vary by platform and usually classify trades relative to the quote. Every completed trade has both a buyer and a seller.
What does a large print mean?
Only that a large transaction was reported. Its strategic meaning depends on the surrounding market context.
Example: tape and quote together
Suppose the tape shows rapid transactions repeatedly occurring near the ask while the ask continues to replenish. That tells you active trading is occurring at that level, but it does not by itself tell you whether price will break through or whether a large seller is absorbing demand. The quote and subsequent price response provide necessary context.
Source discipline
Market structure details can vary by security, venue, broker and order-routing arrangement. For formal rules and current exchange procedures, use primary sources such as the SEC, FINRA and the relevant listing/trading venue. See our Sources & Methodology.