Time & Sales Condition/Subtype Reference

The reference table below contains possible subtypes that may appear along with the following market items in the Conditions column of the Time & Sales window.:

  • Above Ask
  • At Ask
  • At Bid
  • Below Bid
  • Btwn B&A (Between Bid and Ask)

By default, subtypes are highlighted in black with white text, unless otherwise noted. You may change the color of individual subtype items using the Time & Sales Customize Window dialog.

Note that the following table contains definitions for the most common trade subtypes sent by the exchanges and is not an all inclusive list of possible subtypes.

Subtype Definition
Acquisition A transaction made on the exchange as a result of an exchange acquisition.
Average Price A trade where the price reported is based upon an average of the prices for the transactions in a specific security during all or any portion of the trading day.
Basket Index A trade involving paired basket orders, the execution of which is based on the closing value of the index. These trades are reported after the close when the index closing value is determined.
Bilat Block Trade A bilateral, off-book trade of a standard Eurex product.
Block Trade A privately negotiated futures, options or combination transaction that is permitted to be executed apart from the public auction market.
Bunched Sold A Bunched Sold Trade is a Bunched Trade that was reported late (later than 90 seconds after the occurrence of the first trade aggregated in the Bunched Trade report). Nasdaq will process a Bunched Sold Trade as a Sold Trade, that is, Out of Sequence Trade, when updating the security's last sale information.
Bunched Trade A trade representing an aggregate of two or more Regular trades in a security occurring at the same price, either simultaneously or within the same 60-second period, with no individual trade exceeding 10,000 shares. Nasdaq will process a Bunched Trade as a Regular last sale when updating the security's last sale information.
Burst Basket A trade wherein the equity specialists, acting in the aggregate as a market maker, purchase or sell the component stocks required for execution of a specific basket trade.
Canceled A trade that is voided by the buyer or seller. Highlighted in black with red, strike-through text.
Cash A transaction that calls for the delivery of securities and payment on the same day the trade took place.
CCX/EFP Trade Chicago Climate Exchange/Exchange for Physical Trade.
Close Price A transaction executed by the listing market to establish the official Consolidated Close Price as indicated by the listing market.
Cross Trade A trade transaction resulting from a market center’s crossing session.
Crossed The transaction that constituted the trade-through was executed at a time when a protected bid was priced higher than a protected offer in the National Market System (NMS) stock.
Custom Basket Cross One of the following:
  • A trade of two paired split (where the customer requires only a portion of the standardized basket) orders in which the market maker or member organization facilitates both sides of the remaining portion of the baskets; or
  • A combination of a split basket and an entire basket where the market maker facilitates the remaining shares of the split basket only.
Derivatively Priced A transaction that constituted the trade-through was the execution of an order at a price that was not based, directly or indirectly, on the quoted price of the security at the time of execution, and for which the material terms were not reasonably determinable at the time the commitment to execute the order was made (REG NMS 611b7).
Distribution Sale of a large block of stock in such a manner that the price is not adversely affected.
DNTP Delta-Neutral Trading Products - Combinations of related futures and option contracts with a position delta close to zero. With a DNTP, either both the futures and the option legs have the same underlying, or the futures product is the underlying of the option.
EFP Basis Exchange for Physical Basis.
EFP Block Trade Exchange for Physical Block Trade.
EFP/EFS Contra Exchange for Physical/Exchange For Swap Contra Block Trade.
EFR Trade Exchange for Risk Trade - A position in an Over-the-Counter (OTC) swap or other OTC derivative in the same or related instrument for a position in the corresponding futures contract.
EFS Basis Exchange For Swap Basis.
EFS Block Trade Exchange For Swap Block Trade.
EOO Trade Exchange of Options for Options Trade - A position in an OTC option (or other OTC contract with similar characteristics) in the same or related instrument for an option position.
Exchange for Physical A position in the underlying physical instrument for a corresponding futures position.
Filtered from chart A bad tick that is filtered out automatically from displaying in any TradeStation window aside from the Time & Sales window. Highlighted in black with yellow, strike-through text.
Form T A trade executed after the normal trade reporting day has ended. This type of trade is not applicable for UTP exchange participants.
Intermarket Sweep

Intermarket sweep order means a limit order for a stock that meets the following requirements:

  • When routed to a trading center, the limit order is identified as an intermarket sweep order; and
  • Simultaneously with the routing of the limit order identified as an intermarket sweep order, one or more additional limit orders, as necessary, are routed to execute against the full displayed size of any protected bid, in the case of a limit order to sell, or the full displayed size of any protected offer, in the case of a limit order to buy, for the stock with a price that is superior to the limit price of the limit order identified as an intermarket sweep order. These additional routed orders also must be marked as intermarket sweep orders.
Intraday Trade Detail The Intraday Trade report indicates the trade was included as part of a transaction that involves a group or "bunch" of orders executed at the same time and price and previously reported by the market center as a single cumulative trade report.
Next Day A transaction that calls for delivery of securities between one and four days after the trade date. The time period is agreed upon by the buyer and the seller; the time period is not noted with the transaction.
Odd Lot An order amount for a security that is less than the normal unit of trading for that particular asset. Odd lots are considered to be anything less than the standard units of trade.
Open Price The transaction or group of transactions reported as a result of a single-priced opening event by the market center.
Opening Delay Postponement of the opening of trading in a security for a participant.
Opening/Reopening Trade Detail An opening/reopening trade detail report indicates the trade was included as part of an opening or reopening transaction previously reported by a market center on an aggregated basis.
Out of Sequence A transaction that printed late; may include the following types of transactions: Cash (only) Market, Average Price Trade, Next Day (only) Market, and Sold.
  • Cash (only) Market - A security settling in cash all day on a participant or consolidated basis, such as a Common, Preferred, or Right that is nearing expiration. This type of settlement is similar to a Cash Trade, except that Cash (only) Market trades qualify to update a security's trading range (high, low, last) during the day. Participants can elect to report different settlements in the same security during the day based on their own settlement requirements. For example, one participant can report trades as Cash (only) Market trades while another participant can report trades as regular or next day settlement. For Network B bonds, Cash (only) Market can be used to report transactions in a regular way market.
  • Average Price Trade - A trade where the price reported is based upon an average of the prices for transactions in a security during all or any portion of the trading day.
  • Next Day (only) Market - The same as a Cash (only) Market trade but the settlement is on the next day.
  • Sold - Indicates that a trade was reported out of sequence and at a different time than the actual transaction time.
Price Variation Trade Indicates a regular market session trade transaction that carries a price that is significantly away from the prevailing consolidated or primary market value at the time of the transaction.
Prior Reference Price An executed trade that relates to an obligation to trade at an earlier point in the trading day or to a prior referenced price. A Prior Reference Price Trade may be the result of an order that was lost or misplaced or a SelectNet order that was not executed on a timely basis.
Referred Quote A forex price that is provided for reference only. Referred quotes are ignored by TradeStation and cannot be used by TradeStation to trigger activation rules, strategies, stops, limits, or any other price based trade.
Rule 127 A trade that is always outside of the present quotation and meets one or both of the following conditions:
  • Volume of 10,000 shares or more; and/or
  • Dollar value of $200,000 or more.
Rule 155 Offered by a specialist, the sale of a block at one "clean-up" price or at the different price limits on his book. If the block is sold at a "clean-up" price, the specialist should execute all executable buy orders on his book at the same price.
Seller A special transaction that gives the seller the right to deliver stock at any time within a specified period, ranging from 2 to 60 calendar days. A stock offered as a Seller's trade may command a lesser price than if offered as a Regular trade.
Sold Last Used when a trade prints in sequence but is reported late.
Split Trade An execution in two markets when the specialist or market maker in the market first receiving the order agrees to execute a portion of it at whatever price is realized in another market to which the balance of the order is forwarded for execution.
Stock Option Trade Identifies cash equity transactions which are related to options transactions and therefore potentially subject to cancellation if market conditions of the options leg(s) prevent the execution of the stock-option order at the price agreed upon.
Stopped

In accordance with Amex Rule 109, a “stopped stock” transaction may occur under several circumstances, including when an Amex specialist executes market-at-the-close orders in a stock, where the specialist is holding simultaneously both buy and sell market-at-the-close orders. The specialist is required, under section (d) of the rule, to report the "pair off" transaction as "stopped stock.” In addition, a “stopped stock” transaction may occur when a broker, trying to get a better price for the customer’s market order than the currently available price, asks the specialist to "stop the stock." The specialist guarantees the broker the current "stopped" price but does not immediately execute the order. The order is used by the specialist to improve the quote in order to obtain a better price. If the next trade is at the "stopped" price, the order is "elected" and executed by the specialist at the stopped price rather than at an improved price. The execution at the stopped price is designated as "Stopped Stock."

 

Depending on the timing of the trade report message, one of three sale condition modifiers may be used to identify a stopped stock transaction:

  • 1 = Stopped Stock – Regular Trade.
  • 2 = Stopped Stock – Sold Last.
  • 3 = Stopped Stock – Sold Out of Sequence.
Related Topics

About the Time & Sales Window