I am looking for a book about the NYSE OPEN BOOK and the techniques of trading with this tool?
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Nyse Open Book ?
- Thread starter chaos_trader
- Start date
Open Book is a joke.
It used to have a 10 second delay up until January of this year.
Now it's a 5 second delay, and it does indeed get FROZEN during a fast market and when a "size" block hits the tape. Also, there are guys in the "crowd" that are executing discretionary orders and you obviously don't get that kind of input in Open book.
90% useless.
It used to have a 10 second delay up until January of this year.
Now it's a 5 second delay, and it does indeed get FROZEN during a fast market and when a "size" block hits the tape. Also, there are guys in the "crowd" that are executing discretionary orders and you obviously don't get that kind of input in Open book.
90% useless.
Open Book is good tool, if you really understand how it works... if not, it can be a a negative.
Some people still think Level2 is of some value...L2 lost all value when they let the public have in the early 1990's....LOL
Just a tool...that's all...
Don
Some people still think Level2 is of some value...L2 lost all value when they let the public have in the early 1990's....LOL
Just a tool...that's all...
Don
Quote from Don Bright:
Open Book is good tool, if you really understand how it works... if not, it can be a a negative.
Some people still think Level2 is of some value...L2 lost all value when they let the public have in the early 1990's....LOL
Just a tool...that's all...
Don
Agreed.
The Free Money MMM situation was completely off the Open Book.
On days like today, however, Open Book will most likely hurt you since most of the sizes are fake.
And more importantly, a large bid or offer does not equal strength or weakness. That is a major concept that newer traders take a long time truly absorbing.
Quote from Mecro:
Agreed.
The Free Money MMM situation was completely off the Open Book.
On days like today, however, Open Book will most likely hurt you since most of the sizes are fake.
I have a lot of Level II experience, but never used Open Book until a couple of months ago. Either I'm missing something or it is next to useless. It is frequently frozen or crossed. In a slower mover, I suppose it does indicate potential S and R levels. Of course, you have no way to know if you can actually get filled at those levels, unlike Lev II where if you hit an ECN they have to fill you.