Time and SalesT&S
Time and sales is the live list of every executed trade with its price, size and time; reading it to gauge buying and selling pressure is called tape reading.
Time and sales is a live list of executed trades, showing price, size and time. Reading it is called tape reading. It shows what actually traded, while the order book shows what is waiting.
- Category
- Market Structure
- Reading time
- 2 min
- Also called
- The tape, Trade tape, Time & Sales
- Updated
Time and sales in plain words
The time and sales window lists trades that have already happened.1
By default it shows the time, price, size, venue and any trade condition.1
In the US, off-exchange trades must be reported within 10 seconds, so some prints show up a little late.2
How to read time and sales
Open the window
Load the symbol.
Know the columns
Read the standard columns: time, price, size, venue and condition.1
Spot aggressors
Trades at the ask suggest buyers lifted offers.
Watch size
Large prints stand out.
Check conditions
Ignore trades flagged as late — they were reported more than 10 seconds after they happened.2
Compare with the book
Match prints against the order book.
Worked examples
Example 1 — Buyers lifting
BuyersHypothetical: 20 prints at the ask 50.02 in 10 seconds.
| Signal | Buying pressure |
The window lets you view information regarding previous placed trades, so repeated prints at the ask show aggression.1
Example 2 — Block print
LargeOne hypothetical print of 40,000 shares at 50.00.
| Size | 40,000 |
Size is one of the default columns that will populate, making large prints easy to spot.1
Example 3 — Late print
Check conditionA print appears at an old price.
| Condition | Late |
The print was flagged late, so it says nothing about current timing.2
Time and sales vs order book
| Aspect | Time and sales | Order book |
|---|---|---|
| Shows | Executed trades | Resting orders |
| Timing | Past | Present |
| Can be faked? | Hard | Spoofing possible |
| Use | Tape reading | Depth reading |
Where the tape helps
Scalping
Fast Scalping decisions.
Flow
Reading Order Flow.
Depth
Comparing with the Order Book.
Breakouts
Confirming a Breakout.
Advantages and disadvantages
Advantages
- Shows real executions.
- Reveals aggression and size.
- Hard to fake.
Disadvantages
- Very fast and noisy.
- Late and odd-lot prints confuse.
- Hidden in fragmented markets.
- Takes practice.
Going deeper
Read as far as you need. Each level builds on the one before it.
Common mistakes
Reading every print
Focus on size.
Ignoring conditions
Late prints mislead.
No context
Use with price levels.
Overtrading
Tape is noisy.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Time and sales lists executed trades.
- It shows price, size and time.
- Reading it is tape reading.
- Conditions flag late prints.
- Use it with the order book.
Frequently asked questions
Is tape reading still useful?
Why prints out of order?
Is it free?
Further learning
- Order Flow
Flow basics.
- Order Book
Depth.
- Scalping
Fast trading.
- Volume
Activity.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Interactive Brokers. Time & Sales (TWS User Guide) (opens in a new tab) Checked .
- FINRA. Rule 6380A. Transaction Reporting (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.