Time and Sales (Tape)

What is Time and Sales?

Time and sales (T&S) is a real-time record of every completed trade, showing the exact time, price, and number of shares. Day traders call this "the tape" and reading it is called "tape reading."

What to look for

• Large prints: big orders hitting the ask (buying) or bid (selling) signal institutional activity
• Speed of tape: a fast tape with many prints indicates high interest
• At bid vs. at ask: trades at the ask suggest buying pressure, at the bid suggest selling