What Is Time & Sales?

A closer look at time & sales

Team Sang Lucci & Wall St. Jesus avatar
Written by Team Sang Lucci & Wall St. Jesus
Updated over a week ago

Time and sales, or T&S, show volume, price, direction, date, and time data for each trade that is executed on an exchange. Time and sales information is often provided as a real-time data feed of trade orders for a security.” – Investopedia

How Time and Sales Work

“Time and sales data provides a detailed account of trading activity for a particular security or market. From a historical perspective, time and sales are akin to reading an old-fashioned ticker tape for an individual stock. Today, it is disseminated as a real-time digital display, usually comprising trade volume, price, direction, date, time, and exchange for each trade.

Time and sales data is most frequently accessed via a trading platform and is displayed in the time and sales window. The window displays a running tally of trades for shares of a particular stock in a table format. Each of the primary components of time and sales is arrayed in columns, such as date/time, price/change, and volume. The rows of data are often color-coded in order to indicate whether the trade occurred on, in, or outside the bid or ask. Many trading platforms today allow investors to customize the display of time and sales data, for example, by adding volume or price filters. It is often used in technical analysis. ” – Investopedia

Time and Sales vs. Level 2

  • Level 2 is essentially an order book for stocks, showing us the best bids (buyers) and asks (sellers) in real-time for any given stock, along with the number of shares and the route used to place the order.

  • Every time anyone buys or sells in the live market, that transaction is visible on the time & sales.

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