Forex Tading

Understanding Candlestick Charts

»Posted by on Sep 27, 2021 in Forex Tading | 0 comments

Three white soldiers is generally considered a more reliable reversal pattern, as it’s a strong indicator that bullish forces are at play over three trading sessions. However, in low-volume markets, it’s possible that anomalous patterns Famous traders can emerge, so it’s not a flawless model. Now that all of our conditions have lined up, we can immediately place a market order to go long. The stop loss for this trade would be set at a level just below the low of the hammer formation.

inverted hammer candlestick meaning

The ‘Hammer’ can either be red or green The first candle would be a green candle. Candlestick charts can also green hammer candlestick be built using intervals shorter or longer than one day Green Shooting Star Candlestick Meaning. inverted hammer candlestick The reversal implications of a dragonfly doji depend on previous price action and future confirmation. The long lower shadow provides evidence of buying pressure, but the low indicates that plenty of sellers still loom.

Understanding The ‘hanging Man’ Candlestick Pattern

Nevertheless, when traded with prudence and strict risk control measures, the hammer pattern does offer a solid contrarian trade set up with a viable edge. The hammer formation has a few important characteristics that we Exchange rate need to keep in mind in order to label it correctly as such. The first characteristic is that lower shadow or wick as its often called, is relatively large in comparison to the body of the candle and the upper wick.

At the same time, we place a stop loss order at the highest point of the shooting star – above the upper candlewick. As you see, the shooting star candle pattern gives us an indication that the trend might reverse. This creates a nice premise to short HP right in the beginning of an emerging bearish trend. Despite the small correction on the way down, the shooting star reaches the target of three times the size of the candlestick.

  • Also, if there is a gap down in comparison to the close of the prior day, it could be the base for strong reversal.
  • Traders might wait for a third red candle for confirmation of the pattern.
  • As such, the spinning top is often used interchangeably with the Doji.
  • The color of this small body isn’t important, though (as you’ll see below) the color can suggest slightly more bullish or bearish implications.
  • They look like an upside down hammer and have a longer upper wick, small green hammer candlestick to medium size body, and no lower shadow.

This is the only additional technical tool we’re going to use to confirm the validity of the bearish shooting star pattern. The candle opens the day, and in order to create the long lower shadow, at some point, the candle must have looked extremely bearish. But at another point in the day, the candle has evolved, and now the bulls are in control. Then by the end of the day everything returns to balance and it would appear no one has really won. While technically someone won this battle based on the candlestick color, the reality is we have a shifting of the guard that is occurring.

Morning And Evening Star Candlestick Patterns

Candlestick patterns are essential for any trader to at least be familiar with, even if they don’t directly incorporate them into their trading strategy. Gravestone Doji – Bearish reversal candle with a long upper wick and the open/close near the low. The lower wick indicates that there was a large sell-off, but bulls managed to take back control and drive the price up. Keeping that in mind, after a prolonged uptrend, the sell-off may act as a warning that the bulls might soon be losing control of the market.

inverted hammer candlestick meaning

We also review and explain several technical analysis tools to help you make the most of trading. Commodity exchanges are formally recognized and regulated markeplaces where contracts are sold to traders. They are typically either green or white on the price chart. Double Bottom Chart Pattern; this pattern shows the drop of a stock, market or crypto, then a rebound, then another drop followed by another rebound. Experts say the first drop´s advance should be between 10 to 20% and second drop about 3 to 4%.

The length and duration will depend on individual preferences. However, because candlesticks are short-term in nature, it is usually best to consider the last 1-4 weeks of price action. After an advance or long white candlestick, a doji signals that buying pressure may be diminishing and the uptrend could be nearing an end.

Stop Looking For A Quick Fix Learn To Trade The Right Way

While they look the same, it’s important to know what they mean. Traditionally this is used as a bullish reversal pattern but the right way to trade it is actually different. We will see the correct usage of inverted hammer at the end of this article which has more than 60% success rate.

The Inverted Hammer candlestick pattern is generally used to identify reversal from a prevailing downtrend. However, hammers actually work better with retracements rather than reversals and inverted hammer works even better as a bearish continuation. The Inverted Hammer candlestick is one which has small real body and a long upper shadow or wick.

The Inverted Hammer pattern is the reverse of the Hammer candlestick pattern. Unlike the hammer pattern that has a lower shadow, this pattern is comprised of one candle that has a small body with an upper shadow that is at least two times larger. Hammer candlestick patterns represent weakness of the bears. They pushed the price lower after the stock opened but were unable to hold the price at its lows by close. The sellers were able to bring down the price down but the bulls stepped in and took over. The upper and lower shadows on candlesticks can provide valuable information about the trading session.

Statistics To Prove If The Inverted Hammer Pattern Really Works

Hammer candlestick patterns can also occur during range bound market conditions, near the bottom of the price range. In all of these instances, the hammer candle pattern has a bullish implication, meaning that we should expect a price increase following the formation. When encountering an inverted hammer, traders often check for a higher open and close on the next period to validate it as a bullish signal.

What Does The Inverted Hammer Pattern Tell Traders?

The Hammer is an extremely helpful candlestick pattern to help traders visually see where support and demand is located. After a downtrend, the Hammer can signal to traders that the downtrend could be over and that short positions could potentially be covered. The inverted hammer always appears as the final element of the downtrend.

For example, the longer the upper shadow of the inverted hammer, the higher the possibility of a reversal. If the body of the confirmation candlestick is large, the reversal long trade setup signal is stronger. After a decline or long black candlestick, a doji indicates that selling pressure may be diminishing and the downtrend could be nearing an end. Even though the bears are starting to lose control of the decline, further strength is required to confirm any reversal. Bullish confirmation could come from a gap up, long white candlestick or advance above the long black candlestick’s open.

Each daily bullish candlestick demonstrates one day’s worth of price data and consists of the opening price, the closing price, the high and low of the day. The color of the candlestick body shows whether the opening or closing price is higher. The same formula applies to each time frame chart you’re viewing. Traders can use candlestick charts from 1-minute candles all the way to monthly candles. A three day bearish reversal pattern similar to the Evening Star.

Of course, there are instances where the inverted hammer is mistaken as a shooting star pattern. They look almost identical with a small real body and a long upper shadow, but it marks the possible lowering turning point. That is why traders must be aware of everything about the peculiarities of patterns.

Author: Kenneth Kiesnoski

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Volatile Synonyms, Volatile Antonyms

»Posted by on May 14, 2021 in Forex Tading | 0 comments

The cost to you to hold an asset, such as an option of futures contract. In the case of options, the cost of carry relates to dividends paid out by the underlying asset and the prevailing interest rates. The simultaneous purchase of one call option and sale of another call option at a different strike price, in the same underlying, in the same expiration month. The amount of money available in a margin account to buy stocks or options.

A 50% probability factor is assigned to the cash flow from the tech company and the same 2.5% discount rate is used. In this approach, only the risk-free rate is used as the discount rate, since the cash flows are already risk-adjusted. A measure of an options contract’s sensitivity to a one percentage point change in implied volatility.

Chartists watch for buy and sell signals when the price penetrates trendlines of the flag. A fixed-income security is an investment in which an issuer is required to make periodic payments of a specific amount, or specific rate, at regular intervals. Common types include Treasury bonds, notes, and bills, corporate bonds, municipal bonds, and certificates of deposit . Earnings per share, or EPS, is calculated by dividing a company’s profit by the number of shares outstanding. A spread strategy that increases the account’s cash balance when established. A bull spread with puts and a bear spread with calls are examples of credit spreads.

Vertical Spread Strategy

This strategy’s upside potential is limited to the premium received, less transaction costs or acquiring the underlying stock at a net cost below the current market value. The downside risk is the seller could be forced to buy the underlying stock at the strike price and if the price continues to decline past Day trading the net value of the premium received. Gives the owner the right, but not the obligation, to sell shares of stock or other underlying assets at the option’s strike price within a specific time period. In the case of an index option, it’s a cash-settled transaction with no underlying asset changing hands.

Odd first or last period – Fixed-income securities may be purchased on dates that do not coincide with coupon or payment dates. The length of the first and last periods may differ from the regular period between coupons, and thus the bond owner is not entitled to the full value of the coupon for that period. Instead, the coupon is pro-rated according to how long the bond is held during that period. Lambda – The percentage change in the price of an option relative to a 1% change in the price of the underlying security.

For example, a 20-day SMA is the average closing price over the previous 20 days. A bullish, directional strategy with limited risk in which a put option is sold for a credit without another option or instrument used as a hedge. A protective collar combines the writing, or selling, of a call option with the purchase of a put at the same expiration. Typically, this involves a call with a strike price above that of the underlying stock and a put with a strike below the stock. The strikes create “floor” and a “ceiling” prices, “collaring” the underlying stock in-between. In return for accepting a cap on the stock’s upside potential, the investor receives a minimum price at which the stock can be sold during the life of the collar.

  • Maturity date – The date when the issuer returns the final face value of a bond to the buyer.
  • Annuity investors pay regular premiums to the insurer, then, once the contract is annuitized, the investor receives regular payments for a set period of time.
  • The simultaneous purchase of one put option and sale of another put option at a lower strike price, in the same underlying, in the same expiration month.
  • Swap – A contract between two parties to exchange cash flows in the future according to some formula.

Volatility is a variable that appears in option pricing formulas, where it denotes the volatility of the underlying asset return from now to the expiration of the option. Surprisingly, volatility is not a villain, nor is it always a synonym for investment losses. Without it we shouldn’t expect a higher return for investing in stocks compared to more conservative investments like CDs, money market funds, bonds, etc.

Volatility, Uncertainty, Complexity And Ambiguity

High-low-close chart – A financial chart usually used to plot the high, low, open, and close price of a security over time. Plots are vertical lines whose top is the high, bottom is the low, open is a short horizontal tick to the left, and close is a short horizontal tick to the right. Forward curve – The curve of forward interest rates vs. maturity dates for bonds.

Trading days, GameStop shares changed hands 554 million times — more than 11 times the number of total shares available. Treasury bond – Long-term debt obligation of the U.S. government that makes coupon payments semi-annually and is sold at or near par value in $1000 denominations or higher. Swap – A contract between two parties to exchange cash flows in the future according to some formula.

volatility synonym finance

The simultaneous purchase of one put option and sale of another put option at a different strike price, in the same underlying, in the same expiration month. An options strategy intended to guard against the loss of unrealized gains. The put option costs money, which reduces the investor’s potential gains from owning the security, but it also reduces the risk of losing money if the underlying security declines in value. A graphical presentation of the profit and loss possibilities of an investment strategy at one point in time , at various stock prices. Delta is a measure of an option’s sensitivity to a $1 change in the underlying asset. Net asset value is the value per share of a mutual fund or exchange-traded fund.

Modified duration – The Macaulay duration discounted by the per-period interest rate; i.e., divided by (1+rate/frequency). Efficient frontier – A graph representing a set of portfolios that maximizes expected return at each level of portfolio risk. Depreciation – Reduction in value of fixed or tangible assets over some period for accounting purposes. Collar – Interest-rate option that guarantees that the rate on a floating-rate loan will not exceed a certain upper level nor fall below a lower level.

Need Synonyms For Volatility? Here’s A List Of Similar Words From Our Thesaurus That You Can Use Instead

A market-neutral, defined-risk position composed of an equal number of long calls and puts of the same strike price. The strategy assumes the market will break out one way or another, in which case a profit occurs when one side of the Dividend trade gains more than the other side loses. Breakeven points are calculated by adding and subtracting the total debit to and from the strike price of the options. Measure of return on an investment, stated as a percentage of price.

It is the excess of a debt instrument’s stated redemption price at maturity over its issue price. For bonds with OID, the difference between the AIP of the security and the adjusted basis paid for the security. A limit order indicates the highest price you’re willing to pay for a security, or the lowest price you’re willing to accept to sell a security.

The difference in futures prices in different expirations, or the cash (“spot”) price of the underlying product and the futures price. Assignment happens when someone who is short a call or put is forced to sell or buy the underlying stock. For every option trade there is a buyer and a seller; in other words, for anyone short an option, there is someone out there on the long side who could exercise.

A call option gives the owner the right, but not the obligation, to buy shares of stock or other underlying asset at the options contract’s strike price within a specific time period. The seller of the call is obligated to deliver, or sell, the underlying stock at the strike price if the owner of the call exercises the option. In the case of an index option, it’s a cash-settled transaction with no underlying index changing hands.

volatility synonym finance

The underwriter works closely with the issuing company over a period of several months to determine the IPO price, date, and other factors. Underwriters receive fees from the company holding the IPO, along with a chunk of the shares. A measure of an options contract’s sensitivity to time passing one calendar day. For example, if a long put has a theta of -0.02, the options contract’s premium will decrease by $2. A type of order that turns into a market order to buy or sell a security once a specified “stop” price is reached. A stop market order becomes a market order once the last trade price has reached or surpassed the activation price you specified.

Price

Some mutual funds and ETFs offer what’s known as ESG funds, which are structured to target companies with socially responsible practices. Used to measure how closely two assets move relative to one another. A correlation of +1 means both assets tend to move in tandem, while -1 means both assets move opposite of each other.

Synonyms & Antonyms

The standard deviation of the annualized continuously compounded rate of return of an asset. Theta – The rate of change in the price of a derivative security relative to time. Theta is usually very small or negative since the value of an option tends to drop as it approaches maturity. The total anticipated return of a bond if it’s held until maturity, when the principal is returned to the investor. The yield-to-maturity formula considers all coupon payments, as well as the current discount from the bond’s par value.

A “prepared and resolved” enterprise is engaged with a strategic agenda that is aware of and empowered by VUCA forces. The deeper meaning of each element of VUCA serves to enhance the strategic significance of VUCA foresight and insight as well as the behaviour of groups and individuals in organizations. It discusses systemic failures and behavioural failures, which are characteristic of organisational failure.

A bullish, directional strategy with substantial risk in which a put option is sold for a credit, without another option or instrument used as a hedge. This strategy entails a high risk of purchasing the underlying stock at the strike price when the market price of the stock will likely be lower. Gives the owner the right, but not the obligation, to sell shares of stock or other underlying assets at the options contract’s strike price within a specific time period. The put seller is obligated to purchase the underlying at the strike price if the owner of the put exercises the option. In the case of an index option, it’s a cash-settled transaction with no underlying index changing hands. A position in which the writer sells put options and does not have the corresponding short stock position or enough cash deposited to cover the exercise of the put.

Capital Asset

Annuities can grow tax-deferred, meaning investors pay no taxes on the earnings until they receive payments or make withdrawals. Vega – The rate of change in the price of a derivative security relative to the volatility of the underlying security. When vega is large the security is sensitive what is volatility to small changes in volatility. Discount curve – The curve of discount rates vs. maturity dates for bonds. Derivative – A financial instrument that is based on some underlying asset. For example, an option is a derivative instrument based on the right to buy or sell an underlying instrument.

I was just asked to review a suggested tag wiki for the volatility tag, which has 88 questions. Users with more than 1250 reputation and a total answer score of 5 or more on the tag, can suggest tag synonyms. Users with a total answer score of 5 or more on the tag, can vote for tag synonyms. Suggestions will be automatically approved when they reach a score of 4, and automatically deleted when they reach a score of -2. Implied by S&P 500 index options, rose 26 per cent on Tuesday to 20.74, the pick-up having started in October. Standard deviation – A measure of the variation in a distribution, equal to the square root of the arithmetic mean of the squares of the deviations from the arithmetic mean; the square root of the variance.

Author: Jessica Dickler

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Bid Price Vs Ask Price

»Posted by on Mar 1, 2021 in Forex Tading | 0 comments

The wider the bid-ask spread, the more volatile and less liquid that security is likely to be. Trades may not execute as often when there’s a large spread, and when they do, the price is more likely to jump around quickly compared to more stable stocks that only move a few pennies at a time. That makes it difficult to predict what price you’ll get with a market order, and stop orders are less likely to get the exact stop price you set. There are ways around the bid-ask spread, but most investors are better off sticking with this established system that works well, even if it does take a little ding out of their profit. If you consider branching out, experiment with a paper-trading account before using real money. To understand the difference between the bid price and the ask price of a financial instrument, you must first understand the current price from a trading perspective.

bid vs. ask

The market is responsible for setting bid-ask prices and determining the spread. If there’s a larger contingent of sellers, the bid-ask range will drift lower—sellers need to be more competitive in selling price to attract buyers. Conversely, if there are more buyers, bid-ask favors sellers and climbs.

Types Of Spreads

Overall, bid prices and ask prices are quotes presented by market makers and exchanges that they receive from participants in the market, or buyers and sellers. The bid price is the quote obtained from a participant that wants to purchase a stock, commodity, precious metal, or cryptocurrency, which is essentially the buy order with the highest price. The ask price is a quote in price obtained from a participant that wants to sell their asset and is essentially the lowest current sell order that has yet to be filled.

  • When setting a limit sell order, an individual can define a specific asking price, but if their price is not the lowest, it will not be the first one to be filled.
  • A narrower bid-ask reduces the premium or discount investors have to pay or receive for doing a trade.
  • Basically, “current” price just means the last price people agreed upon; it does not imply that the next share sold will go for the same price.
  • I mean, if there are 1 million people wanting to buy a particular stock, it is much more likely that you will be able to sell it if you need to liquidate your shares.
  • Now working as a professional trader, Fedorov is also the founder of a stock-picking company.

Billy’s order to sell his Dogecoin will be filled at $4.15 per coin and the exchange will turn around and sell those Dogecoins to Greg at $4.20 per coin. The price difference at just $0.05 may not seem like a lot, but it yields the exchange just through this one transaction $345.00 in revenue. Now, imagine millions of Dogecoins exchanging hands every single day. Only you can decide if you want to buy a stock, currency, or asset at the bid or ask price.

Fluctuations to either supply or demand cause the current price to rise and fall respectively. On the New York Stock Exchange , a buyer and seller may be matched by a computer. However, in some instances, a specialist who handles the stock in question will match buyers and sellers on the exchange floor. In the absence of buyers and sellers, this person will also post bids or offers for the stock to maintain an orderly market.

These spreads constantly change based on the movement of the market, so it pays to have real-time information about bid-ask if your trades capitalize on that range. Of the many fundamental chart metrics new investors need to get familiar with, bid-ask spread is near the top of the list. To understand it fully, you need to have a basic grasp on economics—specifically, supply and demand.

Key Differences Between Bid Price Vs Ask Price

This does not mean that the current price is a guarantee on what the next filled order price is going to be. Markets, exchanges and platforms will use different spreads to account for transaction costs, the value of a single asset, and overall liquidity. Spreads can change drastically due to the volatility of the cryptocurrency market. If there are several different traders/investors interested in a seller’s asset, the seller may begin by compromising to a lower price. The bid–ask spread is an accepted measure of liquidity costs in exchange traded securities and commodities. On any standardized exchange, two elements comprise almost all of the transaction cost—brokerage fees and bid–ask spreads.

bid vs. ask

Market makers are the systems of brokers or individuals working and conducting exchanges and transactions which allows buyers and sellers to place and fill their transactions almost instantaneously. The New York bid vs ask Stock Exchange for example is an American stock exchange and therefore a market maker. Individuals and stockbrokers within the NYSE that have a broker’s license can offer quotes for both buy and sell prices.

Prices

Under SEC rules, the NBBO consists of the highest displayed buy and lowest sell prices among the various exchanges trading a security. The trader initiating the transaction is said to demand liquidity, and the other party to the transaction supplies liquidity. Liquidity demanders place market orders and liquidity suppliers place limit orders. For a round trip the liquidity demander pays the spread and the liquidity supplier earns the spread. All limit orders outstanding at a given time (i.e. limit orders that have not been executed) are together called the Limit Order Book.

bid vs. ask

In particular, they are set by the actual buying and selling decisions of the people and institutions who invest in that security. If demand outstrips supply, then the bid and ask prices will gradually shift upwards. The size of the bid-offer spread is a measure of the liquidity of the market for that security, and also indicative of transaction costs. If the spread is zero then it is said to be a frictionless asset. The gap between the lowest asking price and the highest bid price is what is known as the spread of the market.

When there is a large spread between the bid and ask price, it usually means there is a very low volume of transactions happening between buyers and sellers. Since the price difference is large, it is less likely that the buyers and sellers will reach a compromise, and therefore fewer transactions tend to occur. In the equity markets, all available liquidity may not be displayed in the NBBO. Market participants may choose not to display their orders to avoid revealing their trading interest. To accommodate those traders,securities exchangesandATSsallow them to post their orders anonymously and not publicly visible (“dark”), away from the publicly displayed (“lit”) quotes.

The offers that appear in this table are from partnerships from which Investopedia receives compensation. Investopedia does not include all offers available in the marketplace. Day-to-day trends and market activities affecting the market in easy-to-understand snapshots. AUD, GBP, NZD and EUR are all quoted in European terms against the USD. This means the foreign currency is always the ‘unit currency’ or the first currency in the pair (i.e. AUDUSD, GBPUSD, etc.).

What if you are a buyer but are unwilling to pay the full asking price? Similar to what you do when you purchase a car, you offer a little less than the MSRP. Conversely, if you are looking to sell immediately, you can enter your order in at the bid price. Although price improvement can be a general term that means “getting a price better than the bid/ask spread you see on the screen,” there’s a more formal description as well. Brokers use order routing technology to help ensure best execution, and they monitor the data closely.Learn more about price improvement and execution quality at TD Ameritrade. Advanced strategies are for seasoned investors, and beginners may find themselves in a worse position than they began.

Bid Price Vs Ask Price

The convergence in the bid-ask conundrum is now coming more from the buy side than from the sell side — more from the bid than the ask. The abundance of available capital, both debt and equity, has been the primary reason for this increased buyer activity. Large bid/ask fibonacci sequence spreads make it hard to buy or sell shares in a timely manner. The brokerage will buy or sell that number of shares at the best available prices, meaning the bid/ask prices. This can be dangerous for investors who want to buy or sell shares of that security.

The closer the bid price and the ask price are to one another, the more liquid the security is. Meanwhile, if you set a market order to buy 100 shares of stock in a company, you would pay the ask price in the bid-ask spread. So, if the ask price was $10, your market order would end up costing $1,000. For example, if you wanted to purchase 100 shares of stock in a particular company for no more than $1,000, you would set your bid price at $10. However, in order to make the purchase, somebody would have to set their ask price at $10 per share.

The bid-ask spread is more than a two-way quote—it’s a representation of liquidity, as well as supply and demand. As a general rule of thumb, smaller spreads represent stability, while larger spreads represent riskier investments. The larger the spread, the larger the gap between willing buy and sell prices. The difference, or spread, benefits the market maker, because it represents profit to the firm. Here, an order is entered, say, to buy 2000 shares, but it has a “max floor” of meaning to display at most 200 shares at a time. If I’m sold the 200 shares, the quote will automatically update to buy another 200 at the same price.

How Are Orders Ever Executed If Prices Are Different?

It also means that if you have to sell your shares in an emergency, you’ll have to accept a significant loss. This is most common withsmall companies with infrequently traded stocks. For example, Stocks A and B might both have a bid-ask range of $0.10; however, if the range is $50.10-$50.20 for Stock A and $5.10-$5.20 for Stock B, there’s a major difference in spread percentage. Ask price is the minimum price a seller is willing to part with the security for. Take an example below of Reliance industries where we show top 5 bid price vs ask price. Ross Cameron’s experience with trading is not typical, nor is the experience of students featured in testimonials.

For example, consider a stock that is trading with a bid price of $7 and an ask price of $9. A bid price is the highest price that a buyer is willing to pay for a good. For instance, if Dan placed an all-or-none buy limit order for 10,000 shares at $1.00 and Ali enters the market with 9,999 shares to sell at the bid price, the trade wouldn’t execute. All-or-nothing orders specify that either all of the total number of shares bought or sold gets executed, or none of them do. Liquidity is often thin in wide bid vs spread markets, which means you might miss out on a fill if only a small amount of stock gets traded.

Analyzing the reported trades can tell you a lot about their action and its traders’ state of mind – and its probable influence on the direction of the stock price. Limit orders are used as a way to buy a security at a set price that is better than the current price. For example, if you decide to set a limit order for 100 shares of stock at $5, while the ask price is $5.05, then the order will not be placed until the price of that stock drops to at least $5.

They look at the ask price, the lowest price someone is willing to sell the stock for. The ask price is the price that an investor is willing to Forex dealer sell the security for. To be successful, traders must be willing to take a stand and walk away in the bid-ask process through limit orders.

To put it simply, a bid indicates the demand while ask indicates the supply of stock. For example, a stock quotation has a bid price of $9.10 and an ask price of $9.17. In this case, the buyer is willing to buy it for $9.10, while the seller is willing to sell it for $9.17. At the point, when this spread becomes zero, a transaction between buyer and seller happens. For example, in our case, if the buyer decides to increase the price for the sake of buying this share to $9.17 from $9.10 or vice versa, a transaction will take place between these parties.

Author: Julie Hyman

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