Module 2 · The Tape
Time & Sales (the Tape)
The stream of executed trades.
In this lesson you'll
- Define the tape and what each print shows
- Contrast it with the DOM (resting orders)
- Read price, size and aggressor
While the DOM shows what's waiting, the tape shows what actually transacted. Each line is a real trade: its price, its size (contracts), the time, and which side initiated it (the aggressor).
Most platforms let you filter the tape — e.g., hide trades below 10 contracts — to surface significant flow and cut the noise of tiny prints.
Key takeaways
- The tape = a live stream of EXECUTED trades (vs the DOM's pending orders).
- Each print: time, price, size, aggressor side.
- DOM shows a wall resting; the tape shows whether it's being hit.
- Filter out tiny prints to surface significant flow.
Check your understanding
Pick an answer to reveal instant feedback. Answer every question to complete the lesson.
Why that's off: Resting orders are the DOM/heatmap.
Why that's off: The volume profile aggregates executed volume by price, not a live print stream.
Why that's off: The tape streams every trade, not just the close.
The tape is the record of completed trades as they happen — the opposite of the DOM, which shows pending (resting) orders.
Why that's off: They show resting vs executed — different data.
Why that's off: They complement each other; the tape doesn't replace the DOM.
Why that's off: Together they're the core of order-flow reading.
The DOM reveals resting liquidity; the tape confirms whether it's genuinely being traded into. Together they separate real liquidity from spoofs.
Educational content only. Nothing here is financial or trading advice. Order-flow and options patterns shift probabilities; they never guarantee outcomes.