Section 6 · 9:30 AM Open
Level 2 and T&S at the Open
The tape never lies — but it speaks fast
The tape never lies — but it speaks fast.
At the open, Level 2 and the Time & Sales tape move faster than at any other time of day. Green prints on T&S at the ask = aggressive buyers lifting offers, paying up for stock. Red prints at the bid = sellers hitting bids, distributing. Large block prints (500+ shares per print) separate institutional flow from retail noise. Your job is to read the tape's dominant color and size within the first 60 seconds.
3 things to know
T&S prints at the ask (green) mean buyers are aggressive — they are not waiting for sellers to come to them.
Large red prints at the bid indicate distribution — someone is selling aggressively, not in small retail-sized lots.
Tape speed itself is information — rapid-fire prints indicate urgency and momentum; slow prints indicate indecision.
Dive Deeper
Aggressive Buying
Large green prints repeatedly hitting the ask. Buyers are paying up — urgency is on the buy side. Momentum long bias.
Distribution
Large red block prints hitting the bid. Institutions are selling into strength. Volume is bearish regardless of price appearance.
Chop
Alternating small prints, no dominant color, no block prints. No institutional conviction on either side. Stay out.
Key vocabulary — tap each card
Practice
Level 2 & T&S Fundamentals
Statement 1 of 4
A green print on T&S means the stock price went up.
Did you know?
Filter T&S to show only prints above 500 shares — this removes retail noise and shows the institutional flow that actually moves price.