Intraday trading
What is Time and Sales (The Tape) and how do I spot institutional accumulation?
By Easy Money Scanner · Educational reference · Not investment advice
The short answer
Time and Sales (the tape) is a chronological log of every executed trade, showing price, size, and exchange, distinct from the order book which shows unfilled orders.
How it works
Analysts look for repeated large prints at or above the ask price, which can indicate accumulation, versus prints hitting the bid, which can suggest distribution.
An example
A series of 10,000-share prints at the ask over several minutes without price dropping may indicate sustained institutional buying.
Risk & limitations
Interpreting tape reading accurately requires significant practice; single prints can be misleading and reflect algorithmic noise rather than true conviction.
Examples are hypothetical, not trade recommendations. US contract and regulatory references do not automatically apply in Canada. Rules, margin requirements and broker policies can change; confirm them with the relevant authority and your broker.