Definition. A chronological list of all trades, with the time, price, size and whether each trade happened at the bid or the ask.
How it works
The tape shows execution – what actually happened – unlike the order book, which shows intentions. A series of large trades on one side indicates an aggressive participant at work.
Example
The book shows a small order, but trade after trade goes through at the same price on the tape. That's a trace of a hidden order.
What to watch out for
When activity is high, the tape moves very fast. That's why the same information is often analysed as a footprint.
You'll find the full explanation with graphics, examples and exercises in the 🖥️ Order flow atlas space, and its use in the live market in the 🔴 Live Room. Both are available to Club members (in Polish).
