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Re: sand post# 41505

Tuesday, 07/13/2021 6:36:27 PM

Tuesday, July 13, 2021 6:36:27 PM

Post# of 69245
No one is purchasing 99k at a time. L2 just shows all the partial trades. 99K means the MM's bought that many to fill an order at a given price - the lowest price they could at that time. A million share purchase could have 10 of those in it. You don't see whole orders unless the buyer/seller is AON - all or none. All those other numbers are meaningless to traders, it is simply the action of MM's trying to make as much profit as they can. They buy at the lowest price as many as they can, then up a click for the next, etc.
All action must be within their spread, but each MM has its own spread, and they can all be performing on the same sale at the same time until the order is filled.