NorthWest Biotherapeutics Inc (NWBO)

[Hspooner]

In stock trading, pinging is a high-frequency trading (HFT) tactic where a trader or algorithm sends small, non-impactful orders into the market to detect the presence of large, hidden institutional orders (often in "dark pools").
How Pinging Works
Detection: Large institutional investors often use algorithmic trading systems to break up their massive orders into smaller ones to minimize market impact. These orders may be hidden from the main order books in dark pools.
The "Ping": HFT firms send out numerous small orders (e.g., for 100 shares) across various price levels, similar to how a submarine uses sonar to find objects.
The Response: If one of these small "ping" orders is filled, it indicates the presence of a larger order waiting to be executed at that price level.
Predatory Activity: Once the large hidden order is detected, the HFT firm can engage in predatory trading, potentially "front-running" the institutional investor by quickly buying up available liquidity in the "lit" market and then selling it back at an unfavorable price to the large order, ensuring a nearly risk-free profit.