Forwardly Inc (FORW)

[Perfectstorm]

Malt, here's the goods, IMO NITE may be using AUTO. AUTO is a MM for hire and stands for Automated Trading Desk. NITE has been the leader in the past. TD Ameritrade I believe goes through AUTO just the same

The AX market maker is the one who gets all the big orders from clients and drives the price of the security either up or down.

We can spot who the "ax" is using a Level 2 screen, the AX is the market maker who, at this particular moment is either buying or selling the most stock, the AX is not static.

Ways to spot the AX MM using Level 2

MM ECN Routing fake out: MMs will frequently disguise their intentions by routing their orders through other MM's.

An ax can easily use an ECN to hide much of their action. They can and will use fake outs. The AX may appear to be selling when he is really buying.

The point being that the AX is the one to watch, closer than all other parties or MM's.

As always your own DD is required.