{"slug":"how-to-estimate-queue-position","qid":"queue_churn","label":"Top of book messages against prints on the tape, AAPL, June 10 2026","post_title":"How to Estimate Queue Position From L2 Data","post_url":"/blog/how-to-estimate-queue-position#q-queue_churn","columns":["et_time","quote_updates","trades","updates_per_trade"],"rows":[{"et_time":"08:00","quote_updates":3490,"trades":4267,"updates_per_trade":0.8},{"et_time":"09:00","quote_updates":221819,"trades":141430,"updates_per_trade":1.6},{"et_time":"10:00","quote_updates":279898,"trades":195268,"updates_per_trade":1.4},{"et_time":"11:00","quote_updates":307855,"trades":162380,"updates_per_trade":1.9},{"et_time":"12:00","quote_updates":268815,"trades":112123,"updates_per_trade":2.4},{"et_time":"13:00","quote_updates":251012,"trades":95582,"updates_per_trade":2.6},{"et_time":"14:00","quote_updates":174920,"trades":95319,"updates_per_trade":1.8},{"et_time":"15:00","quote_updates":233433,"trades":149303,"updates_per_trade":1.6}],"shape":"series","sql":"SELECT\n    q.et_time                            AS et_time,\n    q.quote_updates                      AS quote_updates,\n    t.trades                             AS trades,\n    round(q.quote_updates / t.trades, 1) AS updates_per_trade\nFROM\n(\n    SELECT\n        formatDateTime(toStartOfHour(toTimeZone(sip_timestamp, 'America/New_York')), '%H:%i') AS et_time,\n        count() AS quote_updates\n    FROM global_markets.cache_stocks_quotes\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-06-10 12:00:00'\n      AND sip_timestamp <  '2026-06-10 20:00:00'\n    GROUP BY et_time\n) AS q\nINNER JOIN\n(\n    SELECT\n        formatDateTime(toStartOfHour(toTimeZone(sip_timestamp, 'America/New_York')), '%H:%i') AS trade_hour,\n        count() AS trades\n    FROM global_markets.stocks_trades\n    WHERE ticker = 'AAPL'\n      AND sip_timestamp >= '2026-06-10 12:00:00'\n      AND sip_timestamp <  '2026-06-10 20:00:00'\n    GROUP BY trade_hour\n) AS t ON q.et_time = t.trade_hour\nORDER BY et_time","computed_at":"2026-08-12T15:28:33.085103+00:00","elapsed":0.002562525}