{"slug":"market-order-vs-limit-order","qid":"displayed_size","label":"Displayed shares at the best ask: median size and how often it covered a 1,000-share order, July 8, 2026","post_title":"Market Order vs Limit Order, Measured","post_url":"/blog/market-order-vs-limit-order#q-displayed_size","columns":["ticker","smallest_displayed_shares","median_ask_shares","pct_covering_1000_shares"],"rows":[{"ticker":"IWM","smallest_displayed_shares":40,"median_ask_shares":360,"pct_covering_1000_shares":7.8},{"ticker":"KO","smallest_displayed_shares":100,"median_ask_shares":300,"pct_covering_1000_shares":2.6},{"ticker":"SPY","smallest_displayed_shares":40,"median_ask_shares":160,"pct_covering_1000_shares":1},{"ticker":"CATO","smallest_displayed_shares":100,"median_ask_shares":100,"pct_covering_1000_shares":5.6},{"ticker":"AAPL","smallest_displayed_shares":40,"median_ask_shares":80,"pct_covering_1000_shares":0.6}],"shape":"ranking","sql":"SELECT ticker,\n       minIf(ask_size, bid_price > 0 AND ask_price > bid_price) AS smallest_displayed_shares,\n       round(quantileDeterministicIf(0.5)(toFloat64(ask_size), cityHash64(ticker, sip_timestamp), bid_price > 0 AND ask_price > bid_price), 0) AS median_ask_shares,\n       round(countIf(ask_size >= 1000 AND bid_price > 0 AND ask_price > bid_price) / countIf(bid_price > 0 AND ask_price > bid_price) * 100, 1) AS pct_covering_1000_shares\nFROM global_markets.cache_stocks_quotes\nWHERE ticker IN ('SPY', 'IWM', 'AAPL', 'KO', 'CATO')\n  AND sip_timestamp >= '2026-07-08 04:00:00' AND sip_timestamp < '2026-07-09 04:00:00'\n  AND (toHour(toTimeZone(sip_timestamp, 'America/New_York')) * 60 + toMinute(toTimeZone(sip_timestamp, 'America/New_York'))) BETWEEN 570 AND 959\nGROUP BY ticker\nHAVING countIf(bid_price > 0 AND ask_price > bid_price) > 0\nORDER BY median_ask_shares DESC, ticker ASC","computed_at":"2026-07-26T05:41:16.498274+00:00","elapsed":2.531488075}