Top-of-book messages against prints, 10:00 to 10:30 a.m. ET, June 16, 2026
Answered against 22 years of US equities and 12 years of US options data and published with the query that produced it. This result is stored as of 2026-08-12, from MBO vs MBP Order Book Data Explained.
| ticker | quote_messages_thousands | trades_thousands | quotes_per_trade_ratio |
|---|---|---|---|
| SPY | 510 | 53.4 | 9.6 |
| KO | 66.5 | 28.03 | 2.4 |
| AAPL | 114.8 | 75.98 | 1.5 |
| NVDA | 345.8 | 246.46 | 1.4 |
| MSFT | 48.2 | 73.27 | 0.7 |
- Rows × columns
- 5 × 4
- Computed
- Completeness
- No missing values
- Source
- US exchange, SIP and OPRA market data
- Licence
- Strasmore terms · free, no signup
What each column holds
| Column | Type | Range | Notes |
|---|---|---|---|
ticker |
text | 5 distinct values (AAPL, KO, MSFT…) | |
quote_messages_thousands |
number | 48.2 to 510 | |
trades_thousands |
number | 28.03 to 246.46 | count |
quotes_per_trade_ratio |
number | 0.7 to 9.6 | ratio or rate |
Computed from Strasmore's warehouse of US exchange, SIP and OPRA market data. Equity prices are delayed; options greeks and implied volatility are end-of-day. This result is stored, not recomputed on load — it is exactly the numbers that were returned on , and the query below is what returned them.
Run it yourself
This is the exact query behind the result above. Change a ticker, a date or a column and run it against the warehouse — no account, no key. The no-signup tier is smaller than the one this page was computed on; a query that reaches past it comes back saying which plan runs it.
WITH
quote_load AS
(
SELECT ticker, count() AS quote_messages
FROM global_markets.cache_stocks_quotes
WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')
AND sip_timestamp >= '2026-06-16 14:00:00'
AND sip_timestamp < '2026-06-16 14:30:00'
GROUP BY ticker
),
trade_load AS
(
SELECT ticker, count() AS trades
FROM global_markets.stocks_trades
WHERE ticker IN ('SPY', 'AAPL', 'NVDA', 'MSFT', 'KO')
AND sip_timestamp >= '2026-06-16 14:00:00'
AND sip_timestamp < '2026-06-16 14:30:00'
GROUP BY ticker
)
SELECT
q.ticker AS ticker,
round(q.quote_messages / 1000, 1) AS quote_messages_thousands,
round(t.trades / 1000, 2) AS trades_thousands,
round(q.quote_messages / t.trades, 1) AS quotes_per_trade_ratio
FROM quote_load AS q
INNER JOIN trade_load AS t ON t.ticker = q.ticker
ORDER BY quotes_per_trade_ratio DESC
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